Singapore, 7 July 2026 (Tuesday) – Global capital markets are at an inflection point. IPO activity has declined sharply across many economies, while private equity, venture capital and private credit are reshaping corporate financing. Asia sits at the centre of this shift. The region has emerged as the world's dominant force in listed companies and has also become a major engine of global venture capital activity and a focal point for capital market development and reform.
Against this backdrop, Singapore Management University (SMU) today launched the Singapore Capital Markets Initiative (SCMI), a new research initiative under the Centre for Commercial Law in Asia (CCLA) at the SMU Yong Pung How School of Law (YPHSL). The Initiative will advance research, policy dialogue and talent development at the intersection of law and finance, with a particular focus on Singapore and Asia.
The SCMI's research agenda will encompass equity and debt capital markets, venture capital and private equity, private credit and alternative finance, corporate governance and investor protection, financial regulation and market infrastructure, and the role of emerging technologies in shaping the future of capital markets.
Professor Lee Pey Woan, Dean of SMU YPHSL, said, “SCMI will serve as a platform for interdisciplinary research and policy engagement, positioning SMU as an international leader in capital markets research, and establishing Singapore as a hub for capital markets research, thought leadership and policy influence in law and finance."
“The initiative builds on the success of existing CCLA platforms at our law school, including the Singapore Global Restructuring Initiative (SGRI) and the Singapore Tax Academy Research Initiative (STARI) – which have demonstrated the value of focused research initiatives that combine academic excellence with meaningful engagement with policymakers, industry leaders and international organisations,” she added.
The new Initiative will be led by Professor Aurelio Gurrea-Martínez, together with law faculty Professor Dan Puchniak and Assistant Professor Nydia Remolina.
"Capital markets play an essential role in financing innovation and economic growth. As capital markets and corporate financing continue to evolve, the need for rigorous research at the intersection of law and finance has never been greater, particularly in Asia, which is now home to more than 55 per cent of the world's listed companies and more than half of global venture capital activity," said Professor Gurrea-Martínez, Head of the SCMI.
The launch event of the SCMI was marked by an inaugural conference co-organised with the Organisation for Economic Co-operation and Development (OECD) and the European Corporate Governance Institute (ECGI), bringing together prominent scholars, regulators, policymakers and industry leaders from Asia, Australia, Europe and the United States to explore the future of capital markets.
The conference featured welcome remarks by Professor Lim Sun Sun, SMU’s Vice President (Partnerships and Engagement); and an opening address by SMU Chairman, Piyush Gupta. These were followed by a series of presentations and panel discussions covering trends in Asia's capital markets, the decline of IPOs in the United States and Europe, the rise of private markets, institutional investors and stewardship, financial market infrastructures and the use of technology in capital market development.
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