The Financial Sector Development Fund was established in 1999 under the MAS Act. Reuters file photo)

The Monetary Authority of Singapore (MAS) will next month introduce a S$75 million Grant for Equity Market Singapore (GEMS), to boost Singapore’s role as an enterprise financing hub.

This was announced by Finance Minister and MAS board member Heng Swee Kea at the UBS Wealth Insights conference on Monday (14 January).

Funded under the Financial Sector Development Fund (FSDF), the scheme will take effect from 14 February. It will comprise three components: a listing grant, a research talent development grant and a research initiatives grant, said the MAS in a statement.

3 types of grant

Featuring different funding tiers, the listing grant will encourage eligible companies in sectors including new technology and logistics to list on the Singapore Exchange (SGX) by co-funding some of the listing expenses.

The research talent development grant is designed to groom equity research analysts and retain experienced research talent to initiate research coverage primarily of listed mid and small-cap enterprises. It will co-fund 70 per cent of the salaries for fresh graduates hired as equity research analysts as well as 50 per cent of the salaries for re-employed experienced equity research analysts.

Under the research initiatives grant, MAS will earmark funds to crowdsource initiatives that will help the development of Singapore’s equity research ecosystem.