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SMU launches capital markets initiative

Published July 8, 2026 at 1:15 PM UTC

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The Singapore Management University (SMU) has unveiled the Singapore Capital Markets Initiative (SCMI), aiming to advance research and foster collaboration among academics, regulators, policymakers, investors, and industry leaders in the capital markets sector. The initiative was launched under the Centre for Commercial Law in Asia at the SMU Yong Pung How School of Law. Its inaugural conference was co-organized with the Organisation for Economic Co-operation and Development (OECD) and the European Corporate Governance Institute (ECGI). The SCMI will serve as a global platform for policy dialogue and thought leadership at the intersection of law and finance by conducting policy-oriented and industry-relevant research. Its research agenda will include equity and debt capital markets, venture capital and private equity, and private credit and alternative finance. The launch of SCMI comes at a time when global capital markets are undergoing significant structural change. IPO activity has declined sharply in many economies, while private equity, venture capital, and private credit are reshaping corporate financing. The new initiative will be led by Professor Aurelio Gurrea-Martinez, together with Professor Dan Puchniak and Assistant Professor Nydia Remolina from the law faculty. Professor Gurrea-Martinez emphasized the need for rigorous research at the intersection of law and finance, particularly in Asia, which is now home to more than 55% of the world’s listed companies and more than half of global venture capital activity. Piyush Gupta, chairman of SMU and former CEO of DBS, highlighted that stronger capital markets do not emerge by accident. They require thoughtful regulation, sound institutions, evidence-based policymaking, and continuous dialogue. He noted that Singapore's IPO market raised more than S$2 billion in 2025, and net institutional inflows extended for a ninth consecutive month following the first set of Equities Market Review Group initiatives. Gupta emphasized that achieving growth and momentum in the market requires sustained policy efforts and collaboration among various stakeholders. He also pointed out that future economic growth will increasingly depend on Asia’s ability to finance innovation, while continued innovation will, in turn, rely on the efficient allocation of capital. The SCMI aims to address critical questions such as how to sustain momentum in Asian capital markets, improve liquidity and valuations, and attract long-term capital. Gupta believes that technology can help accelerate integration by reducing existing barriers and building shared technology-enabled infrastructure across Asia. The initiative underscores the importance of collaboration among academic institutions, policymakers, and industry leaders to strengthen capital markets and support economic growth.