In a speech celebrating the 25th anniversary of the Singapore Exchange (SGX), Chairman Koh Boon Hwee stated, "Improving the local stock market will require courage, a willingness to embrace risks, and a collective dedication to change."

One particular area where these principles could be applied is the Catalist.

Launched in 2007 as the successor to the previous second board, Sesdaq, the Catalist was modeled after overseas markets like London’s AIM. This model essentially allowed supposedly promising companies, many of which were loss-making, to list, provided they could secure sponsors to support them.