New SMU research initiative to help shape the future of Asia's capital markets

Around the world, capital markets are changing rapidly. Initial public offerings have slowed across many economies, while private equity, venture capital and private credit are transforming how businesses raise capital.

At the same time, Asia has emerged as the world's leading region for listed companies and has become a major centre for venture capital activity, placing the region at the forefront of capital market development and reform.

And SMU is strengthening its contribution to the ideas, research and policy discussions that will shape the region's capital markets for years to come.

The University has launched the Singapore Capital Markets Initiative (SCMI) under the Centre for Commercial Law in Asia (CCLA) at the Yong Pung How School of Law (YPHSL), creating a dedicated platform for research, policy dialogue and talent development at the intersection of law and finance, with a particular focus on Singapore and Asia.

Building knowledge where change is happening

SCMI will focus on the issues that are reshaping modern capital markets. Its research agenda spans 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 the future of capital markets.

By bringing these themes together within a single interdisciplinary platform, the Initiative strengthens SMU's ability to contribute research that informs both academic debate and public policy, while supporting Singapore's continued development as a leading international financial centre.

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."

She added, "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."

From research to influence

SCMI will be led by Professor Aurelio Gurrea-Martínez, together with law faculty Professor Dan Puchniak and Assistant Professor Nydia Remolina.

For SMU, the Initiative represents more than an expansion of its research portfolio. It reinforces the University's commitment to connecting rigorous scholarship with the policymakers, regulators and industry leaders whose decisions shape financial markets across Asia and beyond.

Professor Gurrea-Martínez said, "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."

Convening global expertise

The Initiative was launched alongside a conference co-organised with the Organisation for Economic Co-operation and Development (OECD) and the European Corporate Governance Institute (ECGI).

This event brought together leading scholars, regulators, policymakers and industry leaders from Asia, Australia, Europe and the United States to examine the future of capital markets.

Discussions explored trends in Asia's capital markets, the decline of IPOs in the United States and Europe, the growth of private markets, institutional investors and stewardship, financial market infrastructure, and the use of technology in capital market development.

The conference opened with welcome remarks by Professor Lim Sun Sun, SMU's Vice President (Partnerships and Engagement), followed by an opening address by SMU Chairman Mr Piyush Gupta.

Looking ahead

Capital markets are entering a period of profound change, with new sources of financing, emerging technologies and evolving regulatory frameworks reshaping the global economy. As the region's influence on global capital markets continues to grow, the quality of ideas informing that growth will matter as much as the capital itself. SCMI is intended to ensure that SMU is part of that conversation, contributing knowledge that extends beyond academia to support the continued development of Singapore and Asia's financial ecosystem.

See also: SMU launches research initiative on capital markets | SMU Newsroom