GEMS Market Making Grant at a glance
Agency
Monetary Authority of Singapore (MAS)
Programme
Grant for Equity Market Singapore (GEMS)
Support type
Grant
Current status
Upcoming
Funding
MAS has committed a S$20 million total programme envelope from the Financial Sector Development Fund. Individual market-maker support terms are not yet public.
Cap / maximum support
No public per-market-maker cap is stated. The S$20 million figure is the overall programme envelope, not an applicant cap.
What does the scheme support?
Market-making activity for an initial pool of around 80 eligible small- and mid-cap SGX-listed stocks and newly listed stocks.
This profile should be read as a funding and eligibility guide rather than a substitute for the agency's final assessment. The approved scope, support level and claim treatment remain subject to the governing programme terms and the applicant's specific project.
Who can apply?
Participation is intended for appointed market makers supporting eligible SGX-listed stocks. Detailed appointment criteria have not yet been published.
How much support is available?
MAS has committed a S$20 million total programme envelope from the Financial Sector Development Fund. Individual market-maker support terms are not yet public.
No public per-market-maker cap is stated. The S$20 million figure is the overall programme envelope, not an applicant cap.
What costs can qualify?
Eligible market-making activity costs have not yet been publicly detailed.
Key conditions
MAS announced the new grant on 29 September 2026. The eligible-stock list will be reviewed regularly. Appointment criteria, selection process, individual grant quantum and detailed cost rules remain pending.
For any project where timing matters, applicants should avoid making irreversible commitments before confirming the programme's pre-start requirements. Where the scheme is discretionary or delivered through an appointed partner, the agency or programme partner retains the final decision on eligibility and quantum.
How and when should you apply?
This is an announced programme rather than a generally open application route. MAS states that market-making support will run through 31 December 2028, but that period should not be treated as a published application deadline.
Is this scheme relevant to your project?
A strong fit is: An institutional market maker that is appointed under the eventual programme process to support eligible SGX-listed stocks.
A weak fit is: An issuer, broker or investor assuming the S$20 million envelope is directly available as a conventional application grant.
How Reeve | R&D supports the scheme
Reeve | R&D can manage the incentive workstream from initial eligibility assessment through project structuring, funding modelling, application preparation, evidence planning, agency interaction and post-award coordination, while the company or eligible applicant remains the formal applicant where required.
Frequently asked questions
What is the current status?
The current verified status is Upcoming as of 7 October 2026. Where the programme is periodic or appointment-led, this does not necessarily mean that a general application window is continuously open.
How much support is available?
MAS has committed a S$20 million total programme envelope from the Financial Sector Development Fund. Individual market-maker support terms are not yet public. No public per-market-maker cap is stated. The S$20 million figure is the overall programme envelope, not an applicant cap.
What is the most important eligibility point?
Participation is intended for appointed market makers supporting eligible SGX-listed stocks. Detailed appointment criteria have not yet been published.
What should be checked before committing to the project?
The applicant should confirm the live programme terms, pre-start rules, eligible cost categories and any partner, provider, appointment or milestone requirements before signing contracts or incurring supported costs.
Official programme sources
mas.gov.sg (opens in a new tab)Last verified: 2026-10-07