Confronted by shifting factors such as tech advancements, generative AI, high interest rates, increased institutional oversight, and evolving customer expectations — the best banks must adapt their business and operating models in 2024, including in Asia.
Following last year’s major bank collapses — like First Republic Bank and Silicon Valley Bank in the US, and Credit Suisse in Switzerland — consumer confidence in banks has waned.
To pinpoint the global banks that have maintained consumer trust and fulfilled their clients’ financial needs in this economic environment, Forbes ranked the World’s Best Banks 2024, including 12 major markets across Asia.
For its fifth annual ranking, Forbes collaborated with market research firm Statista, which surveyed over 49,000 people in 33 countries in 17 different languages. To determine the best banks of 2024 from Asia and elsewhere, participants assessed banks where they currently have or had a checking or savings account within the past three years, or were familiar with through family or friends.
Respondents communicated their overall satisfaction with each bank and their likelihood of recommending it, then evaluated each on five criteria: trustworthiness, terms and conditions (such as fees and rates), customer service (response times and staff helpfulness), digital services (ease of using the website and app), and the quality of financial advice.
Based on these defining criteria, here are the best banks in Asia 2024, ranked per country according to Forbes.
CHINA
#1 China Merchants Bank
China Merchants Bank Co., Ltd. was established on March 31, 1987 and based in Shenzhen, China, specialising in delivering corporate and personal banking services. It concentrates on individual and corporate clients, credit card services, and small and medium enterprises.
The bank functions through the following business segments: Wholesale Finance, Retail Finance, and Other Businesses.
#2 Bank of China
Bank of China Ltd, established on February 5, 1912, is headquartered in Beijing, China, and provides banking and financial services across several segments: Corporate Banking, Personal Banking, Treasury Operations, Investment Banking, Insurance, and Others.
The Corporate Banking segment serves corporate clients, governments, and financial institutions with a range of services including accounts, loans, and foreign currency products. Personal Banking offers accounts, savings, cards, and loans to retail customers.
#3 ICBC
Founded on January 1, 1984, Industrial & Commercial Bank of China Ltd. is based in Beijing, China and provides commercial banking and financial services through several segments: Corporate Banking, Personal Banking, Treasury Operations, and Others.
Corporate Banking offers corporate loans, trade financing, deposit services, wealth management, custody activities, and intermediary services to corporations, government agencies, and financial institutions. Personal Banking provides loans, deposit services, card services, personal wealth management, and intermediary services to individuals.
#4 HSBC
Established on January 1, 1959, HSBC Holdings Plc is headquartered in London, United Kingdom. Retail Banking and Wealth Management covers retail banking, wealth management, asset management, and insurance. Commercial Banking offers a range of banking products and services.
Global Banking and Markets provides transaction banking, financing, advisory, capital markets, and risk management services. Global Private Banking caters to high net worth individuals and families with similar services. The Corporate Centre includes central treasury, balance sheet management, legacy businesses, interests in associates and joint ventures, central costs, and the UK bank levy.
#5 China Construction Bank
China Construction Bank Corp. provides a broad range of financial services to both corporate and personal customers, operating through four main segments: Corporate Banking, Personal Banking, Treasury, and Others. Personal Banking caters to individuals with personal loans, deposit services, wealth management, card services, remittance, and agency services.
Corporate Banking offers financial products and services to corporations, government agencies, and financial institutions, including corporate loans, trade financing, deposit services, wealth management, financial consulting, cash management, remittance, settlement, custody, and guarantee services.
#6 Postal Savings Bank of China
Founded on March 6, 2007, Postal Savings Bank of China Co., Ltd. provides banking and related financial services through several segments: Personal Banking, Corporate Banking, Treasury, and Others. Personal Banking offers services to individual customers, including savings deposits, personal loans, credit and debit cards, payment and settlement services, wealth management products, and insurance agency services.
Corporate Banking caters to corporate customers, government authorities, and financial institutions with services like current accounts, deposits, overdrafts, loans, trade-related products, foreign currencies, and wealth management products.
#7 China Minsheng Bank
Founded on January 12, 1996, the Beijing-headquartered China Minsheng Banking Corp., Ltd. provides a range of financial services including corporate and personal banking, treasury operations, finance leasing, assets management, and other financial services.
The company is structured into three main segments: Corporate Banking, Retail Banking, and Others. The Corporate Banking segment delivers services such as deposits, loans, trusts, trade-related products, other credit services, and foreign currency services. The Retail Banking segment caters to individual clients and small and microenterprises, offering loans, credit and debit card services, wealth management, private banking, and various retail intermediary businesses.
#8 Standard Chartered
Founded on November 18, 1969, Standard Chartered Plc is based in London, United Kingdom, and provides banking and financial services across various segments: Corporate and Institutional Banking, Retail Banking, Commercial Banking, Private Banking, and Central and Other Items.
The Corporate and Institutional Banking segment offers services including transaction banking, corporate finance, financial markets, and borrowing support. Retail Banking delivers digital banking services like deposits, payments, financing products, wealth management, and business banking support.
#9 SPD Bank
Shanghai Pudong Development Bank, commonly known as SPD Bank, was founded on August 28, 1992, and commenced operations on January 9, 1993. It is a city-owned joint-stock commercial bank, owned by the Shanghai Municipal Government. SPD Bank offers over 150 financial services and products, including personal banking, loans, investments, and wealth management.
The bank provides specialised services for small and micro-enterprises, private banking clients, and also offers offshore banking, online payment solutions, and capital market services. While headquartered in Shanghai, SPD Bank has expanded its operations to include locations in China, Hong Kong, Singapore, and the UK.
#10 Bank of Communications
Founded in 1908, Bank of Communications Co., Ltd. is headquartered in Shanghai, and offers banking and financial services, operating through regional and international segments. These include Northern China (covering Beijing, Tianjin, Hebei, Shanxi, and Inner Mongolia), North Eastern China (Liaoning, Jilin, Heilongjian), and Eastern China (Shanghai, Jiangsu, Zhejiang, Anhui, Fujian, Jiangxi, Shandong).
Other regions include Central and Southern China (Henan, Hunan, Hubei, Guangdong, Guangxi, Hainan), and Western China (Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shanxi, Gansu, Qinghai, Ningxia, Xinjiang). The Overseas segment spans branches in major global cities including Hong Kong, New York, Singapore, Seoul, Tokyo, and others.
#11 Agricultural Bank of China
Founded on July 10, 1951, Agricultural Bank of China provides international commercial banking and financial services, divided into Corporate Banking, Personal Banking, Treasury Operations, and Others & Unallocated segments. Corporate Banking offers services to corporations, government agencies, and financial institutions.
Personal Banking caters to individual customers. Treasury Operations handle money market transactions, debt instrument investments, and derivative positions. The Others & Unallocated segment mainly involves equity investments.
#12 UBS (China) Limited
UBS (China) Limited is a wholly-owned subsidiary of UBS AG, was originally established as UBS AG Beijing Branch in 2004 and converted into a locally incorporated entity in 2012 following approval by the former China Banking Regulatory Commission.
Headquartered in Beijing, UBS (China) Limited offers wealth management and interbank business services, including foreign exchange, rates and credit, and services for corporate and institutional clients. The entity established a sub-branch in Beijing in 2014 and a branch in Shanghai in 2016.
#13 JPMorgan Chase Bank (China)
JPMorgan Chase Bank (China) is a branch of JPMorgan Chase & Co., and has been operating in China since 1921. PMorgan Chase Bank (China) serves Chinese and international corporations, financial institutions, and government agencies through its network in major cities like Beijing, Shanghai, Tianjin, Guangzhou, Chengdu, Harbin, Suzhou, and Shenzhen.
