The inaugural Fortune Southeast Asia 500 list highlights the region’s largest and most influential companies, reflecting Southeast Asia’s dynamic and rapidly evolving economic landscape.
Southeast Asia is a thriving economic powerhouse with a combined GDP of US$4 trillion. The region is experiencing robust growth, significantly outpacing the economies of Europe and the United States.
This rapid expansion is fueled by a young, vibrant population of 680 million people, stable exchange rates, and low inflation, making it an increasingly attractive market for investors and businesses worldwide.
After the COVID-19 pandemic, Southeast Asia has become a pivotal region for global supply chains. Many multinational companies from the Fortune Global 500 have shifted their supply chains to Southeast Asian nations to leverage the region’s growth potential and strategic advantages. This shift has led to a surge in foreign direct investment, further bolstering the region’s economic landscape.
Despite the challenges of 2023, which saw a 2.5 percent decline in total revenue and a 9.6 percent drop in earnings for the companies on the list, the core economies of Indonesia, Thailand, Malaysia, Singapore, Vietnam, and the Philippines demonstrated resilience. These countries collectively grew their GDP by 4.2 percent, a testament to their robust economic frameworks and adaptability.
A defining feature of the Southeast Asia 500 list is the dominance of a few giant firms with extensive global operations. These companies, including Singapore’s top banks and fintech firms, are integral to the region’s economic fabric. Their international exposure, innovative approaches, and solid financial performances position them as leaders in the Southeast Asian market.
Here’s a closer look at the top Singapore banks and fintech companies that have made it to the prestigious Fortune Southeast Asia 500 list.
Rank: 10
Revenue: $25,607.6 million
Revenue Growth: 64.2%
Profits: $7,494.9 million
Profit Growth: 26%
Assets: $560,586 million
Employees: 40,770
DBS Group Holdings, Singapore’s largest bank, has consistently prioritised digital transformation in the banking sector.
The bank’s leadership has focused on investments in technologies such as artificial intelligence, blockchain, and cloud computing to improve the customer experience and streamline internal processes.
This focus on innovation has led to the launch of digital banking solutions like the DBS digibank mobile app and the DBS Marketplace platform, which aim to enhance users’ convenience, accessibility, and personalisation.
Rank: 11
Revenue: $19,733.4 million
Revenue Growth: 68.9%
Profits: $4,253.5 million
Profit Growth: 28.2%
Assets: $396,967 million
Employees: 32,340
United Overseas Bank (UOB) supports business growth across Southeast Asia by leveraging its regional market knowledge and extensive network to provide tailored financial solutions.
The bank’s Foreign Direct Investment (FDI) Advisory Unit assists companies with cross-border investments, offering market insights and regulatory guidance.
UOB also promotes financial literacy and inclusion through its UOB Heartbeat programme, which focuses on financial education, skills training, and entrepreneurship support to aid economic and social development in the region.
Rank: 12
Revenue: $18,418.1 million
Revenue Growth: 67.1%
Profits: $5,229.2 million
Profit Growth: 30.4%
Assets: $440,874 million
Employees: 33,330
OCBC offers a wide range of banking, wealth management, and insurance solutions to meet the needs of various customers, including individuals, small businesses, and large corporations.
The bank’s diversified business model, including its insurance arm, Great Eastern Holdings, has helped it manage regional market complexities.
OCBC has also invested in digital transformation, with initiatives like the OCBC Mobile Banking app and the OCBC OneWealth platform to improve customer experience and operational efficiency.
Rank: 127
Revenue: $13,063.6 million
Revenue Growth: 4.9%
Profits: $162.7 million
Profit Growth: 109.8%
Assets: $18,883 million
Employees: 62,700
Sea Limited, based in Singapore, operates in digital entertainment, e-commerce, and financial services. The company has seen significant profit growth despite modest revenue increases.
Sea’s key platforms include Shopee, a major e-commerce site in Southeast Asia, and Garena, a digital entertainment platform. Shopee offers a wide range of products and is known for its user-friendly interface and focus on customer satisfaction. This also includes ShopeePay, which serves as a digital wallet provided by Shopee,
Rank: 152
Revenue: $2,359 million
Revenue Growth: 64.6%
Profits: -$434 million
Profit Decline: 74.2%
Assets: $8,792 million
Employees: 10,604
Grab Holdings, a leading super app in Southeast Asia, integrates transportation, food delivery, and digital payment services. Its ride-hailing service offers a safe and affordable alternative to traditional transport while advanced algorithms optimise routes and reduce wait times.
GrabFood partners with local restaurants to provide convenient food delivery, and GrabPay offers financial solutions such as mobile payments, insurance, and lending. These services promote financial inclusion and support economic growth in the region.
Driving digital transformation and economic growth in Southeast Asia
The prominence of Singapore’s banks and fintech companies on the Fortune Southeast Asia 500 list underscores the city-state’s status as a global financial hub and its capacity to nurture a dynamic and innovative ecosystem. These financial institutions have shown resilience amid global challenges and have been key players in driving digital transformation, financial inclusion, and sustainable growth in the region.
DBS Group Holdings, United Overseas Bank, and OCBC have made significant strides in digital banking, regional growth, and customer-focused services. Their efforts contribute to a more inclusive and prosperous future for Southeast Asia.
The rapid growth of fintech companies like Sea and Grab highlights the potential of the region’s digital economy and the impact of innovative startups in reshaping traditional industries and creating new growth opportunities.
As these financial entities continue to adapt, innovate, and collaborate, they are expected to play a crucial role in shaping the future of finance and driving economic development in Southeast Asia. With their strong foundations, market insights, and commitment to excellence, Singapore’s banks and fintech companies are positioned to lead the region’s evolving financial landscape.
Featured image credit: Edited from Freepik
