New Brand Finance data reveals SGX Group’s brand value rose 23% in 2025, placing it among the top 10 exchange brands globally
SINGAPORE, 26 August 2025 – SGX Group (Singapore Exchange) maintained its seventh position in the Exchanges 10 2025 ranking by Brand Finance, the world’s leading brand valuation consultancy.
The sole Southeast Asian exchange brand in the global top 10, SGX’s brand value rose 23% year-on-year to USD591 million, powered by record earnings, strong derivatives growth, and a reinvigorated IPO stock market. SGX also maintained its status as the third strongest exchange brand globally, with a Brand Strength Index (BSI) score of 87.7/100 and a AAA brand strength rating.
FY2024 was a solid year for SGX, with adjusted net profit rising 5% to SGD526 million (approximately USD389 million), revenue up 3% to SGD1.23 billion (approximately USD912 million), adjusted EBITDA increasing 3% to SGD712 million (approximately USD528 million) and earnings per share growing to 49.2 cents from 47.1 cents a year earlier. This momentum continued into FY2025 with SGX reporting its highest revenue and net profit since listing, at SGD1.3 billion and SGD610 million respectively.
SGX’s diversified multi-asset strategy remained the heartbeat of its growth story with record volumes across multiple products. SGX FX became the top three exchange-backed OTC FX venue globally by volume, and SGX Commodities, led by benchmark iron ore contracts, continued to thrive.
Its cash equities business also saw renewed momentum. Market activity has picked up, with its growth in securities daily average value outpacing its Southeast Asian peers in FY2025. IPO activities are rebounding, with more than 30 companies in the pipeline, the most in years, supported by policy measures from Singapore’s Equities Market Review Group across demand, supply and regulation.
The Singapore stock market also saw renewed momentum, with securities daily average value outpacing its Southeast Asian peers in FY2025.
Alex Haigh, Managing Director, Brand Finance Asia Pacific, commented:
“SGX Group's leadership in derivatives, strong appeal among international investors, and growing securities and ESG product portfolio demonstrate its adaptability in a competitive global landscape. As the most valuable exchange brand in Southeast Asia and the only regional representative in the global top 10, SGX continues to punch above its weight on the world stage.”
Together, the depth and breadth of SGX’s business across equities, currencies and commodities underscore its resilient and well-balanced revenue streams and reinforce its position as a leading international multi-asset exchange in Asia.
Global Insights
Nasdaq has become the world’s most valuable exchanges brand for the first time. Its brand value has grown 33% to USD3.1 billion, meaning it has overtaken CME to hold the top spot.
HKEX has become the world’s strongest exchanges brand with a Brand Strength Index (BSI) score of 89.1/100 with a AAA brand rating.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
