DBS, with a brand value of US$11.7 billion, sat at number two overall as Indonesia's Bank Central Asia (BCA) topped the list with a US$23.5 billion valuation. Indonesia's BNI (US$8.6 billion) and Singapore's UOB (US$7.2 billion) completed the top four.
The top 30, which covers leading companies from Singapore, Indonesia, Malaysia, Thailand, Vietnam and the Philippines, have a combined total brand value of US$119.6 billion, according to the report.
Kantar BrandZ Top 10 Most Valuable Southeast Asian Brands 2023
Brand Value 2023 (USD mil)
Country of Origin
Marina Bay Sands
Singapore accounts for the greatest number of brands in the Top 30, which span financial services, telecommunications, travel, and alcoholic drinks. However, Indonesian companies contribute the most brand value, with eight brands – ranging from noodles to finance – accounting for 43 per cent of the value in the top 30, compared to Singapore's 35 per cent.
Thailand and Malaysia account for 10 per cent each, with the Philippines and Vietnam, each represented by a single brand, a much smaller proportion of the total.
Financial services and telecom providers contribute two-thirds of all the brands in the ranking, and 79 per cent of its value. Next is retail, with eight per cent of the total value, and travel services with six per cent.
Kantar surveyed people in over six markets
The inaugural Top 30 Most Valuable Southeast Asian Brands ranking, Kantar BrandZ said, draws on opinions of over 98,048 respondents, about 1,744 unique brands across 78 categories and six markets.
In contrast to the strongest brands in most other markets surveyed, Kantar found out that the leading Southeast Asian brands generate almost all their business "at home", with only 20 per cent generated in international markets. This, Kantar said, highlights an opportunity for them to expand into new territories to build value.
"Our region's leading brands have good reason to celebrate. They contribute significant value to the companies behind them, by connecting with consumers and adapting to their changing needs. In such a fast-changing, diverse, and rapidly growing region, brands need to be agile – and the Top 30 are masters of remaining relevant. There is huge potential for significant further growth if they can extend their local strengths into other Asian and even global markets," Katie McClintock, managing director, Southeast Asia, Kantar, said in a statement.