Singapore Exchange signs agreement with IMDA to raise capital for accredited companies

Singapore Exchange (SGX) partnered with Infocomm Media Development Authority (IMDA) today to help accredited companies  leverage private and public capital markets in Singapore more efficiently for expansion. The agreement was signed in the presence of Dr Yaacob Ibrahim, Minister for Communications and Information of Singapore.

Singapore Exchange has signed agreement with IMDA to raise capital for accredited companies. Photo courtesy: saimia

In a joint statement, SGX and IMDA said, “Through this memorandum of intent (MOI), both parties aim to lower the access barriers for technology companies into the capital markets, catalyse more high-tech IPOs and increase Singapore’s attractiveness as a venue for capital raising.”

It further said, “Accreditation@IMDA (A@IMDA) programme curates and nurtures a growing portfolio of promising, innovative tech companies for high growth. Under the MOI, SGX will partner with A@IMDA to identify and galvanize key parties in the financial ecosystem to support the IMDA-accredited companies in their IPO journey, including facilitating pre-IPO funding, advising them on listing processes and preparing them for IPO listing.

As of end May 2017, the IMDA programme had 18 accredited companies in areas such as video and data analytics and robotics.

Dr Yaacob Ibrahim, Minister for Communications and Information, said “Today’s collaboration between IMDA and SGX will provide high-growth Infocomm Media (ICM) companies access to capital markets, allowing them to leverage Singapore’s well-developed financial ecosystem to support their growth and expansion plans. I encourage ICM companies with innovative products and services to set up their base of operations in Singapore so that they can take full advantage of these programmes and platforms.”

Loh Boon Chye, Chief Executive Officer of SGX, said, “Our collaboration with IMDA will foster a keener appreciation among Singapore technology firms of our capital markets as a source of funding, and offer them the potential of expanding their business into the broader region. We hope to galvanise more partners in the financial ecosystem to engage with these fast growing, innovative companies.”