In 2020, JPMorgan Chase became the first foreign bank to obtain full ownership of its securities company in China, reflecting its long-term commitment to the Chinese market.
#14 China Everbright Bank
Founded on August 18, 1992, the company is headquartered in Beijing, China Everbright Bank Co. Ltd. offers banking and financial services across several segments: Corporate Banking, Retail Banking, Financial Market Business, and Others. Corporate Banking provides corporate loans, trade financing, deposit services, agency services, wealth management, consulting, remittance, custody, and guarantee services.
Retail Banking serves individual customers with personal loans, deposits, bank cards, wealth management, remittance, and securities agency services. The Financial Market Business segment handles inter-bank money market transactions, repurchase transactions, and investments. The Others segment deals with equity investments and related income.
#15 Ping An Bank
Ping An Bank Ltd. provides commercial and retail banking services through three segments: Retail, Corporate, and Financial Institutions Business. The Retail Business segment offers financial products and services to individual customers.
The Corporate Business segment caters to corporate clients and government agencies. The Financial Institutions Business segment handles the bank’s interbank and money market operations. Founded on December 22, 1987, Ping An Bank is headquartered in Shenzhen, China.
#16 DBS Bank (China)
DBS Bank (China) was among the first group of foreign banks and the first Singaporean bank to incorporate in China in May 2007. DBS Bank (China) offers a comprehensive range of services, including personal banking, wealth management, SME banking, and corporate banking.
Headquartered out of the Marina Bay Financial Centre in Singapore, the bank operates out of 12 branches and 21 sub-branches across China. It has significantly grown its staff strength to over 1,900 employees, according to the Forbes World’s Best Banks 2024 list, with an emphasis on Asia.
#17 Bank of Suzhou
Established on January 19, 2004, Bank of Suzhou Co., Ltd. offers banking services across three segments: Corporate Banking, Personal Banking, and Capital Banking. Corporate Banking provides corporate loans including fixed asset and working capital loans, bills discounting, deposits for public customers, and intermediary services like guarantees and entrusted loans.
Personal Banking offers personal loans such as housing and consumption loans, debit and credit cards, personal deposits, internet finance products, and financial management services. Capital Banking handles interbank services like borrowings and deposits, interbank certificate issuance, financial management, and non-financial asset investment.
#18 Bank of Jiangsu
Founded on January 22, 2007, in Nanjing, China, Bank of Jiangsu Co., Ltd. offers commercial banking services across several segments: Corporate Finance, Personal Finance, Funds, and Others. The Corporate Finance segment provides services such as corporate loans, trade finance, finance leasing, deposits, agency and wealth management services, financial consulting, remittance, settlement, and security services to corporate clients, government agencies, and financial institutions.
The Personal Finance segment caters to individual clients with personal loans, deposits, personal finance, money transfers, stock brokerage, and bank card services. The Funds segment deals with inter-bank market transactions and investments, including inter-bank borrowing, repurchase transactions, debt instruments trading, derivatives investment, and foreign exchange trading. The Others segment includes operations not specific to any segment.
HONG KONG
#1 China Construction Bank
Founded in October 1954 and headquartered in Beijing, China Construction Bank Corp. provides a broad range of financial services to both corporate and personal customers, operating through four main segments: Corporate Banking, Personal Banking, Treasury, and Others. Personal Banking caters to individuals with personal loans, deposit services, wealth management, card services, remittance, and agency services.
Corporate Banking offers financial products and services to corporations, government agencies, and financial institutions, including corporate loans, trade financing, deposit services, wealth management, financial consulting, cash management, remittance, settlement, custody, and guarantee services.
#2 China Minsheng Bank
Founded on January 12, 1996, the Beijing-headquartered China Minsheng Banking Corp., Ltd. provides a range of financial services including corporate and personal banking, treasury operations, finance leasing, assets management, and other financial services.
The company is structured into three main segments: Corporate Banking, Retail Banking, and Others. The Corporate Banking segment delivers services such as deposits, loans, trusts, trade-related products, other credit services, and foreign currency services. The Retail Banking segment caters to individual clients and small and microenterprises, offering loans, credit and debit card services, wealth management, private banking, and various retail intermediary businesses.
#3 ICBC
Founded on January 1, 1984, Industrial & Commercial Bank of China Ltd. is based in Beijing, China and provides commercial banking and financial services through several segments: Corporate Banking, Personal Banking, Treasury Operations, and Others.
Corporate Banking offers corporate loans, trade financing, deposit services, wealth management, custody activities, and intermediary services to corporations, government agencies, and financial institutions. Personal Banking provides loans, deposit services, card services, personal wealth management, and intermediary services to individuals.
#4 SPD Bank
Shanghai Pudong Development Bank, commonly known as SPD Bank, was founded on August 28, 1992, and commenced operations on January 9, 1993. It is a city-owned joint-stock commercial bank, owned by the Shanghai Municipal Government. SPD Bank offers over 150 financial services and products, including personal banking, loans, investments, and wealth management.
The bank provides specialised services for small and micro-enterprises, private banking clients, and also offers offshore banking, online payment solutions, and capital market services. While headquartered in Shanghai, SPD Bank has expanded its operations to include locations in China, Hong Kong, Singapore, and the UK.
#5 China Everbright Bank
Founded on August 18, 1992, the company is headquartered in Beijing, China Everbright Bank Co. Ltd. offers banking and financial services across several segments: Corporate Banking, Retail Banking, Financial Market Business, and Others. Corporate Banking provides corporate loans, trade financing, deposit services, agency services, wealth management, consulting, remittance, custody, and guarantee services.
Retail Banking serves individual customers with personal loans, deposits, bank cards, wealth management, remittance, and securities agency services. The Financial Market Business segment handles inter-bank money market transactions, repurchase transactions, and investments. The Others segment deals with equity investments and related income.
#6 Bank of Communications
Founded in 1908, Bank of Communications Co., Ltd. is headquartered in Shanghai, and offers banking and financial services, operating through regional and international segments. These include Northern China (covering Beijing, Tianjin, Hebei, Shanxi, and Inner Mongolia), North Eastern China (Liaoning, Jilin, Heilongjian), and Eastern China (Shanghai, Jiangsu, Zhejiang, Anhui, Fujian, Jiangxi, Shandong).
Other regions include Central and Southern China (Henan, Hunan, Hubei, Guangdong, Guangxi, Hainan), and Western China (Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shanxi, Gansu, Qinghai, Ningxia, Xinjiang). The Overseas segment spans branches in major global cities including Hong Kong, New York, Singapore, Seoul, Tokyo, and others.
#7 HSBC
Established on January 1, 1959, HSBC Holdings Plc is headquartered in London, United Kingdom. Retail Banking and Wealth Management covers retail banking, wealth management, asset management, and insurance. Commercial Banking offers a range of banking products and services.
Global Banking and Markets provides transaction banking, financing, advisory, capital markets, and risk management services. Global Private Banking caters to high net worth individuals and families with similar services. The Corporate Centre includes central treasury, balance sheet management, legacy businesses, interests in associates and joint ventures, central costs, and the UK bank levy.
INDIA
#1 ICICI bank
Founded on January 5, 1994, and headquartered in Mumbai, India, ICICI Bank Ltd. provides banking and financial services across several segments: Retail Banking, Wholesale Banking, Treasury, and Other Banking. The Retail Banking segment caters to exposures that meet the regulatory retail portfolio criteria set by the Reserve Bank of India under the Basel III framework.
