Singapore Exchange (SGX) and Infocomm Media Development Authority (IMDA) have signed a memorandum of intent (MOI) to create a streamlined path for fast growing IMDA-accredited companies to leverage private and public capital markets in Singapore for expansion more efficiently.
The stated goal of the collaboration is to lower access barriers for tech companies into the capital markets, catalyze more high tech IPOs and increase Singapore’s attractiveness as a venue for capital raising.
Under the MOI, SGX will partner with the Accreditation@IMDA (A@IMDA) program – which curates and nurtures innovative tech companies – to identify and galvanize key parties in the financial ecosystem to support IMDA-accredited companies in their IPO journey, including facilitating pre-IPO funding, advising them on listing processes and preparing them for IPO listing.
In addition, SGX and A@IMDA will foster closer ties and information sharing between the financial and technology communities to enable tech companies and their respective ecosystems to be better understood and appreciated, and consequently be taken into consideration by investors when valuing such companies.
Singapore Minister for Communications and Information Dr Yaacob Ibrahim –– who witnessed the MOI signing – said he encouraged overseas innovative infocomm media companies to to set up shop in Singapore “so that they can take full advantage of these programs and platforms.”
“Our collaboration with IMDA will foster a keener appreciation among Singapore technology firms of our capital markets as a source of funding, and offer them the potential of expanding their business into the broader region,” said SGX CEO Loh Boon Chye. “We hope to galvanise more partners in the financial ecosystem to engage with these fast growing, innovative companies.”
IMDA chief Tan Kiat How said there will be “immense opportunities” in the coming years for Singapore-based tech companies as economies in the region transform and digitalize.