IDX, SGX Launch Unsponsored DR Linkage to Boost Indonesia–Singapore Market Connectivity
Jakarta. The Indonesia Stock Exchange (IDX) and the Singapore Exchange (SGX) have officially launched the Indonesia–Singapore Unsponsored Depositary Receipt (DR) Linkage, a cross-border initiative aimed at deepening capital market integration within ASEAN.
The linkage was marked by the debut of Singapore Depositary Receipts (SDRs) representing shares of three major Indonesian companies listed on IDX: Bank Central Asia (BBCA), Telkom Indonesia (TLKM), and Indofood CBP Sukses Makmur (ICBP).
Phillip Capital serves as the issuer of the inaugural SDRs under the linkage, which was officially launched on Thursday in collaboration with SGX and IDX. The company described its involvement as a significant contribution to promoting greater market accessibility between the two countries.
Through this new product, Singapore-based investors can now gain exposure to Indonesian stocks via local brokers, with trades settled in Singapore dollars during SGX trading hours.
IDX President Director Iman Rachman said the collaboration is expected to strengthen market liquidity, broaden the investor base, and facilitate more cross-border investments between Indonesia and Singapore.
SGX Group CEO Loh Boon Chye said the launch of the Unsponsored DR Linkage with IDX marks a key milestone in efforts to strengthen regional market connectivity. He noted that the collaboration is part of broader recommendations from the Equities Market Review Group announced earlier this year. Loh added that Indonesia’s dynamic and fast-growing market offers attractive opportunities for Singapore-based investors, and SGX aims to further expand cross-border cooperation with IDX in the future.
SGX officials said the Unsponsored DR Linkage forms part of the exchange’s regional strategy to enhance connectivity among ASEAN capital markets and attract greater investor interest in neighboring economies.
The initiative follows recommendations from the Equities Market Review Group to advance regional exchange cooperation and improve access to listed securities across member countries.
With the addition of Indonesian SDRs, the total number of such listings on SGX has risen to 26, signaling growing investor appetite for cross-border investment instruments in the region.
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