The Wholesale Banking segment manages advances to trusts, partnership firms, companies, and statutory bodies not included in Retail Banking. The Treasury segment oversees the bank’s entire investment portfolio. The Other Banking segment includes leasing operations and activities not specific to any segment.
#2 HDFC Bank
HDFC Bank Ltd. was founded by Aditya Tapishwar Puri in August 1994 and is headquartered in Mumbai, India, offering banking and financial services through segments such as Treasury, Retail Banking, Wholesale Banking, and Other Banking Operations.
The Treasury segment manages the bank’s investment portfolio, money market activities, and trading in foreign exchange and derivatives. Retail Banking provides loans and services through branches and other delivery channels. Wholesale Banking offers loans and transaction services to large corporates, emerging companies, public sector units, government bodies, and medium-scale enterprises.
#3 Axis Bank
Founded on December 3, 1993, Axis Bank Ltd. is headquartered in Mumbai, India. reasury segment manages investments in sovereign and corporate debt, equity, mutual funds, trading operations, derivatives, and foreign exchange both on a proprietary basis and for customers, alongside central funding.
#4 Kotak Mahindra Bank
Founded by Uday Suresh Kotak on November 21, 1985, Kotak Mahindra Bank Ltd. offers commercial banking services across multiple segments: Treasury, Balance Sheet Management Unit (BMU) and Corporate Centre; Retail Banking; Corporate/Wholesale Banking; Vehicle Financing; Other Lending Activities; Broking; Advisory and Transactional Services; Asset Management; Insurance; and Other Banking Business.
The Treasury, BMU, and Corporate Centre segment deals with the money market, forex, derivatives, government securities, and asset liability management. Retail Banking covers lending, branch banking, and credit cards. Corporate/Wholesale Banking provides services to the corporate sector outside of retail banking. Vehicle Financing focuses on retail vehicle finance and trade finance for auto dealers.
#5 State Bank of India
State Bank of India provides commercial banking services through several segments: Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Business. The Treasury segment manages the bank’s entire investment portfolio, along with trading in foreign exchange and derivative contracts.
The Corporate/Wholesale Banking segment handles lending activities to corporate and institutional clients and includes the operations of the Corporate Accounts Group, Mid Corporate Accounts Group, and Stressed Assets Management Group, as well as the non-treasury operations of foreign offices.
#6 HSBC Holdings
Founded on January 1, 1959 and is headquartered in London, the United Kingdom, the Retail Banking and Wealth Management segment consists of retail banking, wealth management, asset management, and insurance. The Commercial Banking segment offers banking products and services.
The Global Banking and Markets segment includes transaction banking, financing, advisory, capital markets, and risk management services. Global Private Banking offers transaction banking, financing, advisory, capital markets and risk management services to high net worth individuals and families.
#7 Paytm Payments Bank
Founded in 2017, Paytm Payments Bank has been a significant player in India’s digital banking sector but faced regulatory actions from the Reserve Bank of India (RBI) in 2024 due to non-compliance issues.
The RBI restricted Paytm Payments Bank from accepting new deposits and conducting credit transactions after February 29, 2024, after the bank failed to comply with regulatory requirements despite repeated warnings.
Paytm assured users that the Paytm app remains operational and services are unaffected by the RBI’s directive, while announcing plans to collaborate with other banks to ensure the continued operation of its digital payment app.
#8 Standard Chartered
Founded on November 18, 1969, Standard Chartered Plc is based in London, United Kingdom, and provides banking and financial services across various segments: Corporate and Institutional Banking, Retail Banking, Commercial Banking, Private Banking, and Central and Other Items.
The Corporate and Institutional Banking segment offers services including transaction banking, corporate finance, financial markets, and borrowing support. Retail Banking delivers digital banking services like deposits, payments, financing products, wealth management, and business banking support.
#9 Federal Bank Ltd. (India)
Founded by Kulangara Paulo Hormis on April 28, 1931, the Federal Bank Ltd. (India) is a holding company that provides banking and financial services. The Treasury segment deals with trading and investments in government and corporate debt instruments, equity, mutual funds, derivatives, and foreign exchange operations, both proprietary and for customers.
The Corporate and Wholesale Banking segment offers loans and banking services to corporate clients. The Retail Banking segment focuses on lending and other services for individuals and small business customers.
#10 IndusInd Bank
Founded by Srichand P. Hinduja on January 31, 1994, the bank is headquartered in Mumbai, India, and provides banking services across several segments. The Treasury segment handles investment portfolios, profits and losses on sale of investments, foreign exchange transactions, equities, derivatives, and money market operations.
The Corporate and Wholesale Banking segment focuses on lending and deposits from corporate customers. The Retail Banking segment deals with lending to and deposits from retail customers. The Other Banking Operations segment covers all other banking activities not included in other segments.
#11 Union Bank of India
Union Bank of India was founded on November 11, 1919, and is headquartered in Mumbai, India. Union Bank of India provides commercial banking services through several segments: Treasury Operations, Corporate and Wholesale Banking, Retail Banking Operations, and Other Banking Operations. The bank offers personal and corporate loans.
#12 Karnataka Bank
Founded in 1924 and headquartered in Mangaluru, Karnataka Bank has shown growth with its credit-deposit (CD) ratio reaching 75 percent, the highest level in its history. The bank has also been expanding its branch network, with plans to increase the number of branches to 950.
The bank is now certified for collecting Central Board of Direct Taxes (CBDT) payments, including direct and indirect taxes, customs duty, and GST. This certification is expected to bring in inflows from customers.
#13 Punjab National Bank
Founded by Punjab Keshari Lala Lajpat Rai on April 12, 1895, the bank is headquartered in New Delhi, India.
Punjab National Bank is a commercial bank operating through segments including Treasury, Corporate/Wholesale, Retail Banking, and Other Banking Operations. It offers a range of products such as personal, corporate, international, and capital services.
#14 Bank of Baroda
Founded by Sayajirao Gaekwad III on July 20, 1908, Bank of Baroda is headquartered in Vadodara, India.
The bank provides commercial banking services through several segments: Treasury, Corporate and Wholesale Banking, Retail Banking, and Other Banking Operations.
#15 Bandhan Bank
Founded on December 23, 2014, Bandhan Bank Ltd. offers banking and financial services across several segments. The Treasury segment handles investments in sovereign securities, trading operations, and central funding.
Retail Banking provides loans to individuals and small businesses, along with liability products, card services, internet and mobile banking, ATM services, and NRI services, primarily through its branch network.
The Corporate and Wholesale Banking segment manages corporate relationships outside of retail banking. The Other Banking Business segment involves activities like third-party product distribution.
#16 Fincare / AU Small Finance Bank
Fincare Small Finance Bank, established in 2017, merged with AU Small Finance Bank in 2024. This strategic move was aimed at creating a robust pan-India retail banking franchise by leveraging complementary geographic footprints and product offerings.
Post-merger, Fincare’s 59 lakh plus customers have access to the best technological services and flagship products of AU Small Finance Bank. AU SFB’s rate of interest on savings accounts and new fixed deposits became applicable to all Fincare’s customers from the merger date.
#17 Delhi State Cooperative Bank (DSCB)
Founded in 1921 with its headquarters in New Delhi, the Delhi State Cooperative Bank (DSCB) is a significant financial institution in Delhi, India. DSCB is registered under the Delhi Cooperative Societies Act, 2003, and operates with over 50 branches across Delhi.
