Global-Asia Digital Bond Grant Scheme (G-ADBGS)

Global-Asia Digital Bond Grant Scheme (G-ADBGS)

Provides external review support for digital bond issuance using distributed ledger structures in Singapore.

The Global-Asia Digital Bond Grant Scheme (G-ADBGS) was launched by MAS on 15 January 2025 under the Financial Sector Development Fund (FSDF) and runs until 31 December 2029. The scheme catalyses the issuance and broader market adoption of digital bonds — bonds issued on distributed ledger technology (DLT) platforms — by reimbursing a portion of eligible issuance expenses. It is the first MAS grant specifically designed to address the incremental cost of DLT-based bond issuance, and reflects Singapore's strategic ambition to position itself as a global digital capital markets hub.

MAS reimburses 30% of eligible issuance expenses, which include arranger fees, audit fees, credit rating fees, legal fees, listing agent fees, listing fees, and platform fees. The reimbursement cap is SGD 450,000 for bonds with an initial principal of SGD 200 million or more, and SGD 250,000 for bonds with an initial principal of exactly SGD 100 million. Qualifying bonds must be issued on a designated Singapore digital asset platform, listed on SGX or a designated digital platform, and substantially arranged by Singapore-licensed entities. Bonds of SGD 200 million or more must be digitally native — not tokenised wrappers over conventional bonds. Bonds with a tenure of one year or more must be joint-led by at least two specified Singapore-licensed entities. Qualifying issuers must be companies or non-bank financial institutions with Asian nexus. Up to two qualifying digital bond issuances per issuer are eligible.

To apply, issuers submit to fsdf@mas.gov.sg no later than three months after the issue date. Bond denomination may be in Asian local currencies or G3 currencies. Issuers targeting the SGD 450,000 cap should confirm their issuance meets the SGD 200 million minimum, is digitally native, and is co-led by the required number of Singapore-licensed arrangers — these three criteria are the key qualifying thresholds that determine the higher award tier.