{
  "id": 10910415,
  "title": "Singapore beefs up rivalry with Hong Kong by picking 5 firms to boost equity market",
  "url": "https://urgent.news/2026/09/30/singapore-beefs-up-rivalry-with-hong-kong-by-picking-5-firms-to-boost-10910415",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-30T09:13:44.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/business/banking-finance/article/3369308/singapore-beefs-rivalry-hong-kong-picking-5-firms-boost-equity-market"
  },
  "original_language": "en",
  "account": "Singapore’s Monetary Authority of Singapore (MAS) has chosen five global asset management firms to bolster the city-state's S$1.45 billion (US$1.3 billion) equity market strategies, intensifying its bid to revitalize Singapore's stock market amid intensifying rivalry with Hong Kong. The five selected firms – Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments and Natixis Investment Managers – joined the third cohort of mandates under the MAS’s Equity Market Development Programme, which was expanded from S$5 billion to S$6.5 billion in February. This initiative aims to attract private capital alongside public funds to widen liquidity and trading beyond Singapore’s dominant blue-chip equities, authorities disclosed. MAS unveiled an additional S$20 million grant program to aid market-making for about 80 small and mid-cap companies until the end of 2028. HSBC Asset Management Singapore’s CEO, Pang Qi Lim, expressed enthusiasm about contributing to the market's development and internationalization. \"We anticipate leveraging these strengths to attract capital and foster broader investor participation, further bolstering the growth of a more dynamic and globally interconnected equity market,\" Lim elaborated. Singapore’s move comes as the city-state finds itself under mounting pressure from Hong Kong. In the Global Financial Centres Index, Hong Kong secured the third global and first Asian slots, narrowly edging out Singapore by one point. Hong Kong also excelled in fintech, investment management, insurance and finance rankings, while Singapore led in professional services. As Singapore funnels billions into revitalizing its financial hub, early indicators suggest progress. Daily average securities turnover on the local exchange hit S$1.8 billion in June, marking its highest level in 18 years. However, Hong Kong retains a substantial advantage. The city’s IPO market raised HK$210 billion (US$26.77 billion) in the first half of 2026, ranking second globally after Nasdaq. Its daily cash market turnover averaged a record HK$283 billion during the same period, according to official figures. The contest between the two Asian financial powerhouses has spilled over into wealth and asset management. In August, Singapore introduced tax exemptions on select profits from robust fund performance, following Hong Kong’s tax cuts on carried interest, which is the portion of profits paid to fund managers. Singapore’s assets under management surged 10% year-on-year to S$6.7 trillion in 2025, according to the annual survey. Conversely, Hong Kong’s total asset and wealth management industry, encompassing private banking, managed HK$42.2 trillion in 2025, as per data from the Securities and Futures Commission. Hong Kong also surpassed Switzerland to become the world’s largest cross-border wealth center in 2025, overseeing US$2.9 trillion in cross-border wealth.",
  "summary": "Singapore’s central bank has selected five international asset managers to handle S$1.45 billion (US$1.3 billion) in locally focused equity strategies, making its latest effort to revive the city state’s stock market amid sharpening rivalry with regional financial hub Hong Kong. Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments and Natixis Investment Managers were named on…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "South China Morning Post",
        "title": "Singapore beefs up rivalry with Hong Kong by picking 5 firms to boost equity market",
        "url": "https://urgent.news/2026/09/30/singapore-beefs-up-rivalry-with-hong-kong-by-picking-5-firms-to-boost",
        "published": "2026-09-30T09:13:44.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}