It has been classified as a scheduled bank, which means it’s subject to the supervision and regulatory framework of the Reserve Bank of India (RBI). In 2022, DSCB offered competitive interest rates on fixed deposits. For tenors of less than one year, the interest rate was 6.40%, and for tenors ranging from 5 to 10 years, the rate was 6.50%.
#18 Kerala Gramin Bank
Kerala Gramin Bank (KGB) is a prominent regional rural bank in Kerala, India, jointly owned by the Central and State Governments and sponsored by Canara Bank. It was formed through the merger of North Malabar Gramin Bank and South Malabar Gramin Bank.
The bank offers a variety of financial services, including gold loans, educational loans, personal vehicle loans for electric vehicles, savings schemes, and MSME sector loans with government support. They also have a special focus on agricultural and farm-related expenses through their KGB Samagra Plus scheme.
#19 Fino Payments Bank
Founded in 2006 and headquartered in Navi Mumbai, Fino Payments Bank facilitated more than 200 crore transactions with a gross transaction value of over Rs 3.58 lakh crore in the financial year 2023-24.
Approximately 3.2 million accounts were opened with the payments bank during FY24, indicating significant customer growth and the bank’s expanding reach. Fino Payments Bank reported a net profit of Rs 25.2 crore for the quarter ended March 31, 2024, a 14% increase from the previous year.
INDONESIA
#1 Bank Central Asia
Founded on February 21, 1957, the company is headquartered in Jakarta, Indonesia, and offers commercial banking and other financial services, operating through segments including Loans, Treasury, and Others.
PT Bank Central Asia Tbk provides deposit accounts, transaction banking, electronic banking, cash management, credit cards, bank assurance, credit facilities, bank guarantees, export-import facilities, foreign exchange services, and investment products.
#2 Bank Mandiri
Founded on October 2, 1998, and headquartered in Jakarta, PT Bank Mandiri (Persero) Tbk provides general banking services and operates through multiple segments. The Retail segment targets micro to small business entities and individuals, offering loans, deposits, and payment transactions.
Treasury & Markets handles the bank’s treasury activities including foreign exchange, money market, and fixed income operations, plus international banking and capital markets. The Head Office segment manages the group’s assets and liabilities. The Subsidiary-Sharia segment focuses on sharia banking, while the Subsidiaries-Insurance segment handles transactions in life, health, and general insurance.
#3 SeaBank
Since its operations began in 2021, SeaBank Indonesia has amassed a record 10 million customers by the end of 2023. In 2023, SeaBank recorded an average of 2.5 million daily transactions, which included intra-bank and inter-bank transfers, bill payments, and transactions using the QRIS feature.
The SeaBank app has received high ratings, averaging 4.9, on both the App Store and Google Play Store, indicating positive user experiences. All this acclaim saw the bank’s operational profit experience a substantial increase, from IDR 62.8 billion at the end of 2022 to IDR 288.97 billion throughout 2023.
#4 Bank Jago
Originally founded in 1992, Bank Jago is a tech-based bank that has has served 11.1 million customers, including 9 million funding customers through the Jago App. This marked an increase of 3.6 million customers compared to Q1 2023, while the bank recorded a 32% year-on-year growth in loan disbursement, reaching IDR 14.3 trillion at the end of Q1 2024.
Bank Jago’s growth has been significantly contributed by strategic ecosystem partners, including the GoTo ecosystem with GoPay Tabungan and the online investment platform, Bibit, which are seamlessly connected to the Jago App.
#5 Bank Raya
Originally founded in 1989, Bank Raya is a digital bank and subsidiary of BRI Group, and provides digital banking services for the micro and small segments in Indonesia through the BRI ecosystem.
Bank Raya has sharpened its business strategy by concentrating on the strength of its Online to Offline (O2O) network across Indonesia, continuous innovation and comprehensive digital products, exploiting business potential within the BRI ecosystem and other digital ecosystems, optimising synergies within the BRI Group through smaller, shorter, and faster digital banking products and services.
#6 Bank Negara Indonesia
Founded on July 5, 1946, PT Bank Negara Indonesia (Persero) Tbk is headquartered in Jakarta, and provides general banking services across various segments. The Commercial and Small segment serves small to mid-sized customers with loans, deposits, and other transactions.
The Consumer and Retail segment offers consumer loans, such as housing loans and credit cards, along with loans to retail customers. The Treasury and Financial Institution segment manages treasury activities such as foreign exchange, money markets, capital markets, fixed income, international banking, and overseas branch supervision.
#7 United Overseas Bank
Founded by Wee Kheng Chiang on August 6, 1935 and headquartered in Singapore, United Overseas Bank Ltd. (Singapore) engages in the provision of financial services including Group Retail (GR); Group Wholesale Banking (GWB); Global Markets (GM); and Others.
The GR segment provides customers with financial solutions. The GWB segment offers tailored financial solutions, services and sector insights. The GM segment manages the bank’s liquidity, investments, and market making financial instruments.
#8 PT Bank Permata Tbk
Founded on December 17, 1954, Bank Permata is headquartered in Jakarta, provides general banking services, including Shariah-based financing, across several segments: Retail Banking, Wholesale Banking, and Others.
The company’s offerings include PermataTabungan savings accounts, PermataDolar foreign currency accounts, PermataForex currency exchange, Permata e-Banking, PermataTrade, small and medium enterprise banking, credit cards, personal loans, cash management, securities and agency services, custody services, and investment services.
#9 Cimb Niaga
PT Bank CIMB Niaga Tbk, commonly known as CIMB Niaga, reported a consolidated pre-tax profit (unaudited) of Rp2.2 trillion for the first quarter of 2024, marking a 7.8% year-on-year increase.
CIMB Niaga has been involved in Islamic finance through instruments like the Sukuk Mudharabah, sharing revenue for specific periods as part of their investment offerings.
#10 DBS
Founded in 1968 and headquartered in Singapore, DBS Group Holdings Ltd. is an investment company offering a range of banking services across several business segments. The Consumer Banking/Wealth Management segment provides services such as current and savings accounts, fixed deposits, loans, home finance, cards, payments, and investment and insurance products.
The Institutional Banking segment delivers financial services and products to institutional clients. The Treasury Markets segment engages in structuring, market-making, and trading a variety of treasury products. The Others segment includes corporate decisions, income, and expenses not allocated to the other segments.
#11 Bank Rakyat Indonesia (BRI)
Bank Rakyat Indonesia (BRI) was founded by Aria Wiriatmaja on December 16, 1895, and is a holding company that offers financial services through several segments. The Micro Business segment targets individual and micro entrepreneurs with banking products and services. The Retail Business segment provides consumer and commercial banking products to small and medium-sized enterprises.
The Corporate Business segment serves large corporations and institutions with international banking, treasury, and capital market services. The Subsidiary Business segment encompasses activities in conventional and sharia banking, financing, remittance, life and general insurance, venture capital, and securities.
#12 Bank Neo Commerce
Bank Neo Commerce is a digital bank in Indonesia. After a period of losses over the past three years, the bank started showing a thin profit from the fourth quarter of 2023, which continued into the first quarter of 2024.
The bank boasts a user base of approximately 25 million users, which has contributed to its top-line growth and reduced reliance on marketing and promotional programmes. Bank Neo Commerce targets credit growth of 20-25% for 2024, focusing on both the consumer segment and corporate loans.
