Amova Bets on ‘New Singapore Sectors’ as MAS Expands EQDP

Why It Matters

The expanded EQDP provides fresh capital and regulatory support, positioning Singapore as a more attractive hub for equity fundraising and giving investors exposure to high‑growth, innovation‑driven sectors.

Key Takeaways

• MAS expands EQDP to S$6.5 billion
• Amova launches All Share and Small Mid‑Cap funds
• Focus on renewable energy, health tech, fintech, real estate
• EQDP aims to boost liquidity and institutional participation

Pulse Analysis

Singapore’s Equity Market Development Programme (EQDP) received a significant boost in the 2026 budget, increasing its funding pool from S$5 billion to S$6.5 billion. The move reflects the Monetary Authority of Singapore’s (MAS) commitment to deepen the local equity market, attract more listings, and broaden the investor base. By allocating additional resources to market‑development incentives, MAS hopes to stimulate higher turnover, especially in under‑researched segments, and to position the Singapore Exchange as a premier venue for regional capital raising.

Amova Asset Management, rebranded from Nikko and backed by Sumitomo Mitsui Trust Group, is leveraging the expanded EQDP to launch two flagship products. The Singapore All Share Strategy offers diversified exposure across SGX‑listed companies of all sizes, while the Singapore Small Mid‑Cap Strategy zeroes in on emerging opportunities in smaller firms. Both funds target investors seeking growth and alpha, aligning with Amova’s focus on sectors it deems the future of Singapore’s economy—renewable energy, AI‑enabled healthcare, fintech, and property development. This sector‑centric approach aims to capture secular trends such as demographic shifts and technological adoption.

The broader impact of these initiatives extends beyond Amova’s portfolios. A more vibrant equity market can attract foreign institutional capital, support a pipeline of IPOs, and enhance Singapore’s reputation as an ASEAN financial hub. As the next batch of EQDP managers is slated for mid‑2026, the market will watch key metrics—turnover in small‑mid caps, re‑rating activity, and new listings—to gauge the programme’s effectiveness. Successful execution could create a virtuous cycle of liquidity, higher valuations, and sustained investor confidence, reinforcing Singapore’s role in the regional growth narrative.