The update's core focus is the expansion of Singapore's Equity Market Development Programme to support company financing and capital markets development, which directly aligns with the Equities category's Strong Yes criteria for equity market infrastructure and capital raising.
Mandatory inheritance: Equities as the primary tag requires Investment Services as the secondary tag per the tagging logic protocol, reflecting the asset-management and investment infrastructure dimension of equity market development.
Specialism
The update includes MAS publishing proposed Updated Guidelines on Operational Risk Management with explicit supervisory expectations for financial institutions, which constitutes regulatory guidance on operational risk management practices.
The update also addresses environmental risk transition planning expectations and operational resilience through risk management guidelines, making Operational Resilience a secondary consideration, though the primary focus is supervisory guidance rather than DORA-style impact tolerances.
Keywords
MAS website
2026-03-06 09:00:42·pthandapani@vixio.com
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MAS is the central bank of Singapore. Our mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre.
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TITLE: Singapore's Monetary Authority Expands Equity Market Development Programme to S$6.5 Billion
BODY:
On 6 March 2026, the Monetary Authority of Singapore (MAS) announced an expansion of the Equity Market Development Programme from S$5 billion to S$6.5 billion. This increase aims to strengthen Singapore's capital markets and support the financing needs of companies across growth stages.
Complementing this initiative, the Growth Capital Workgroup, chaired by Minister Chee Hong Tat, has been convened to recommend measures supporting the financing requirements of companies from Singapore and the region. The workgroup will address capital needs across various growth stages, enhancing Singapore's ecosystem for growth capital.
In related supervisory developments, MAS has set supervisory expectations on financial institutions regarding transition planning practices in addressing environmental risk. Additionally, MAS published proposed Updated Guidelines on Operational Risk Management (Consultation P003-2026), which elaborate on supervisory expectations for effective operational risk management practices by financial institutions. The consultation period runs from 6 March 2026 to 20 April 2026.
MAS continues to monitor macroeconomic conditions, including developments arising from the ongoing situation in the Middle East, and is assessing potential impacts on Singapore's domestic economy and financial system. The authority also issued warnings regarding scams involving impersonation of MAS officials, in coordination with the Singapore Police Force (SPF), advising the public that MAS officials will never request money transfers or bank login details over phone calls.
Financial institutions and market participants should note the consultation deadline of 20 April 2026 for the Updated Guidelines on Operational Risk Management and consider the expanded equity market development opportunities and growth capital initiatives.
REFERENCES:
Monetary Authority of Singapore. (2026). *MAS Sets Supervisory Expectations on Financial Institutions for Transition Planning Practices in addressing Environmental Risk*. Retrieved from https://www.mas.gov.sg
Monetary Authority of Singapore. (2026). *Updated Guidelines on Operational Risk Management - Consultation P003-2026*. Retrieved from https://www.mas.gov.sg