SINGAPORE Exchange Ltd. (SGX) aims to add products to its lucrative derivatives business and offer Southeast Asian unicorns a platform to list shares and bonds, in a multi-asset strategy aimed at sustaining growth, its chief executive said.

“There’s always the focus around IPOs and associated capital markets but today, participants on our exchange look beyond just the stock market,” said Loh Boon Chye in an interview.

“They think about us as a derivatives, foreign exchange, commodities and freight market and also increasingly a fixed income market,” Loh said.

The exchange’s multi-asset strategy comes as the bourse is overshadowed by multi-billion-dollar fundraising at Hong Kong Exchanges and Clearing Ltd. (HKEX) while bourses such as Thailand emerge as strong rivals.

Average daily securities turnover at SGX was US$791 million in May while the figure was US$1.8 billion for the Thai exchange, and US$12.4 billion for HKEX, data from Refinitiv shows.

SGX has seen trading volume drop after a penny stocks crash in 2013 battered investor confidence, while weak valuations have led to a spate of delistings.

“IPO is not a destination, it’s only a process. Our secondary fundraising typically is three to four times of the IPO market,” said Loh.

Bond listings are also a key part of SGX’s offerings, said Loh, a veteran banker who joined SGX four years ago.

SGX’s revenue from the trading of equities, commodities and foreign exchange derivatives jumped 30 percent in the March-June period, making up 50 percent of the total. Revenue from its equities and fixed income segment fell 16 percent and accounted for 39 percent.

Growing demand from international investors to hedge exposure to iron ore, coal, Indian stocks and other asset classes pushed SGX’s revenue to a record-high last year.

“We will be looking to launch single stock futures. We have that on India and will look to launch more, not just on our Singapore market but we can launch it on other equity markets,” said Loh. (SD-Agencies)