#13 Bank Muamalat
Founded in 1992 with headquarters in Jakarta, Bank Muamalat adopts the triple bottom line concept, measuring business success through its impact on social (people), environmental (planet), and economic (profit) indicators.
Bank Muamalat has targeted a 50% year-on-year growth in green financing. By the end of December 2023, the bank had disbursed around Rp1.3 trillion in financing for ESG segments. The bank has set a target for an 80% year-on-year growth in investment product transactions, with a 70% increase in the number of investors.
#14 Bank BTPN
Founded in 1958, Bank BTPN reported a 24% year-on-year increase in total credit disbursement, reaching Rp186.56 trillion at end-March 2024. Bank BTPN achieved a positive performance in the first quarter of 2024, with a gross non-performing loan (NPL) ratio of 1.83%, which is lower than the industry average of 2.4%.
The bank has also been transparent with its disclosure information. Bank BTPN’s focus on credit growth and maintaining a low NPL ratio, along with its commitment to transparency, indicates a strong performance and a solid position in the Indonesian banking sector.
#15 BCA Syariah
Founded in 2010, BCA Syariah offers Shariah-compliant financing solutions for home, car, and gold ownership, with competitive margins and fixed installment payments until the end of the financing period. The bank has a strong focus on supporting micro, small, and medium enterprises (UMKM) in Indonesia.
By March 2024, BCA Syariah had disbursed financing to UMKM amounting to Rp 1.9 trillion, which is a significant portion of its total financing. BCA Syariah has set a target for business growth, aiming to increase its asset and financing growth by 10% to 11% in 2024.
#16 HSBC Holdings
Founded on January 1, 1959 and is headquartered in London, the United Kingdom, the Retail Banking and Wealth Management segment consists of retail banking, wealth management, asset management, and insurance. The Commercial Banking segment offers banking products and services.
The Global Banking and Markets segment includes transaction banking, financing, advisory, capital markets, and risk management services. The Global Private Banking offers transaction banking, financing, advisory, capital markets and risk management services to high net worth individuals and families.
#17 BDP DIY
Founded in 1961 with headquarters in Yogyakarta, Bank Pembangunan Daerah Istimewa Yogyakarta (BDP DIY), also known as Bank BPD DIY, is a regional development bank in Indonesia that has been serving the Yogyakarta Special Region.
As of 2024, it employs 994 individuals and is led by CEO Santoso Rohmad.
MALAYSIA
#1 Maybank
Founded on May 31, 1960, Malayan Public Banking Corp. Sdn. Bhd. is a holding company headquartered in Kuala Lumpur, Malaysia, providing commercial banking and related financial services, operating through three segments: Group Community Financial Services (CFS), Group Global Banking (GB), and Group Insurance and Takaful.
The CFS segment delivers retail banking services to individuals, small and medium enterprises, and business banking customers. The GB segment encompasses corporate banking and global markets business, including treasury services such as foreign exchange, money markets, fixed income, derivatives, structured products, and asset management. The Group Insurance and Takaful segment offers underwriting for all classes of general and life insurance, offshore investment life insurance, general takaful, and family takaful businesses.
#2 Standard Chartered
Founded on November 18, 1969, Standard Chartered Plc is based in London, United Kingdom, and provides banking and financial services across various segments: Corporate and Institutional Banking, Retail Banking, Commercial Banking, Private Banking, and Central and Other Items.
The Corporate and Institutional Banking segment offers services including transaction banking, corporate finance, financial markets, and borrowing support. Retail Banking delivers digital banking services like deposits, payments, financing products, wealth management, and business banking support.
#3 Maybank Islamic
Maybank Islamic Berhad is the Islamic banking arm of the Maybank Group, and it stands as a leading provider of Islamic financial products and services in ASEAN. With a wide array of offerings, Maybank Islamic operates across more than 354 touch points in Malaysia and has an international presence in Dubai, Indonesia, Singapore, Hong Kong, London, and Labuan.
The institution is recognised for spearheading the Islamic banking and finance industry, particularly through its cross-border business in retail and investment banking. The bank aims to be a thought leader in promoting the convergence of sustainability and Islamic finance, which is expected to drive the next growth phase in this sector.
#4 HSBC Holdings
Founded on January 1, 1959 and is headquartered in London, the United Kingdom, the Retail Banking and Wealth Management segment consists of retail banking, wealth management, asset management, and insurance. The Commercial Banking segment offers banking products and services.
The Global Banking and Markets segment includes transaction banking, financing, advisory, capital markets, and risk management services. The Global Private Banking offers transaction banking, financing, advisory, capital markets and risk management services to high net worth individuals and families.
#5 RHB Bank
Founded in 1997 and headquartered in Kuala Lumpur, RHB Bank Bhd. provides commercial banking services, structured across several segments: Group Retail Banking, Group Wholesale Banking, Group International Business, and Support Center and Others. The Group Retail Banking segment includes credit facilities, remittances, deposit collection, investment-related products, and bancassurance and bancatakaful products.
The Group Business Banking segment serves the funding and deposit needs of small and medium-sized enterprises and wholesale clients. The Group International Business segment offers commercial banking products and services tailored for customers in foreign countries. The Support Center and Others segment includes results from other business activities within the group, such as nominee services, property investment, and premises rental.
#6 Bank Islam
Bank Islam Malaysia Berhad, established in July 1983, is recognized as Malaysia’s first Islamic bank. The bank was founded with the primary goal of catering to the financial needs of Malaysia’s Muslim population, but it has since expanded its services to the broader community.
Bank Islam offers a comprehensive range of Shariah-compliant financial products and services, which include personal financing, credit cards with non-compounding charges, home financing, Al-Awfar Investment Account, and SME Banking. Additionally, Bank Islam is involved in charity through its crowdfunding platform, Sadaqa House.
#7 AmBank Group
Founded on August 5, 1975 and headquartered in Kuala Lumpur, AMMB Holdings Bhd. is an investment company that provides a range of banking and financial services, divided into several segments: Retail Banking, Business Banking, Wholesale Banking, Investment Banking, Fund Management, Insurance, and Group Funding and Others. The Retail Banking segment offers auto finance, mortgages, personal loans, credit cards, small business loans, priority banking, wealth management, remittance services, and deposits.
The Business Banking segment serves enterprise banking customers with services including CAPEX financing, working capital financing, cash management, contract financing, development loans, and project financing. The Wholesale Banking segment focuses on corporate banking and group treasury and markets. The Investment Banking segment provides capital markets activities, broking, private banking, corporate advisory, and equity and debt fundraising services.
#8 OCBC Bank
OCBC Bank Malaysia is part of the OCBC Group, which is the longest established Singapore bank and one of Asia’s leading financial institutions. In Malaysia, OCBC Bank offers a comprehensive range of banking services, including personal banking, business banking, and wealth management.
OCBC Bank Malaysia provides a variety of financial products such as savings accounts, loans, investments, and insurance; its Business Banking segment offers solutions for businesses of all sizes, including cash management, loans, and trade finance services; delivers expert advice and wealth management solutions, including investment options and estate planning; and offers Shariah-compliant products and services for both personal and business needs.
#9 United Overseas Bank
Founded by Wee Kheng Chiang on August 6, 1935 and headquartered in Singapore, United Overseas Bank engages in the provision of financial services including Group Retail (GR); Group Wholesale Banking (GWB); Global Markets (GM); and Others.
The GR segment provides customers with financial solutions. The GWB segment offers tailored financial solutions, services and sector insights. The GM segment manages the bank’s liquidity, investments, and market making financial instruments.
