Brand Finance’s latest data shows ASEAN’s brand value rose 8% as banking remains the region's biggest source of growth
KUALA LUMPUR, 30 October 2026 – ASEAN's top 500 brands reached a combined brand value of USD315.6 billion in 2026, up 8% year on year, according to the latest ASEAN 500 2026 report from Brand Finance, the world's leading brand valuation consultancy. While banking remains the region's dominant engine of brand value creation, strong gains in airlines and integrated resorts point to a broader range of sectors contributing to ASEAN's brand economy.
Brand Finance’s analysis of 378 brands ranked consistently since 2023 reveals a 22% increase in combined brand value, from USD209.6 billion to USD254.8 billion (2026). Tracking the same brands over time provides a clearer picture of underlying growth, without the influence of changes in the ranking's composition. Banking remains the region’s largest source of brand value, with 73 banks tracked consistently since 2023 adding USD26 billion, representing almost 60% of the total increase among the 378 brands analysed.
Singapore's DBS (brand value up 8% to USD18.6 billion) retains its position as ASEAN's most valuable brand this year, supported by record financial performance and growth in wealth management and markets trading income.
Malaysia's PETRONAS (brand value down 4% to USD13.8 billion) remains ASEAN's second most valuable brand, followed by Thailand's PTT (brand value down 5% to USD8.7 billion). Their positions underline the continuing importance of energy brands to the region's brand economy, even as softer market conditions weigh on their latest valuations.
Growth beyond banking brands is becoming increasingly visible in travel and leisure. Brands from the airlines sector tracked consistently since 2023 have increased their combined brand value by 67%, adding USD4.5 billion. In 2026, Vietjet (brand value up 117% to USD906 million) is the region's fastest-growing airline brand.
Singapore's Marina Bay Sands (brand value up 35% to USD8 billion) records the largest absolute brand value increase among ASEAN brands ranked, adding USD2.1 billion. Its performance highlights the growing contribution of integrated resorts and tourism-related businesses to the region's brand value growth, alongside the expansion of airline brands.
The results also highlight the distinction between brand value and brand strength. Vietnam's Bao Viet is ASEAN's strongest brand, with a Brand Strength Index (BSI) score of 96/100 and a AAA+ brand strength rating. Indonesia's BCA follows at 95.9/100, while Thailand's Big C ranks third (95.8/100). These results reflect the strength of brands that have established familiarity, trust and relevance in their domestic markets.
Alex Haigh, Managing Director, Brand Finance Asia Pacific, commented:
“Nearly 60% of the growth in ASEAN’s brand value since 2023 has come from banking, which shows both the sector’s strength and how concentrated the region’s brand economy still is. Airlines and integrated resorts are now adding meaningful value of their own, giving the region a broader base for future growth. ASEAN’s strongest brands, such as Bao Viet, BCA and Big C, have earned their position through deep trust at home. The next test is whether that kind of strength can travel across borders.”
Singapore's TeleChoice International is the region's fastest-growing brand in 2026, with its brand value up 288% to USD53 million. The increase makes TeleChoice a standout performer in this year's ranking. Its underlying business performance and exposure to consumer technology, enterprise digitalisation and telecommunications infrastructure provide important context for understanding its growth.
Meanwhile, PETRONAS leads ASEAN brands with a Sustainability Perceptions Value (SPV) of USD1.3 billion. The result reflects the significant brand value tied to a perception being sustainable. As one of the region’s largest energy companies, PETRONAS has linked its sustainability approach of creating sustainable value and practising responsible governance to fulfil its Energy Transition Strategy through delivering net zero carbon emissions, thriving with nature and fostering a just transition. This approach extends across lower-carbon solutions and social impact activities, helping to shape perceptions of PETRONAS beyond its traditional role in oil and gas.
OCBC Bank records the highest positive sustainability perceptions gap among ASEAN brands at USD17million. This indicates that the brand’s underlying sustainability performance is stronger than how the performance is currently perceived by stakeholders, highlighting an opportunity to communicate its sustainability efforts more effectively to translate existing progress into stronger brand perceptions.
The collective findings this year point to an ASEAN brand economy that continues to expand while remaining heavily anchored in banking. The gains made by airlines and integrated resorts show that opportunities for brand value creation extend beyond financial services. Sustaining this growth will depend on how effectively brands translate business performance into customer preference, stronger brand perceptions and long-term value.
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, 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.
