JAKARTA – Shares of prominent Indonesian companies PT Bank Central Asia Tbk. (BBCA), PT Telkom Indonesia (Persero) Tbk. (TLKM), and PT Indofood CBP Sukses Makmur Tbk. (ICBP) are now accessible through the Singapore Unsponsored Depository Receipts (Unsponsored DR) Linkage, widely known as SDRs. This significant development marks a new era for regional investment opportunities, enhancing cross-border access to key Indonesian equities.
The official launch of the Indonesia–Singapore Unsponsored DR Linkage was announced by the Singapore Exchange (SGX) on Thursday, October 16, 2025, commencing with the inaugural issuance of these SDR products. This groundbreaking collaboration between the SGX Group and the Indonesia Stock Exchange (BEI) represents a pivotal step towards enhancing capital market connectivity and integration across the vibrant ASEAN region.
The Indonesia SDRs, issued by Phillip Securities Pte Ltd, grant investors beneficial ownership interests in shares of these three major Indonesian firms—BBCA, TLKM, and ICBP—all of which are integral constituents of the prestigious IDX30 index. This mechanism simplifies foreign investment, providing a direct pathway to Indonesia’s top-tier companies.
Loh Boon Chye, CEO of SGX Group, highlighted Indonesia’s status as a dynamic and rapidly growing market. He affirmed that this partnership empowers Singaporean investors to actively participate in the nation’s significant economic advancements. “We look forward to even closer collaboration with BEI to unlock further cross-border opportunities,” he stated in a press release dated Thursday, October 16, 2025, emphasizing the long-term vision of this strategic alliance.
The introduction of SDRs allows investors in Singapore to effortlessly access Indonesian-listed securities through their local brokers, with transactions conveniently conducted in Singapore Dollars (SGD) during SGX trading hours. This streamlines the investment process, offering unparalleled ease and efficiency for international investors seeking exposure to Indonesia’s robust economy.
This innovative framework significantly simplifies access to overseas-listed securities, providing investors with an exceptionally efficient and comfortable investment experience. Furthermore, SDRs complement the domestic market by attracting a wider investor base, thereby enhancing liquidity in the underlying Indonesian market, which benefits all participants.
Indonesian-listed companies whose shares serve as the underlying assets for these Unsponsored DR Linkage products also gain substantial benefits, particularly through heightened visibility and exposure within the sophisticated Singaporean investment community. This increased profile can attract more international capital and foster greater recognition for these firms.
Iman Rachman, President Director of BEI, emphasized that the SDR initiative is a core strategic focus for BEI, aimed at fostering regional synergy and connectivity. He anticipates that this crucial step will boost market liquidity, expand investor participation, and strengthen cross-border investment flows. “By creating new investment channels, this Unsponsored DR Linkage collaboration underscores our mission to cultivate an Indonesian capital market that is more inclusive, globally connected, and aligned with regional advancements,” he added, highlighting the long-term vision for Indonesia’s financial landscape.
Luke Lim, Managing Director of Phillip Securities Pte Ltd (a member of PhillipCapital), confirmed their role as the issuer for the inaugural batch of Indonesia SDRs. He noted their commitment to presenting high-quality Indonesian companies to Singaporean investors through a familiar and trusted framework. “We are enthusiastic about continuously expanding our role as investor interest in Indonesian stocks continues to surge,” he remarked, indicating strong future prospects for this venture and further integration of regional markets.
With the inclusion of these new Indonesia SDR products, the total number of SDRs listed on the SGX now stands at 26. This impressive growth underscores the escalating investor interest in dynamic regional markets and reinforces Singapore’s position as a key financial hub in Southeast Asia, facilitating greater financial integration across the region.
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Summary
The Singapore Exchange (SGX) and Indonesia Stock Exchange (BEI) have officially launched the Indonesia–Singapore Unsponsored Depository Receipts (SDR) Linkage, commencing October 16, 2025. This allows Singaporean investors direct access to prominent Indonesian blue-chip stocks, specifically PT Bank Central Asia Tbk. (BBCA), PT Telkom Indonesia (Persero) Tbk. (TLKM), and PT Indofood CBP Sukses Makmur Tbk. (ICBP). Issued by Phillip Securities Pte Ltd, these SDRs represent beneficial ownership interests in these key IDX30 index constituents.
This collaboration enhances capital market connectivity in ASEAN, simplifying foreign investment by allowing transactions in Singapore Dollars during SGX trading hours. For Indonesian companies, SDRs offer increased visibility and exposure to Singaporean investors, potentially attracting more international capital. Both SGX and BEI leaders highlight this strategic partnership’s goal to boost market liquidity, expand investor participation, and foster a globally connected capital market.