PHILIPPINES
#1 Philippine National Bank
Founded on July 22, 1916 and headquartered in Pasay, Philippines, Philippine National Bank operates in the banking and financial sector through segments: Retail Banking, Corporate Banking, and Treasury. The Retail Banking segment handles deposits from individual customers and offers consumer loans, credit card facilities, and fund transfers.
The Corporate Banking segment provides loans, credit facilities, and deposit accounts to corporate and institutional clients. The Treasury segment engages in money market activities, trading, treasury services, and manages the company’s funding operations using Treasury-bills, government securities, and interbank placements and acceptances.
#2 Union Bank of the Philippines
Union Bank of the Philippines, commonly known as UnionBank, is one of the country’s leading universal banks. It offers a wide range of financial services and products to both retail and corporate clients. UnionBank has a strong focus on digital innovation, providing customers with a convenient and seamless banking experience through its UnionBank Online platform.
The bank offers various services including credit to employees, payroll accounts, business check deposits, tax payments, and more. UnionBank provides a variety of credit card options with benefits such as discounts and installment plans for shopping, dining, and travel. UnionBank supports businesses with services like UB Negosyante, which helps in collecting payments, paying suppliers, and applying for loans.
#3 Maya Bank
Maya Bank is a digital bank in the Philippines that operates under the supervision of the Bangko Sentral ng Pilipinas (BSP). It’s part of Voyager Innovations and provides a comprehensive all-in-one money app that includes a variety of financial services. Maya Bank offers up to 14% interest per annum on savings accounts along with personal and business loans, even trade cryptocurrencies directly through the app.
The digital bank emphasises the convenience of digital banking, allowing customers to open an account with just one valid ID and no maintaining balance required, and manage their finances through the Maya app. Maya Bank offers services like the Maya 1-2-3 Grow bundle to help businesses scale faster with discounted transaction fees and additional capital.
#4 OFBank
Overseas Filipino Bank (OFBank) is a fully digital and branchless bank in the Philippines, operating under the supervision of the Bangko Sentral ng Pilipinas (BSP). It’s a subsidiary of the Landbank of the Philippines and is dedicated to serving the banking needs of Filipinos working abroad.
OFBank offers services like Retail Internet Banking and a mobile banking app for convenient online transactions, as well as a range of financial products tailored to the requirements of overseas Filipino workers (OFWs), including deposits, loans, and investment options.
#5 UnionDigital Bank
UnionDigital Bank is a digital bank in the Philippines that operates as a wholly-owned subsidiary of UnionBank of the Philippines. It’s part of the Aboitiz Group and is licensed by the BSP. UnionDigital Bank focuses on digital banking solutions, aiming to make banking safer and more accessible to Filipinos.
The bank has formed strategic partnerships to drive financial inclusion and support the country’s digital economy, and offers accounts with competitive interest rates to help customers grow their savings.
#6 UNO Digital Bank
UNO Digital Bank is a pioneering digital bank in the Philippines, licensed by the Bangko Sentral ng Pilipinas (BSP). It’s one of the six digital banks in the country, offering a full spectrum of banking services that are designed to be simple, secure, and accessible. The digital bank offers savings and time deposit accounts with interest rates up to 6.50% per annum.
UNO Digital Bank allows free cash deposits at over 7,500 outlets and cash withdrawals at over 4,500 outlets across the Philippines. Along with a virtual debit Mastercard for online transactions, the digital bank also offers personal loans up to PHP 200,000 without collateral and guarantors.
#7 GoTyme Bank
GoTyme Bank is a digital banking joint venture in the Philippines between Tyme, a multi-country digital banking group, and members of the Gokongwei Group, which includes Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings, Inc. The digital bank provides a 4% per annum interest rate on savings accounts, offers free transfers between GoTyme Bank accounts and free transfers to other banks three times per week.
GoTyme Bank offers a hassle-free digital banking experience, with services accessible via a free app or through personalised Visa ATM Debit cards available at kiosks. Bank customers can earn up to 3x Go Rewards points when shopping at partner stores, redeemable as cash in the GoTyme Bank app.
#8 LANDBANK
Land Bank of the Philippines, commonly known as LANDBANK, is a government-owned bank that serves the nation with a variety of financial products and services. It’s unique in its dual function of promoting countryside development while remaining financially viable, which makes LANDBANK stand out as a government financial institution.
LANDBANK offers a range of products including loans, deposits, and investment options like Unit Investment Trust Funds, and includes individual and corporate e-banking solutions to facilitate online transactions and account management. It is also committed to its social mandate of promoting development in the countryside and supporting the agricultural sector.
#9 Metropolitan Bank & Trust
Founded by Siao Kian Ty on April 6, 1962 and headquartered in Makati City, Metropolitan Bank & Trust Co. provides banking, financing, leasing, real estate, and stock brokering services, operating through segments including Consumer Banking, Corporate Banking, Investment Banking, Treasury, Branch Banking, and Others.
The Consumer Banking segment offers consumer loans and support. Corporate Banking provides loans, other credit facilities, and handles deposits and current accounts for corporate and institutional clients. Investment Banking focuses on structured finance, privatisations, initial public offerings, and mergers and acquisitions advisory.
SINGAPORE
#1 DBS
Founded in 1968 and headquartered in Singapore, DBS Group Holdings Ltd. is an investment company offering a range of banking services across several business segments. The Consumer Banking/Wealth Management segment provides services such as current and savings accounts, fixed deposits, loans, home finance, cards, payments, and investment and insurance products.
The Institutional Banking segment delivers financial services and products to institutional clients. The Treasury Markets segment engages in structuring, market-making, and trading a variety of treasury products. The Others segment includes corporate decisions, income, and expenses not allocated to the other segments.
#2 HSBC Holdings
Founded on January 1, 1959 and is headquartered in London, the United Kingdom, the Retail Banking and Wealth Management segment consists of retail banking, wealth management, asset management, and insurance. The Commercial Banking segment offers banking products and services.
The Global Banking and Markets segment includes transaction banking, financing, advisory, capital markets, and risk management services. The Global Private Banking offers transaction banking, financing, advisory, capital markets and risk management services to high net worth individuals and families.
#3 Citibank
Citibank, the consumer division of the multinational Citigroup, was established in 1812 as the City Bank of New York, later becoming First National City Bank of New York.
It offers a range of services including credit cards, mortgages, personal loans, commercial loans, and lines of credit.
#4 Bank of Singapore
Established on January 29, 2010, following the acquisition of ING Asia Private Bank by OCBC, the Bank of Singapore serves as the private banking arm of OCBC. Headquartered in Singapore, the bank has branches in Hong Kong and Dubai, with a representative office in Makati City, Philippines.
It specialises in private banking and wealth management services, catering to high-net-worth individuals and wealthy families across key markets such as Southeast Asia, Greater China, India Sub-Continent, and other international markets. The bank has seen significant growth, including the acquisition of the wealth and investment management business of Barclays in Singapore and Hong Kong.
#5 United Overseas Bank
Founded by Wee Kheng Chiang on August 6, 1935 and headquartered in Singapore, United Overseas Bank Ltd. (Singapore) engages in the provision of financial services including Group Retail (GR); Group Wholesale Banking (GWB); Global Markets (GM); and Others.
The GR segment provides customers with financial solutions. The GWB segment offers tailored financial solutions, services and sector insights. The GM segment manages the bank’s liquidity, investments, and market making financial instruments.
