Global Trustee and Fiduciary Services Bite-Sized Issue 3 | 2026

11 QUICK LINKS AI DIGITAL ASSETS EMIR FINTECH FSB IOSCO MIFID II/MIFIR SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2026 To support the future readiness of markets, the Financial Services and the Treasury Bureau and the SFC are proceeding with the legislative proposals for regulating virtual asset dealing and custodian service providers to complete Hong Kong’s regulatory framework for digital assets (DA). The SFC also plans to further enhance DAmarket liquidity, expand product offerings for professional investors, and establish a Digital Asset Accelerator to help trading platforms in developing innovative projects. On the asset and wealth management front, the SFC says that it welcomes the Government’s proposal to waive stamp duty on non-residential property transfers into REITs seeking to list in Hong Kong, which will encourage new listings. In addition, to diversify fund distribution channels, the SFC will support HKEX in launching the next phase of the Integrated Fund Platform this year. Link to SFC Announcement here MAS: Workgroup Convened to Enhance Singapore’s Ecosystem for Growth Capital On 13 February 2026, the Prime Minister and Minister for Finance announced at his 2026 Budget Statement the establishment of a workgroup to develop strategies to strengthen Singapore as a leading centre for growth capital. The Growth Capital Workgroup (Workgroup) will be chaired by the Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore (MAS) and will recommend measures to support the financing needs of companies from Singapore and the region across the various growth stages. It will comprise key private sector stakeholders and public sector representatives, with support fromMAS and the Ministry of Trade and Industry. MAS says in its media release, that while bank loans have traditionally been the main mode of financing in Asian economies, more diverse sources of capital will benefit companies and economies in this region. As global investors diversify across markets to manage risks and capture new growth opportunities, there is potential for Singapore to position itself as a leading centre for growth capital in Asia. Building on the positive momentum of the Equities Market Review Group’s work to strengthen the competitiveness of Singapore’s equities market and complementing key recommendations from the recent Economic Strategy ReviewMid-termUpdate, MAS says that the Workgroup will explore and recommend measures to strengthen the other parts of growth capital markets, including venture capital, private equity and private credit as well as securitised assets. It will study the full value chain of financing fromdeal origination, capital raising andmobilisation, and capital recycling. MAS says that this effort will help further the development of Singapore’s vibrant startup ecosystemand support a newgeneration of enterprises as they scale regionally and globally. MAS adds that the Terms of Reference and composition of the Workgroup are set out in Annex A. The Workgroup aims to complete its review by end-2027 and will provide interim updates on its recommendations along the way. Link to MAS Homepage here MAS Announces Expansion of Equity Market Development Programme On 12 February 2026, MAS announced that it will expand the Equity Market Development Programme (EQDP) from SGD5 billion to SGD6.5 billion. This follows the announcement by the Prime Minister and Minister for Finance at Budget 2026 to top up the Financial Sector Development Fund to support the expansion of the EQDP. The EQDP was introduced in February 2025 as part of the Equities Market Review Group’s recommendations to develop Singapore’s local fund management industry and increase investor participation in Singapore equities. MAS has allocated SGD3.95 billion across nine appointed asset managers to date. The EQDP continues to attract strong interest and a robust pipeline of applications from asset managers. MAS says that the expansion of the EQDPwill enablemore high-quality asset managers with strategies that invest significantly in Singapore equities to be funded and catalysemore third-party investments into the equitiesmarket. This will further anchor deeper pools of capital for Singapore listed companies with strong fundamentals and support a well-functioning and vibrant Singapore equities market. The next batch of EQDP managers is expected to be appointed around mid-2026. Link to MAS Homepage here