Shaping Tomorrow with Optimal Securities Infrastructure

Capital markets across Southeast Asia, the Middle East, and Africa are standing at a moment similar to the one India now reflects upon: domestic participation is rising, equity culture is deepening, and policymakers are celebrating a new era of financial inclusion. Yet beneath the optimism lies a delicate balance between genuine structural strength and pockets of fragility.

From Singapore’s sophisticated exchange to fast-expanding investor bases in Indonesia, Thailand, and Vietnam, Southeast Asia has seen a retail surge powered by mobile trading, fintech platforms, and aggressive financial literacy campaigns. Young investors, comfortable with apps and global narratives, are entering equities earlier than previous generations.

In the Middle East, capital markets are being reshaped by national transformation agendas. Privatization pipelines, IPOs of family businesses, and listings of energy and infrastructure giants have drawn unprecedented local participation. Sovereign wealth, pension reforms, and high household income levels provide a sturdy domestic liquidity base.

Retail investors have become more visible, especially in Saudi Arabia and the UAE, where oversubscribed IPOs often turn into national events. The region’s exchanges are simultaneously integrating with global indices, attracting foreign money even as they build internal depth.

If we move our focus, African exchanges are at varied stages of maturity. South Africa remains the continent’s anchor with institutional depth, while Kenya, Nigeria, Morocco, and others are pushing reforms to widen the investor base. Mobile money ecosystems are increasingly being viewed as gateways to equity participation.

However, liquidity remains thin in many counters, price discovery can be uneven, and macro volatility quickly transmits to markets. When retail investors enter without adequate safeguards, drawdowns risk eroding trust for years. Investor education and market-making mechanisms are therefore not side issues; they are foundational.

Across these regions, the headline story is encouraging. More citizens own financial assets. Capital markets are no longer elite clubs. Domestic savings are increasingly funding domestic growth. But strength is not measured only by the number of accounts opened or IPO subscriptions filled. True resilience comes from patient capital, informed risk-taking, strong disclosure norms, and credible regulation. If households shift too abruptly away from traditional savings without parallel improvements in safety nets, banking liquidity and credit transmission may feel pressure.

Having said so, it is important to note that there has to be a robust synergy of transparent governance, strong systems, with a tight regulation. That shouldn’t act like a challenging aspect. This is where a technology-driven infrastructure that can foster a digital securities ecosystem is the need of the hour which is sovereign and accountable.

Understanding today’s changing market dynamics, Asia business Outlook brings to you our meticulously crafted ‘Capital Markets Special - 2026.’ In this edition, we will unravel the market drive that has been acting as an accelerator towards the future.