ASEAN capital markets are joining forces, connecting global capital and propelling the region towards becoming a growth hub.

ASEAN stock exchanges are pushing forward with capital market reforms, expanding products, enhancing governance, and connecting cross-border investments to attract foreign investment and create shared growth opportunities. Malaysia is highlighting its semiconductor capabilities, Indonesia is accelerating market structure reforms, the Philippines is addressing liquidity challenges, Singapore is promoting its multi-asset market, and Thailand aims to be a “Trusted Gateway to Inclusive Opportunities.”

On August 26, 2026 , Dato' Fad'l Mohamed, Chief Executive Officer of Bursa Malaysia, stated at the Thailand Focus 2569: Reignite Thailand event, under the topic “Exchange of Perspectives: Luncheon Talk: ASEAN Growth Opportunities (ASEAN Exchange Session) – Inclusive Opportunities: Connecting Capital to Growth Across the ASEAN Region,” that the Malaysian stock exchange has planned 60 initial public offerings (IPOs) by 2025, raising nearly 6 billion ringgit and achieving a total market capitalization of 2.74 billion ringgit. In the first half of this year alone, 42 companies have already gone public through IPOs, raising a total of nearly 6 billion ringgit.

Bursa Malaysia aims to attract high-value-added, targeted industries such as semiconductors, technology, healthcare, and advanced manufacturing to the listing phase, while also supporting medium-sized enterprises (SMEs) in listing on the ACE and LEAP markets.

Furthermore, the company is moving forward with its “My Value Up” value-creating project for listed companies, focusing on 88 large-cap companies representing approximately 80% of Malaysia's capital market capitalization. Companies are required to submit clear value-creation plans with accompanying indicators. Currently, the project is voluntary, with plans due by the end of this year, followed by a progress monitoring phase in 2027.

Simultaneously, Malaysia aims to expand the diversity of its financial products to provide more options for investors through ETFs and Digital Asset ETFs, as well as fostering regional connectivity. This includes entering into an agreement with the Hong Kong Securities and Exchange Commission (SFC) and signing an MOU with the Hong Kong Exchange (HKEX) to explore the feasibility of dual listings.

Dato' Fad'l stated that the strengths of the Malaysian stock market lie in the diversification of its sectors, a strong domestic institutional investor base capable of injecting over 2.8 billion ringgit of new investment into the system, and its leadership in Islamic capital markets, with 80% of its securities being Shariah-compliant.

Meanwhile, Malaysia is the world's sixth-largest semiconductor exporter and accounts for 13% of the global chip assembly and testing market.

Regarding the ASEAN outlook, Dato' Fad'l believes ASEAN has the potential to become the world's fourth-largest economy by 2040. He suggests that countries in the region should be viewed as complementary opportunities rather than competitors, given that global capital markets still have low levels of investment in ASEAN assets, or are significantly underweight.

Indonesia is accelerating reforms to its capital market structure.

Mr. Irvan Susandy, Director of Trading and Membership at the Indonesia Stock Exchange, stated that the Indonesian Stock Exchange, in cooperation with the Financial Services Authority (OJK), is advancing a reform plan focusing on eight key areas of capital market structure to enhance foreign investor confidence and improve corporate governance in the Indonesian capital market. Currently, five of these areas have been implemented and are in effect.

1. The new Free Float policy raises the minimum requirement to 50% from the previous 7.5% for both new IPOs and existing listed companies, with a 3-year adjustment period.
2. Adding disclosure of Ultimate Beneficial Ownership (UBO) to increase transparency in the shareholding structure.
3. The shareholding information needs to be more detailed. Currently, the Indonesian stock market has 39 types of investors, and shareholders holding more than 1% of the shares are required to report at the beginning of each month.
4. Strengthen law enforcement and penalties for stock manipulation and other offenses.
5. Raising the standards of good governance by requiring directors and supervisory committees to undergo continuous Corporate Governance training, while company financial statement preparers must be certified in accounting professions.

