Financial sector development fund gets new option to generate income to grow sector

A fund that helps develop Singapore’s capabilities as a financial centre will be able to generate more income with new changes to the law. It’s managed by SEL holdings — a special purpose company owned by Temasek — that can now buy new Singapore exchange (SGX) shares and receive dividends. The Financial Sector Development Fund already has SGX shares since it was set up in 1999. Proceeds are channelled to fund sector development initiatives, such as promoting innovation, as well as upgrading skills and expertise. The change will also allow SEL to maintain the value of its stake in SGX.

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