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Top 30 Most Valuable Southeast Asian Brands worth a combined $119.6 billion, according to new Kantar BrandZ ranking

Top 30 Most Valuable Southeast Asian Brands worth a combined $119.6 billion, according to new Kantar BrandZ ranking
  • Bank Central Asia (BCA) is Southeast Asia's most valuable brand
  • Financial Services and Telecom Providers dominate inaugural Kantar BrandZ ranking
  • Region's brands are among the world's most trusted and relevant to consumers' lives

SINGAPORE, July 12, 2023 /PRNewswire/ -- Indonesia's Bank Central Asia (BCA) is the most valuable brand in Southeast Asia, worth $23.5bn, according to the inaugural Kantar BrandZ Top 30 Most Valuable Southeast Asian Brands report. The Top 30 – covering Vietnam, Thailand, Indonesia, Malaysia, the Philippines, and Singapore – have a combined total brand value of $119.6bn. Launched in 1957, BCA has pioneered the digital transformation of financial services with its popular mobile banking service. It has a vast network across the Indonesian archipelago, as well as a growing regional presence. 

Kantar BrandZ Top 10 Most Valuable Southeast Asian Brands 2023


Rank 2023


Valuation Category

Brand Value 2023 (USD mil)

Country of Origin



Financial Services





Financial Services





Financial Services





Financial Services






Telecom Providers





Financial Services





Telecom Providers









Marina Bay Sands

Travel Services





Telecom Providers




Together, Financial Services and Telecom Providers contribute two-thirds of all the brands in the ranking, and 79% of its value. BCA is one of 11 banks in the Top 30, and one of five in the Top 10. Its dominance reflects that it has a single, unified customer-facing brand that consumers find exceptionally salient and relevant. The next most represented category is Telecom Providers, with nine brands accounting for around one-fifth of the Top 30's total value. Next is Retail, with 8% of the total value, and Travel Services with 6%.

Indonesia has eight brands in the Top 30 and contributes the greatest share of brand value at 43%. Singapore is home to 10 brands, the highest number among the six markets, which contribute 35% of the total value. Its most valuable brand is the highly purpose-driven bank DBS (No.2; $11.8bn), which focuses on responsible banking and creating social impact. It helps its customers to 'Live more, bank less' with a stress-free user experience.

Malaysia has seven brands in the Top 30, which between them are responsible for 10% of the total value. At the top is telecom provider Maxis (No.13; $2.6bn), which positions itself as an innovator, and has expanded its 5G coverage as well as extending infrastructure to widen internet access. Thailand has three brands in the Top 30, also accounting for 10% of the value. Its leading brand, AIS (No.5; $6.8bn) is the highest ranking of the group and is Thailand's largest GSM mobile phone network, and positions itself as the premium network with a high quality service and great value for money.

Vietnam and The Philippines are each represented by a single brand. Vietcombank (No.21; $1.8bn) has invested heavily in developing its digital services to improve the customer experience. In addition to its home market, Red Horse Beer (No.28; $1.3bn) is sold in 71 markets outside the Philippines. The brand's communications associate it with daring, bold masculinity wrapped up in the local term 'astig' (cool).

Local focus, global opportunity. In contrast to the strongest brands in most other markets surveyed by Kantar BrandZ, the leading Southeast Asian brands generate almost all their business 'at home,' with only 20% generated in international markets. This highlights an opportunity for them to expand into new territories to build value.

High demand power. Through creating powerful connections with local consumers, Southeast Asian brands have the highest Demand Power, compared with other markets with a Kantar BrandZ ranking. Demand Power is a Kantar BrandZ measure of a brand's ability to drive consumers' predisposition to buy, and Southeast brands with the highest Demand Power have twice the average value, compared with lower performers on this measure.

Driven by value. Brands in Southeast Asia excel at justifying the prices they charge, by demonstrating why they are 'worth it'. Despite budget constraints, consumers are willing to pay more for brands that meet their needs and stand out from the competition. Singapore Airlines' (No.11; $2.9bn) commitment to excellence, attention to detail, and exceptional customer service supports its ability to charge a premium.  

Katie McClintock, Managing Director, Southeast Asia, Kantar, says, "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."

Adji Saputro, Head of Brand Guidance Solutions, APAC, Kantar, comments, "Brands matter – especially in turbulent times. Southeast Asia's most valuable brands are thriving by positioning themselves as meaningfully different brands to consumers, and this will be the key to growth as budgets become tighter. Rethinking how to gain consumer trust amidst the evolution of consumer values, while also delivering true uniqueness in their brand offer is the delicate balance that brands must strive to achieve. Brands must also keep on communicating; resisting the urge to cut spend, and telling culturally relevant stories that demonstrate their role in being a part consumers' lives."

Other trends from the Kantar BrandZ Top 30 Most Valuable Southeast Asian brands analysis include:

  • Southeast Asia's brands are the second most trusted in the world. The most deeply trusted brands grow with pace and consistency, especially in uncertain times. Indomie (No.15; $2.4bn) leads the field in the Top 30, generating trust through offering familiar tastes that have been loved for generations.
  • Relevance builds demand. The brands that consumers perceive as 'fitting well into everyday life' have almost double the Demand Power of their least relevant peers. Malaysia's Grab platform (No.19; $2.0bn) is seen as most relevant. The brand offers a comprehensive range of services that make it the go-to choice for daily needs – including GrabCar, GrabFood, and the GrabExpress courier service.
  • Sustainability is a value driver. Consumers expect businesses to play a leading role in tackling environmental and social issues and helping them to make sustainable choices. Few brands in Southeast Asia are perceived as having outstanding sustainability credentials, meaning there is a strong first-mover advantage to be won.

The inaugural Kantar BrandZ Top 30 Most Valuable Southeast Asian Brands ranking, report and extensive analysis are available now at


About Kantar BrandZ: Kantar BrandZ is the global currency when assessing brand value, quantifying the contribution of brands to business' financial performance. Kantar's annual global and local brand valuation rankings combine rigorously analysed financial data, with extensive brand equity research. Since 1998, BrandZ has shared brand-building insights with business leaders based on interviews with 4.2 million consumers, for 21,000 brands in 54 markets. Discover more about Kantar BrandZ here.   

The Kantar BrandZ Top 30 Most Valuable Southeast Asian Brands is the most definitive and robust ranking of the region's brands available. The 2023 ranking draws on opinions of over 98,048 respondents, about 1,744 unique brands across 78 categories and 6 markets. The brands ranked must meet at least one of these eligibility criteria:

  • The brand must have originated in Indonesia, Singapore, Philippines, Thailand, Vietnam, or Malaysia
  • The brand must be owned by a listed company, and the company must publish its financial statements in the public domain
  • Unicorn companies must have their latest valuation available in the public domain
  • For banks, a minimum of 30 percent of its operating income must be generated by its retail segment
  • The scope of the ranking is limited to consumer facing brands.

About Kantar – Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future. Find out more:


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