As for the remaining three topics, Indonesia is accelerating its efforts, including plans to transform its stock exchange into a public company under the new legal framework, expected to be completed by the end of this year or early next year, and upgrading its trading infrastructure in December.

In addition, last month we launched five Gold ETFs to expand our investment product portfolio and work with stakeholders to drive sustainable capital market reform, including aligning the IDX index with the S&P and FTSE indices.

Indonesia currently has over 30 million investor accounts in the system, with approximately 30% being active traders. It is believed that cooperation among ASEAN stock exchanges will support the joint development of regional investment products to meet the needs of foreign investors.

The Philippines is urgently addressing its liquidity crisis.

Mr. Ramon S. Monzon, President and Chief Executive Officer of the Philippine Stock Exchange, stated that the Philippines prioritizes short-term structural reforms in the capital market to enhance market liquidity, which is one of the key challenges facing the Philippine capital market.

Key measures include adjusting the sponsor model criteria, allowing companies to list only preferred shares, and relaxing regulations for Real Estate Investment Trusts (REITs) to cover expressway, data center, and renewable energy businesses. The first data center fundraising is expected to take place this November.

The Philippine stock market is also preparing to issue a new type of instrument, and is in the process of applying for approval from the Securities and Exchange Commission (SEC) to establish Global Derivative Depositary Receipts (GDDRs). They are also accelerating the finalization of the Derivatives Rule Framework, aiming for a launch in the second quarter of next year, as well as revising regulations to develop the index fund (ETF) market, which currently has only one fund.

To facilitate investors and increase liquidity, the Philippine Stock Exchange is preparing to establish a Negotiated Trade Board for large transactions requiring specific pricing, allowing direct negotiation without going through the regular trading queue. It will also restructure the minimum trading system to "One Share, One Board Lot" and support the establishment of Personal Retirement Savings Accounts (PERA) for employees through tax incentives.

Meanwhile, the Philippines is investing heavily in upgrading its technological infrastructure, entirely transitioning its trading system to the "Nasdaq Eclipse" platform, which will officially launch in November. This includes revamping the company reporting system, the Central Securities Depository System, and the securities trading oversight systems of its subsidiary regulators.

For the Philippine stock market, the current P/E ratio is only 9.56 times, lower than the country's average of 12-13 times and the ASEAN average of 13-17 times. Meanwhile, listed companies have an average earnings margin of 14%, ranking third in ASEAN after Singapore and Indonesia.

Monzon also pointed out that the Philippines has strengths in its high number of young people, while domestic consumption accounts for 75% of GDP, and the economy is expected to return to normal growth levels of 6-7% following the government's reform direction.

Singapore is promoting its multi-asset market to create a liquidity cycle.

Mr. Loh Boon Chye, Chief Executive Officer of SGX Group , stated that Singapore is strategically positioning itself as a multi-asset exchange, aiming to become a sustainable and durable market.

The core principle is to develop and prepare quality companies for listing on the stock exchange (Pipeline of Quality Companies) in order to create a sustainable cycle of stock value, liquidity, and attractiveness to international traders.

Currently, the average daily trading volume of SGX has reached its highest level in 18 years, while the proportion of trading activity by retail investors has increased to its highest level in 50 years. Liquidity has also spread to smaller-cap securities, with trading volume doubling in just one year.

In addition, more than 50 companies have appointed advisors and are preparing for IPOs, spanning digital infrastructure, consumer goods, healthcare services, real estate, and heavy industry.

SGX has also partnered with Nasdaq to create a Global Listing Board, enabling Asian companies to list and trade concurrently on both SGX and Nasdaq.

To enhance liquidity and demand in the capital market, Singapore has proactively implemented measures through the Monetary Authority of Singapore (MAS) Equity Market Development Program, a S$6.5 billion fund. To date, S$3.9 billion has been allocated. This is coupled with the "Value Up Program" to support companies.

