00:51There is going to be more parts of pre-IPO cornerstone that issuers can look forward to.
00:58So how are things going to work operationally? And when does the new connection launch?
01:04So this will be a harmonized cross-border listing framework.
01:08OK.
01:08With a streamlined regulatory obligations across two markets and a simplified review process.
01:14So it's one set of documents that the issuer will have to prepare.
01:20And we're hoping to get this going by the middle of next year, subject to regulatory approval.
01:24And announcing it at this point in time is to get companies' attention for them to prepare.
01:29Boon Chai, I think about the ones that got away, like the ones like Grab, like the ones that see, that decided to list overseas.
01:36Is this going to be the mechanism for them to come home? And have you heard anything?
01:42Well, there are many more unicorns in this part of the world.
01:46There are VCs, PEs who need to get their company ready for IPO.
01:51Once a cluster is being built up, we'll show there will be companies knocking at our door.
01:57Right. Have you worked out some of the initial numbers?
02:00What are your initial expectations on financially and tangibly how the business is going to feel the positive impact of this?
02:08We have in the last few months embarked on deep, broad consultation with the ecosystem.
02:15Companies who are looking for IPO tell us that this is something they're looking forward to.
02:20Post-announcements, we've gotten many positive reactions.
02:23And I think this will just supplement and complement, importantly, our IPO market has seen a turnaround in the last couple of months.
02:32Yeah, I take a look at a day like today where NVIDIA News is basically lifting some of the likes of Taiwan, Korea, Japan, Hong Kong.
02:40Singapore does get left out when there is this sort of tech and AI euphoria.
02:45Beyond just this news, though, do you think there's any other ways that you can mitigate sort of the outflow situation?
02:51Given the fact that, you know, there's so many tech-heavy benchmarks out there that you have to compete with now.
02:57We have $2.4 billion being raised in the IPO market in the third quarter across different companies, including some SaaS company, a U.S.
03:09Nasdaq company that also did placement in Singapore.
03:11I think we have a very strong foundation to build upon, and we're knocking at each other's door bilaterally.
03:19Companies with us and us with the companies.
03:22What about Chinese companies?
03:24Have you been seeing any sort of interest in Chinese companies wanting to list in Singapore?
03:28One of the strengths of SGX is we have multiple listing pathways, including those for Chinese companies.
03:34Chinese companies in particular with a Southeast Asia or Asian nexus expanding their footprint outside of China.
03:40We have a platform ready for them.
03:43Right.
03:43And I think just to build on what Yvonne, you mentioned, of course, a lot of the big tech and unicorns that are looking to list in Southeast Asia.
03:52I mean, I just look around on the way from the airport.
03:54You really feel that this is a really innovative city.
03:56And I wonder whether the representation within the index itself and what the exchange is looking to do to enhance the tech and AI representation within the market.
04:06So, the sector aside, we've taken the big step to have what we call the next 50 index, which will really capture many of these companies, not just tech and unicorns, but in the space where their size may be overlooked because they're not in the index.
04:23And we're ready to try and include some of these companies.
04:27Okay.
04:28That's 50.
04:28Yeah.
04:29I mean, talk about more of the rest of the business here in terms of the pipeline.
04:32You mentioned about it's one of the best IPO markets you've seen in six years or so.
04:36What is a pipeline looking like so far for next year?
04:39Well, we have over 30 companies in the pipeline, and that's growing.
04:45And pipeline for us is defined as companies who are working with advisors preparing for an IPO on SGX.
04:53And with news like that, with work that's been done by the broader ecosystem through the review group, we're hopeful that our pipeline will continue to grow.
05:01And importantly, making sure it's an efficient process for issuers.
05:05Looking at next year, what specific targets do you have for the business, including discounting, of course, this new connection that's going to kick in middle of next year?
05:16How much growth do you see in the overall business?
05:18Come next Monday, we're launching an institutional-grade perpetual futures, and that's to create the regulated plumbing for institutional investors looking to access the crypto market.
05:32We're also expanding our FX business.
05:35We've guided revenue growth over the medium term of 6% to 8%.
05:40We think there are many opportunities for us to be able to hopefully outperform.
05:45In terms of investments, I mean, you've mentioned before you're interested in maybe some acquisitions.
05:51Yeah.
05:51Can you tell us a bit more?
05:52I mean, what sort of targets are you looking at right now?
05:55People are very curious about this question.
05:56Well, we have a multi-asset platform for access in Asia, turning the global investors to this part of the world that has really served our participants very well across FX, equity, derivatives, commodities, and importantly, also freight, which is really an important risk management to today in the uncertainty around trade.
06:20So we'll be looking to build upon our strength, whether there's commodities or even some of the asset classes.
06:26Do you have a ballpark for how much you're willing to spend?
06:28We have a strong balance sheet.
06:30Okay.
06:31Well, that's public information.
06:32So we're going to have a look at that and see how much you can allocate towards that.
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