Singapore is poised to shape global capital markets—Piyush Gupta

Other industry leaders also shared their thoughts.

Technology is a potential game changer for capital markets, and Singapore is in a unique position to take the lead, Piyush Gupta, former CEO of DBS and now chairman of Singapore Management University, said in his keynote speech during the Dentons Rodyk Dialogue 2025.

Gupta said innovations like tokenisation, blockchain, AI, and RegTech could help remove friction, reduce compliance costs, and embed investor protection directly in financial instruments.

“Technology offers a paradigm shift. Protections, governance, and compliance can now be embedded directly into financial instruments. These innovations have the potential to create entirely new markets beyond traditional equities and bonds, with Singapore in a unique position to take the lead. The real opportunity lies in identifying which innovations will generate genuine network effects and moving first to shape the future of global capital markets,” Piyush said.

As Singapore charts the future of its capital markets, the Monetary Authority of Singapore (MAS) remains central to revitalising the Singapore Exchange (SGX) and positioning it as a premier global hub for investors and issuers.

Associate Professor Aurelio Gurrea-Martínez highlighted how Singapore’s legal structures could play a decisive role in enhancing efficiency, attracting international investment, and safeguarding stability. “While there is significant room for improvement in the equity capital markets, we must also recognise Singapore’s strengths, which include a strong legal and institutional framework as well as a vibrant and highly competitive financial system that supports innovation and growth,” he said.

That institutional strength underpins MAS’s $5b Equity Market Development Programme (EQDP), launched earlier this year to reinvigorate equities trading amidst declining listings and thinning liquidity. But revitalising SGX requires more than liquidity support; it also demands innovation, global positioning, and strong partnerships.

Speaking to these dynamics, Pol de Win, senior managing director of SGX Group, described how the exchange is preparing to turn the tide. “Singapore has always thrived on continuous improvement, and our capital markets are no different. The $5bEQDP is a decisive step to attract liquidity, strengthen the mid-cap segment, and ensure globally competitive frameworks. With a robust supply of high-quality companies, increasing retail participation, and robust pipelines, I am confident that we will reverse our current situation. Singapore’s unique position, trusted by both East and West, gives us the platform to build the next chapter of global capital markets.”

A subsequent panel discussion deepened the conversation, with Professor Wan Wai Yee from the Attorney-General's Chambers–Legal Service Academy, and Dentons Rodyk Senior Partners Nicholas Chong and Hsu Li Chuan. The panellists focused on practical steps to improve liquidity and market access, while also connecting private and public sectors to drive sustainable growth. They emphasised that a balance of stable regulation with space for innovation—particularly in RegTech and fintech—would be key to attracting global listings and tapping into new capital flows. Together, these perspectives underscored that Singapore’s push to lead will hinge not just on policy or technology, but on aligning institutional strengths, industry partnerships, and global market opportunities.

Hosted by Dentons Rodyk and organised in partnership with SMU, the event was held at the Yong Pung How School of Law and attracted close to 400 guests.