SOUTH KOREA
#1 Toss Bank
Toss Bank is South Korea’s third internet-only bank, and is operated by Viva Republica, the company behind the popular financial technology platform Toss. Toss Bank offers a range of services that include easy and intuitive money management, free lifetime money transfers, fraud account detection, and auto transfer scheduling.
Users can pay various bills, manage insurance, and even check housing prices through the Toss platform. Toss Bank provides tools to check and manage credit scores, offering tips for credit management and notifying users of score changes. Customers also receive personalised loan offers within minutes, comparing options across all banks for credit loans, loan transfers, and mortgage loans.
#2 KakaoBank
KakaoBank is a prominent South Korean mobile-only bank and financial technology company that was established in 2016. The mobile-first bank offers competitive deposit and savings accounts, loans, and debit cards without complicated terms or hidden conditions, and easy account creation and management, enabling multiple transfers and account services directly from mobile devices.
KakaoBank offers overseas account remittance and Western Union fast international remittance in more than 200 countries, and includes various loan options such as overdraft, credit, business owner, and housing deposit loans. It also features a Group Account service where users can share balance and transaction histories with their KakaoTalk friends, and provides a 26-week installment savings account that encourages saving with dynamic challenges.
#3 Kwangju Bank
Founded in 1968, Kwangju Bank, also known as Kwangju Bank Ltd., is a financial institution based in Gwangju, South Korea. It operates as a subsidiary of KJB Financial Group Co. and is engaged in commercial banking activities primarily in the Gwangju area and the surrounding Cheonnam Province, as well as in Seoul.
The bank offers a range of services including loans for small and medium-sized enterprises (SMEs), deposits in domestic and foreign currencies, portfolio management, foreign exchanges, and electronic banking services. Kwangju Bank is also involved in leasing and provides various banking products such as checking accounts, savings accounts, time deposits, installment deposits, and trust funds.
#4 K bank
K Bank, also known as KEB Hana Bank, was launched in 2017 and is South Korea’s first internet-only bank, headquartered in Seoul. Its largest owner is the telecommunications company, KT Corporation, and attracted 250,000 customers in its first two weeks of operation.
K Bank offers a full range of digital banking services, including online banking, mobile banking, loans, deposits, and debit cards. In May 2021, K Bank more than doubled its paid-in capital, with significant investments from major private equity funds like MBK Partners and Bain Capital.
#5 Jeonbuk Bank
Jeonbuk Bank, headquartered in Jeonju, South Korea, and established as a financial institution in the region since 1969, operates as part of the JB Financial Group and offers a wide range of banking services to both individual and corporate clients. Jeonbuk Bank has a strong presence in the Jeollabuk-do region, providing tailored financial solutions to the local community.
The bank offers various services including deposits, loans, foreign exchange, and electronic banking. It provides specialised support for small and medium-sized enterprises, which is crucial for regional economic development. Jeonbuk Bank also embraces digital innovation, offering online and mobile banking services to meet the needs of modern customers.
#6 KB Kookmin Bank
KB Kookmin Bank was founded on November 1, 1963, and is part of the KB Financial Group Inc., a Korea-based financial holding company engaged in the management of subsidiaries and provides a solid foundation for the bank’s operations. It offers a variety of services including personal banking, corporate banking, and wealth management.
Customers can choose from a range of products such as savings accounts, loans, and investment options. KB Kookmin Bank is known for its innovative financial services, such as Liiv M, a mobile communication service provided by a bank, and emphasis on digital banking solutions to enhance customer experience.
TAIWAN
#1 E.Sun Financial
Founded by Yung Jen Huang on January 28, 2002, E.SUN Financial Holding Co., Ltd. is headquartered in Taipei, Taiwan. It operates in banking, venture capital, securities, and investment consulting. The financial institution is structured into three business segments: Corporate Finance, Personal Finance, and Other.
The Corporate Finance segment handles business, foreign exchange, and financial operations related to corporate finance. The Personal Finance segment offers services such as mortgages, credit facilities, wealth management, and credit cards.
#2 Bank SinoPac
Founded in 1992, Bank SinoPac is a well-established banking institution in Taiwan, known for its comprehensive financial services and customer-centric approach. Bank SinoPac supplies a variety of financial services, including personal loans, wealth management, and business banking solutions.
The bank boasts a dense network of branches and divisions, ensuring accessibility for customers across Taiwan. In addition to its domestic operations, the bank has international branches in major cities like Shanghai, Guangzhou, and Chengdu.
#3 Standard Chartered
Founded on November 18, 1969, Standard Chartered Plc is based in London, United Kingdom, and provides banking and financial services across various segments: Corporate and Institutional Banking, Retail Banking, Commercial Banking, Private Banking, and Central and Other Items.
The Corporate and Institutional Banking segment offers services including transaction banking, corporate finance, financial markets, and borrowing support. Retail Banking delivers digital banking services like deposits, payments, financing products, wealth management, and business banking support.
#4 CTBC Bank
CTBC Bank, formerly known as China Trust Commercial Bank, is one of the largest private banks in Taiwan. It was established on March 14, 1966, and has since grown into an international financial institution offering a comprehensive suite of services, including credit cards, deposits, foreign exchange, loans, fund investments, and insurance.
The bank offers convenient digital services through its 24-hour internet banking, mobile banking, and online customer service. CTBC Bank’s vision is to be “Taiwan Champion, Asia Leader,” and has the most extensive international presence among Taiwanese banks with over 370 outlets across 14 countries and regions. As of the end of 2023, CTBC Bank’s consolidated assets totaled NT$6.05 trillion, making it the most substantial privately-owned bank in Taiwan in terms of assets.
#5 Taipei Fubon Bank
As part of the Fubon Financial Holding Co., Ltd., Taipei Fubon Bank is a prominent financial institution in Taiwan, offering a wide range of banking services to both individual and corporate clients.
The bank provides a full spectrum of financial services including deposits, foreign exchange, loans, credit cards, investments, and insurance. While it has a strong domestic presence, Taipei Fubon Bank also operates internationally, serving clients across various countries.
#6 Taishin International Bank
Established on February 25, 1992, Taishin International Bank operates in the commercial banking sector and is known for its commitment to providing high-quality financial products and services. The bank provides services such as deposits, loans, credit card management, investment management, and more.
Taishin International Bank offers convenient online banking services, allowing customers to manage their finances efficiently. As part of the Taishin Group, the bank benefits from a network that includes various financial services companies. While primarily operating in Taiwan, Taishin International Bank also conducts business in overseas markets.
#7 HSBC Bank (Taiwan)
HSBC Bank (Taiwan) is a significant player in the Taiwanese banking sector and is part of the global HSBC Group. It was the first foreign bank to incorporate locally in Taiwan in 2009 and is wholly owned by The Hongkong and Shanghai Banking Corporation Limited based in Hong Kong.
Taiwan is a key market in HSBC’s Greater China platform, and the bank has a network of 26 outlets in major cities including Taipei, Taoyuan, Hsinchu, Taichung, Tainan, and Kaohsiung.
#8 Rakuten International Commercial Bank
Rakuten International Commercial Bank (RICB) is Taiwan’s first internet-only bank, commencing operations on January 19, 2021, after completing its registration of establishment on May 18, 2020. The bank is a joint venture between Rakuten Bank and Rakuten Card, both based in Japan, and Taiwan’s IBF Financial Holdings.
RICB operates purely online, inheriting over 20 years of online banking experience from Rakuten Group’s operations in Japan and the EU. It offers a range of financial services, including mobile account opening, which can be completed in as little as 10 minutes. The establishment of RICB is part of Rakuten’s broader ecosystem in Taiwan, which includes various businesses such as Rakuten Ichiba Taiwan, Rakuten Travel, and Rakuten Kobo.
