Singapore is taking bold steps to revitalize its stock market, with the Second Minister for Finance leading the way. Chee Hong Tat is heading a task force that aims to modernize regulations, attract quality listings, and improve liquidity in the equities market. These changes, which include reducing listing costs and expanding equity derivatives, will be implemented in phases over a 12-month review period.
Acknowledging the challenges faced by global exchanges and the need for innovation, Chee emphasized the importance of trying new ideas to achieve success. The move comes in response to calls from industry players to rejuvenate the local stock market, which has been struggling with performance and trading volume.
The task force, which includes key stakeholders like the central bank and Singapore Exchange Ltd., is determined to make significant changes for the betterment of the market. By doubling residential property tax for foreigners to 60 percent, the Singapore government is demonstrating its commitment to revitalizing the economy.
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