SGX’s not waiting for a unicorn

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In focus

• SGX’s CEO thinks it is still misunderstood
• Meet the AI startups arming SMEs with everyday tools
• Shein is finally ready for IPO

Hello reader,

It’s clear that when startups in Southeast Asia flirt with the idea of going public, they typically look to either New York or Singapore.

Choosing the former exudes bravado, a declaration that the company is big enough to play with the global heavyweights. Opting for the latter, I’ve found, signals trust: a belief that the local market understands and values what the firm does.

However, the fact that startups in the region still name the US as a destination for their public debuts invites reflection on the state of Southeast Asia’s exchanges. Take the Singapore Exchange (SGX), for example.

Our first top story today details how SGX’s daily average value recently hit an 18-year high of US$1.4 billion. Over the past decade, the exchange has built a name as a clearinghouse for the world’s largest investment banks.

That business has become a stable revenue-generating engine, hitting US$1.2 billion for the fiscal year ending June 2026. It shows that despite the lack of a headline-grabbing IPO, SGX manages to draw investors in.

Quiet, behind-the-scenes work is also powering the AI startups mentioned in our other featured premium. Across Asia, more startups are building agents that handle tedious office tasks for SMEs. For them, low-cost open-source models are often good enough to create and run these agents, no frontier models required.

Elyssa Lopez, journalist

Top Stories

1️⃣ SGX’s CEO says it doesn’t need a unicorn to win

Singapore Exchange CEO Loh Boon Chye / Photo credit: The Business Times

Loh Boon Chye, CEO of SGX, is not bothered by the lack of huge IPOs in the exchange. He believes SGX’s regular equity listings are enough to drive the investment volume the market requires. Case in point: It has 50 companies in its IPO pipeline, up from last year’s 30.

2️⃣ SMEs want AI too, but not the kind Big Tech is selling

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