Brand Finance logo

Banking giants from ASEAN shine amongst the world’s most valuable brands

22 January 2025
Jump to Media Downloads

Brand Finance’s Global 500 2025 report reveals six of the region’s top ten brands are from the banking sector

  • Singapore’s DBS records an impressive 56% brand value growth, followed by OCBC Bank and UOB
  • Malaysia’s PETRONAS and Thailand’s PTT are the only two regional oil & gas brands in the global ranking
  • Indonesia’s Bank Mandiri joins the global ranking for the first time
  • Apple is once again the world’s most valuable brand, with Microsoft and Google claiming 2nd and 3rd

KUALA LUMPUR, 22 January 2025 – Brands from ASEAN continue to make their mark on the global stage with ten regional brands being featured in the latest Brand Finance Global 500 2025 report.

According to the new report from Brand Finance, the world's leading brand valuation consultancy, the region’s banking giants lead the charge, while oil & gas and telecoms brands show mixed results in terms of brand value growth this year.

Singapore continues to assert its dominance in the global rankings, with four of ASEAN’s top ten brands hailing from the island nation, while the remaining six are represented by brands from Malaysia, Indonesia, Thailand and Vietnam.

DBS (brand value up 56% to USD 17.2 billion) leads as the most valuable brand originating from the region for the first time, driven by higher net interest income, increased card fees, and strong performance in wealth management and loan-related income.

Joining DBS as among Singapore’s top brands in the global rankings are OCBC Bank (brand value up 28% to USD 6.4 billion), UOB (brand value up 9% to USD 6.1 billion), and Marina Bay Sands (brand value down 4% to USD 5.9 billion).

Most notably, Marina Bay Sands remains the fourth strongest brand ranked globally with a Brand Strength Index (BSI) score of 94 out of 100 while retaining its AAA+ brand strength rating. A cornerstone of Singapore’s tourism sector, the brand continues to draw millions of visitors, underscoring its legacy of innovation, customer trust, and global prominence.

Malaysia’s state-owned PETRONAS (brand value down 1% to USD14.4 billion) and  Thailand’s PTT (brand value up 11% to USD9.2 billion) form the dynamic ASEAN duo representing the oil & gas sector in the global rankings. Both brands underscore the resilience of the energy sector despite global challenges.

Meanwhile, Malaysia’s Maybank (brand value up 52% to USD5.2 billion) has re-entered the global ranking this year after its initial debut in 2019, largely driven by its customer-centric and digital innovation strategies.

Indonesia’s Bank Mandiri (brand value up 52% to USD5.6 billion) stands out as the sole new entrant in the global ranking from this region. The brand’s growth is driven by improved performance across several areas, including investment and Islamic banking, alongside stronger financial results and growth projections.

The second Indonesian brand, BRI (brand value up 36% to USD7.3 billion), is featured in the global rankings for the second consecutive year. The brand climbed 123 ranks, to secure the 323rd spot among the top 500 global brands.

Viettel, the only brand from Vietnam in the rankings, experienced a decline in brand value by 29% to USD6.4 billion and a slight increase in its BSI score of 89.7 out of 100. The decline is primarily attributed to a reduced revenue forecast growth compared to the previous year, driven by a weaker GDP forecast for Vietnam.

Alex Haigh, Managing Director Asia Pacific, Brand Finance commented: 

“The competitive landscape within ASEAN is evolving rapidly, with banking brands like DBS leading the charge through exceptional growth driven by strong financial results and customer-centric innovation. Meanwhile, established players like PETRONAS and PTT are addressing the complexities of the energy sector, adapting to shifts in global markets while continuing to play a pivotal role in the region’s economic development. At the same time, Maybank’s re-entry into the Global 500 rankings reflects the success of their M25+ strategy, which has significantly enhanced the brand’s appeal. This dynamic combination of rising stars and steadfast industry leaders highlights the breadth and depth of ASEAN’s brand power on the global stage.”

Global Insights: Apple, Microsoft, and e& Lead the Charge

The strong performance of ASEAN brands aligns with global trends highlighted in the Brand Finance Global 500 2025 ranking. Apple is once again the world’s most valuable brand, with its brand value rising 11% to USD574.5 billion. This growth keeps Apple ahead of its closest rival, Microsoft, whose brand value grew 35% to USD461 billion. Except for 2023, when Apple briefly trailed Amazon by a margin of just 1%, it has held the top spot as the world’s most valuable brand since 2021. Google, the world’s third most valuable brand, saw its brand value increase by 24% to USD413 billion. Ongoing investments in AI have enhanced Google’sreputation for innovation whilestrengthening its consumer appeal and trust.

Meanwhile, e& recorded a staggering 701% growth in brand value, reaching USD15.3 billion, driven by a unified brand identity and global expansion. WeChat retained its title as the world’s strongest brand, achieving an unrivalled brand strength index score of 95.2 out of 100. These results underscore the enduring power of strong branding in driving growth and resilience, both in ASEAN and globally.

Media Downloads

These images may be downloaded and used for publication. Please attribute to Brand Finance.
Copyright © 2025 Brand Finance. All rights reserved.

Media Contacts

Gayathri Saravana Kumar
Marketing Director - Asia Pacific
Brand Finance

About Brand Finance

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.

Definition of Brand

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

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 Valuation Approach

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.

Disclaimer

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.

Get in Touch

Message