New Gems grant not a subsidy scheme for SGX: Ong Ye Kung

Singapore

A NEW multi-million-dollar grant for Singapore's equity market is not a subsidy scheme for the Singapore Exchange (SGX), Education Minister Ong Ye Kung has said, as the Grant for Equity Market Singapore (Gems) is meant to support high-growth sectors and small- and mid-cap firms.

Mr Ong spoke in the House on Thursday on behalf of Deputy Prime Minister Tharman Shanmugaratnam, Minister-in-charge of the Monetary Authority of Singapore (MAS), as members raised questions on capital markets and corporate gove…