SGX is also improving the efficiency and ease of access to the trading market by revising the block size criteria and preparing for a transition to its securities custody system in the coming months.

At the same time, it maintains its role as a hub for ASEAN cooperation, with companies listed on the SGX main board comprising a high proportion of 20% from Southeast Asia and South Asia combined.

The Thai stock market highlights the role of a Trusted Gateway connecting capital to opportunities.

Mr. Assadej Kongsiri, Director and President of the Stock Exchange of Thailand, stated that the Stock Exchange of Thailand has set its vision to function as "The Trusted Gateway to Inclusive Opportunities," serving as a pillar for fundraising and supporting the country's sustainable economic growth.

The Stock Exchange of Thailand supports measures to strengthen the fundamental growth capabilities of listed companies through the JUMP+ project, and is open to feedback from stakeholders in the capital market ecosystem for continuous improvement and development.

Furthermore, we work with the Thai Securities and Exchange Commission (SEC) and other regulatory agencies to review and revise regulations, including securities listing requirements, to promote promising New Economy businesses while maintaining a balanced approach to information disclosure quality and investor protection.

The Stock Exchange of Thailand is also exploring the application of modern technological innovations to transform the capital market, including the digitalization of assets and the tokenization of asset rights. These technologies are fundamentally changing the service structure and business operations of stock exchanges worldwide.

At the same time, emphasis is placed on cross-border collaboration at the regional level, with tangible success seen in the joint project to establish Depositary Receipts (DRs) with the Singapore Exchange (SGX). Currently, the Thai stock market offers trading in more than 500 DRs.

Vietnam embraces a turning point to upgrade to an Emerging Market.

Mr. Dang Tai An Trang, Deputy CEO of the Vietnam Exchange, stated that Vietnam has defined pillars and directions for upgrading its capital market through four strategic areas: market accessibility, market quality, investment products, and market credibility.

2026 marks a significant turning point for the Vietnamese stock market, following FTSE Russell's confirmation of the market's reclassification from a Frontier Market to a Secondary Emerging Market, effective in September.

These upgrades are not primarily dependent on market size, but rather on "market accessibility," such as eliminating pre-funding requirements and facilitating easier access to the market for foreign brokers.

Following the upgrade in status, Vietnam will continue to improve standards and enhance the liquidity of its capital market by developing clearing and settlement processes for securities within the Central Counterparty (CCP) system, as well as preparing a framework for measures to promote securities lending and covered short selling.

Vietnam also plans to diversify its financial products beyond common stocks through the development and expansion of index funds, ETFs, derivatives, and regionally linked products.

Simultaneously, Vietnam signed an agreement with six ASEAN stock exchanges to develop the e-ASEAN Linkage / e-ASEAN IC cross-border product and registration system project at a meeting in Hoi An last June.

On the other hand, Vietnam prioritizes strengthening credibility and governance to attract long-term investment from institutional investors such as pension funds and sovereign wealth funds. This is achieved through the implementation of International Financial Reporting Standards (IFRS/IAS), the promotion of sustainability standards and ESG reporting in collaboration with the ASEAN Sustainability Network, and the development of good corporate governance in line with OECD international standards.

Vietnam highlights its strategic location in a key Asian economic region, positioning itself as one of the most dynamic capital markets in Asia.

However, the overall picture from stock exchange executives in the region reflects a shared direction for ASEAN capital markets, which are accelerating upgrades in infrastructure, regulations, products, supervision, and cross-border connectivity to enhance competitiveness and attract global investment.

Meanwhile, each market has its own strengths that can complement each other, ranging from Malaysia's semiconductor industry base, Indonesia's large investor base, the Philippines' domestic consumption potential, Singapore's status as a multi-asset capital market hub, Thailand's product development potential and connectivity, to Vietnam's enhanced market position.

This direction reflects the key idea that ASEAN capital markets do not necessarily have to compete solely for investment capital, but can instead link the strengths of each country to create a regional capital market ecosystem and increase opportunities to attract more global investment.

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