Dentons Rodyk, Singapore’s global law firm, proudly hosted the annual Dentons Rodyk Dialogue 2025 on 9 September 2025, marking its ninth consecutive year of thought leadership excellence. Organised in partnership with Singapore Management University (SMU), the event was held at the Yong Pung How School of Law and attracted close to 400 guests in person. Distinguished speakers from SMU, the Singapore Exchange, and Dentons Rodyk shared their expert insights into the future of Singapore’s capital markets, engaging the audience in forward-looking discussions on industry trends and regulatory developments.

Titled “The Future of Capital Markets: Navigating Change in Singapore and Beyond”, the event brought together a distinguished panel comprising:

• Mr. Piyush Gupta, Chairman, Singapore Management University; Former CEO of DBS        
• Associate Professor Aurelio Gurrea-Martínez, Associate Professor of Law, Yong Pung How School of Law, Singapore Management University
• Mr. Pol de Win, Senior Managing Director, Head of Global Sales and Origination, SGX Group
• Mr. Hsu Li Chuan, Senior Partner, Dentons Rodyk
• Professor Wan Wai Yee, Dean, Attorney-General's Chambers-Legal Service Academy
• Mr. Nicholas Chong, Senior Partner, Dentons Rodyk

On the significance of this year’s Dialogue, SMU Provost, Professor Alan Chan stated, “For nine years, global law firm Dentons Rodyk has partnered with the Singapore Management University Centre for Commercial Law in Asia to bring together leaders from business, law, and academia to examine issues that matter deeply for Singapore and the region. Together, we have created a platform that encourages conversations that matter and shape the future of markets, law, and policy in Singapore and beyond.”

Dentons’ Global Vice Chair and ASEAN CEO Gerald Singham, in his welcome remarks, highlighted market volatility, economic uncertainty, and increasing regulatory pressures as catalysts driving the fundamental transformation of capital markets.

“Public listings are slowing as companies stay private longer to avoid regulatory scrutiny, market swings, and shareholder pressure. Private markets, meanwhile, are surging, offering capital and flexibility for bold, long-term growth. New rules and opportunities are reshaping the landscape of corporate finance.” Gerald said.

Mr. Piyush Gupta, Chairman of SMU and former CEO of DBS, delivered the keynote address. Drawing on his experience leading one of the region’s largest banks through a decade of digital transformation, he highlighted technology as a potential game-changer for capital markets. From tokenisation and blockchain to AI and RegTech, he explained how these tools could remove friction, reduce compliance costs, and embed investor protection directly in financial instruments.

“Technology offers a paradigm shift. Protections, governance, and compliance can now be embedded directly into financial instruments. These innovations have the potential to create entirely new markets beyond traditional equities and bonds, with Singapore in a unique position to take the lead. The real opportunity lies in identifying which innovations will generate genuine network effects and moving first to shape the future of global capital markets,” Piyush said.

As Singapore charts the future of its capital markets, the Monetary Authority of Singapore remains central to efforts to revitalise the Singapore Exchange and position it as a premier global hub for investors and issuers. In his presentation, Associate Professor Aurelio Gurrea-Martínez highlighted how legal structures can enhance market efficiency, attract international investment, and safeguard stability. “While there is significant room for improvement in the equity capital markets, we must also recognise Singapore’s strengths, which include a strong legal and institutional framework as well as a vibrant and highly competitive financial system that supports innovation and growth.”

Earlier this year, MAS launched the Equity Market Development Programme (EQDP), a S$5 billion initiative to reinvigorate Singapore’s equities market amid declining listings and thinning liquidity. But revitalising SGX requires more than liquidity support; it calls for innovation, global positioning, and strong partnerships. Mr. Pol de Win, Senior Managing Director of SGX Group, was well-positioned to speak on these dynamics.

In his presentation, he said, “Singapore has always thrived on continuous improvement, and our capital markets are no different. The $5 billion EQDP is a decisive step to attract liquidity, strengthen the mid-cap segment, and ensure globally competitive frameworks. With a robust supply of high-quality companies, increasing retail participation, and robust pipelines, I am confident that we will reverse our current situation. Singapore’s unique position, trusted by both East and West, gives us the platform to build the next chapter of global capital markets.”

At the Dialogue’s panel discussion, Professor Wan Wai Yee from the Attorney-General's Chambers-Legal Service Academy, along with Senior Partners Nicholas Chong and Hsu Li Chuan from Dentons Rodyk, talked about the future of Singapore’s capital markets. They shared ideas on how to improve liquidity and market access, connect private and public sectors, and create an environment that supports both stable regulations and the growth of RegTech and fintech innovations. The panel also underscored opportunities to attract global listings by tapping into new capital flows and high-growth sectors. Collectively, these initiatives seek to strengthen Singapore’s capital market infrastructure and reinforce its position as a competitive, investor-friendly hub.

Find out more about the Dentons Rodyk Dialogue 2025.

About Dentons Rodyk

Dentons Rodyk is Singapore’s global law firm and part of the world’s largest, with a team of around 200 lawyers offering clients a full suite of legal services necessary to do business locally and globally.

With over 160 years of establishment and consistently ranked highly in leading publications, Dentons Rodyk delivers top-tier legal advice while maintaining strong working relationships with key public sector agencies and prominent private sector organisations.

Its combination with global law firm Dentons makes it part of the world’s largest law firm, with more than 12,500 professionals across over 160 locations in more than 80 countries. Dentons Rodyk is also part of Dentons ASEAN, the first global pan-ASEAN law firm, with a longstanding presence in Indonesia, Malaysia, Myanmar, Thailand, the Philippines, Singapore and Vietnam.