I recently shared my views with Ranamita Chakraborty of The Singapore Business Times regarding the funding landscape for Small and Medium Enterprises (SMEs) and start-ups in Singapore.
In the front-page story published on 16 March 2026, I highlighted the present lack of sufficient avenues for these businesses to raise funds outside of traditional bank loans. Currently, bank financing often requires personal guarantees and security arrangements, such as property mortgages. This inextricably ties the personal fortunes of entrepreneurs to their businesses—a significant deterrent given the social stigma associated with financial failure in Singapore.
My Proposal: Extending the EQDP to Pre-IPO Enterprises I believe that extending the MAS-initiated Equity Market Development Program (EQDP) to pre-IPO private enterprises will create a salubrious climate for business growth.
- Catalysing Interest: Extending the EQDP is likely to engender more interest from corporates to tap the capital market for expansion, ultimately boosting the long-term IPO pipeline.
- Encouraging Resilience: This support encourages businessmen to embrace the spirit of enterprise, becoming less risk-averse and more resilient.
- Vigorous Oversight: While this extension is beneficial, we must remain vigilant against potential abuse. The screening and due diligence process to qualify for EQDP funding must be extensive and vigorous to ensure that those managing these companies are “fit and proper.”
I would like to thank Ranamita and the team at The Business Times for providing a platform to discuss these critical market developments.
You can read the full article in The Business Times published on 16 March 2026.
My original post on LinkedIn can be seen here