How the Value Unlock push will lift the market

For years, Singapore’s equity market has been accused of leaving value on the table. The argument was that there were too many listed companies that trade below their potential because they undersell their story, under-communicate with investors, or fail to sharpen their focus on shareholder returns. In March 2026, a new attempt to tackle that problem moved decisively into the spotlight.

In this episode of Mark To Market, a BT Correspondents podcast, senior correspondent Ben Paul unpacks the Value Unlock programme launched by the Singapore Exchange with support from the Monetary Authority of Singapore. The initiative sits alongside headline reforms such as the Equity Market Development Programme (EQDP) and the dual-listing bridge, but it targets something more elusive: mindset change in boardrooms. To explain how it works, and why it may prove just as consequential, Paul speaks with Chan Kum Kong, head of capital market development at SGX, who has been closely involved in shaping the programme.

Why listen

• Why “Value Unlock” matters now The biggest opportunity lies not in IPOs, but in the 600 companies already listed on SGX.

• What the programme really funds Beyond the S$30 million headline, the Equip and Elevate grants are about capability, not quick fixes.

• How SGX decides who qualifies Growth potential and a credible equity story matter more than slick marketing.

• Why mid-caps are quietly re-rating The strongest signals are emerging beyond the STI’s heavyweight names.

• Carrots, not sticks Why Singapore chose persuasion over compulsion, unlike Japan and Korea.

The conversation also looks ahead and asks if today’s market optimism lulls companies into complacency, or will it spur more boards to act while investor attention is back? And how should success be measured when value creation takes years, not quarters? Listen now.

Mark to Market is a podcast of BT Correspondents. If you have any thoughts or questions, feel free to reach out to us at btpodcasts@sph.com.sg. Next week in BT Correspondents, wealth editor Genevieve Cua speaks to Hou Wey Fook, chief investment officer of DBS. 

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Written and hosted by: Ben Paul (benpaul@sph.com.sg)

With Chan Kum Kong, head of capital market development, SGX

Edited by: Howie Lim & Claressa Monteiro

Produced by: Ben Paul, Howie Lim & Chai Pei Chieh

A podcast by BT Podcasts, The Business Times, SPH Media

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