PUBLISHED ONFebruary 13, 2026 7:00 AMBYDana LeongA new workgroup has been set up to develop strategies and strengthen Singapore's position as a leading centre for growth capital in Asia, said Minister for National Development and deputy chairman of the Monetary Authority of Singapore (MAS) Chee Hong Tat.
Speaking to the media on Friday (Feb 13), Chee said that the Growth Capital Workgroup will recommend measures to support the financing needs of companies from Singapore and the region across the various growth stages.
The workgroup, first announced by Prime Minister Lawrence Wong during his Budget statement on Thursday, will be chaired by Chee.
It will comprise key private sector stakeholders and public sector representatives, including organisations like DBS, Temasek Holdings and Goldman Sachs.
Shawn Huang, Senior Parliamentary Secretary for the Ministry of Finance and Ministry of Manpower, is the other political office holder in the workgroup.
"The supply of capital and the demand for capital presents an opportunity for us as a trusted financial hub to see how we can benefit from this growth," said Chee.
Chee said that there are two potential areas for the workgroup to explore, based on preliminary discussions with industry players — Singapore's ecosystem to support entrepreneurs and infrastructure development.
"There could be other areas, and I think we'll keep an open mind based on the discussions with the industry, that we could see how the Workgroup's recommendations can support these sectors continue to thrive and to grow," he said.
Chee said that the workgroup aims to enhance the existing capabilities and resources within Singapore's ecosystem.
"If we do this well, it will not only be a boost for our financial services industry, create jobs for people, new growth opportunities, it will also help to support entrepreneurship, which is a key growth area for Singapore's next level of economic development," he said.
The workgroup aims to support not just local entrepreneurs, but also foreign entrepreneurs who are interested in setting up their companies here.
Chee also said that the workgroup is open to incorporating ideas from other ongoing initiatives within MAS, on ideas such as tokenisation or digital assets, if relevant.
"The industry folks will know at the forefront, what are some of the newest developments and opportunities how best to structure some of the schemes to make them commercially viable and attractive, so we will listen closely to their feedback," Chee said, adding that the workgroup is prepared to make changes to current policies if necessary.
He also emphasised the need to take "some calculated risks", to innovate and to test new ideas.
According to MAS, the workgroup aims to complete its review by end-2027, and will provide interim updates on its recommendations along the way.
MAS also announced that it will expand the Equity Market Development Programme (EQDP) from $5 billion to $6.5 billion, following PM Wong's Budget statement on Thursday.
Introduced in February 2025, the EQDP has since allocated almost $4 billion across nine appointed asset managers and continues to attract strong interest from asset managers, said MAS in a separate statement on Feb 12.
"The expansion of the EQDP will enable more high-quality asset managers with strategies that invest significantly in Singapore equities to be funded, and also catalyse more third-party investments into the equities market," MAS said.
According to MAS, the next batch of EQDP managers is expected to be appointed around mid-2026.
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