#9 Cathay Financial
Founded on December 31, 2001, Cathay Financial Holdings Co., Ltd. is headquartered in Taipei, and provides financial services across various segments: Banking, Life Insurance, Property and Casualty Insurance, Securities, and Other. The Banking segment operates within the scope allowed by the Banking Act of the Republic of China, covering commercial banking activities.
The Life Insurance segment deals in the sale of traditional, investment-linked, and floating-rate annuity insurance products. The Property and Casualty Insurance segment offers a range of policies including fire, marine, vehicle, liability, bonding, reinsurance, and other insurance types. The Securities segment engages in brokerage, discretionary investment, and underwriting services.
THAILAND
#1 Kasikornbank
Founded on June 8, 1945, Kasikornbank Public Co. Ltd. is headquartered in Bangkok, Thailand and operates in commercial banking, securities, and related businesses through several segments: Corporate, Retail, Treasury and Capital Markets, and Muangthai Group Holding Businesses. The Corporate Business segment caters to high net worth individuals, government and state enterprises, and financial institutions with a range of financial products and services.
The Retail Business segment serves individual customers with services including deposit accounts, debit and credit cards, personal and housing loans, investment products, financial advisory, and transactional banking. The Treasury and Capital Markets Business segment handles the bank’s capital markets and treasury operations and oversees its international business. The Muangthai Group Holding Business segment manages life insurance and brokerage businesses.
#2 Siam Commercial Bank
Founded on January 30, 1907, the Siam Commercial Bank Public Co. Ltd. operates in the banking sector, focusing on personal, business, and wholesale banking. The business is structured into several segments: Corporate, SME, Retail, and Others.
The Corporate segment caters to corporate and commercial clients, the SME segment serves small and medium-sized enterprises, and the Retail segment is dedicated to individuals and small businesses.
#3 Bank of Ayudhya
Bank of Ayudhya Public Company Limited offers a comprehensive array of banking and financial services. The bank provides corporate and personal lending, retail and wholesale banking, international trade financing, asset management, and investment banking services through its extensive network of branches across Thailand.
Additionally, it operates branches in Hong Kong, Vietnam, Laos, and the Cayman Islands.
#4 United Overseas Bank
Founded by Wee Kheng Chiang on August 6, 1935 and headquartered in Singapore, United Overseas Bank Ltd. (Singapore) engages in the provision of financial services including Group Retail (GR); Group Wholesale Banking (GWB); Global Markets (GM); and Others.
The GR segment provides customers with financial solutions. The GWB segment offers tailored financial solutions, services and sector insights. The GM segment manages the bank’s liquidity, investments, and market making financial instruments.
VIETNAM
#1 Techcombank
Techcombank, also known as Vietnam Technological and Commercial Joint Stock Bank, operates primarily in Vietnam and focuses on providing a wide range of banking services, including personal and business banking solutions.
The bank was established with a charter capital of 20 billion VND and has achieved significant milestones over the years.
#2 Vietcombank
Vietcombank, officially known as the Joint Stock Commercial Bank for Foreign Trade of Vietnam, is one of the leading banks in Vietnam with a rich history and a strong connection to the nation’s development. Established on April 1st, 1963, it has played a pivotal role in the country’s financial sector for over 60 years.
For customers, Vietcombank offers a range of services through its digital banking platforms, including VCB Digibank for personal banking and VCB DigiBiz for SME banking. The bank has been recognized for its operational efficiency and was the first in Vietnam to reach a profit of USD 1 billion.
#3 BIDV
BIDV, or the Bank for Investment and Development of Vietnam, is a state-owned bank and one of the largest financial institutions in Vietnam. It was established on April 26, 1957, and has since played a significant role in the country’s economic growth and development.
BIDV offers a full range of modern and convenient banking products and services, including insurance, securities brokerage, investment consultancy, and banking services tailored to the needs of customers.
#4 Military Commercial Joint Stock Bank
Military Commercial Joint Stock Bank provides banking services across several segments: Individual and Corporate Customers, Investments, Interbank Operations, and Assets Management. The Individual and Corporate Customers segment delivers products and services like deposits, credit, card and money transfer services, and guarantees.
The Investments segment engages in securities investment and real estate activities. The Interbank Operations segment handles mobilizing, lending, and other interbank market activities. The Assets Management segment manages investment funds. Founded on September 14, 1994, the company is headquartered in Ha Noi, Vietnam.
#5 Asia Commercial Bank (ACB)
Asia Commercial Bank (ACB) is one of the leading joint stock commercial banks in Vietnam. It has a wide network of branches and transaction offices across the country, with a presence in 49 out of 63 provinces and cities.
The bank employs over 13,000 staff and offers a variety of products and services to meet the diverse needs of its customers, by focusing on its digital transformation, offering services like online banking and mobile banking solutions.
#6 Vietinbank
Established in 1988, VietinBank, officially known as the Joint Stock Commercial Bank for Industry and Trade of Vietnam, has grown to become a key player in Vietnam’s banking sector, offering a range of financial products and services.
The bank is committed to providing unmatched quality in its offerings, which include personal and corporate banking solutions, international payments, trade finance, foreign exchange, capital market services, and online banking services like VietinBank iPay and VietinBank eFAST.
#7 VIB
Vietnam International Bank (VIB) is one of the leading joint stock banks in Vietnam, established on September 18th, 1996. It started its operations with an initial charter capital of VND 50 billion and a team of 23 staff members.
VIB offers a wide array of banking products and services tailored to individual needs, including credit and debit cards, current accounts, digital banking, personal loans, auto loans, mortgages, business loans, insurance, savings and investment products.
#8 TPBank
Established in 2008, TPBank, or Tien Phong Commercial Joint Stock Bank, has been at the forefront of offering modern financial products and services, leveraging advanced technology to enhance customer experience.
Among its products are both personal and corporate banking products, including savings accounts, loans and financing, cards, international transfers, treasury services, insurance, loyalty programmes, digital banking, and more.
#9 Sacombank
Sacombank, officially known as Sai Gon Thuong Tin Commercial Bank, is a major commercial bank in Vietnam. It offers a wide range of banking services to individual and corporate customers, including savings accounts, loans, credit cards, and online banking solutions.
Sacombank has a significant customer base, with over 15 million individual and corporate clients, half of whom are digital users. The bank also promotes digital banking through its app, Sacombank Pay, which allows customers to open an account with a personalised number and complete eKYC for free transactions and effective financial management.
#10 VP Bank
VPBank, or Vietnam Prosperity Joint Stock Commercial Bank, is a prominent financial institution in Vietnam. Established on August 12, 1993, VPBank has grown to become one of the largest banks in the country, with a strategic goal to be among the top three largest banks in Vietnam and to achieve a scale within the top 100 largest banks in Asia by 2026.
It offers a wide range of products and services, including credit and debit cards, loans, savings, insurance, and digital banking solutions like VPBank NEO.
#11 BVBank
BVBank, known as Ban Viet Bank, was founded in 1992 and has since developed a solid presence in the Vietnamese financial market. As of December 31, 2023, BVBank’s total assets reached nearly VND 88,000 billion, marking an 11% increase from the end of the previous year and surpassing its planned target of VND 86,600 billion.
The total deposits grew by nearly 10%, amounting to VND 79,700 billion, with deposits from individual customers and economic organizations reaching nearly VND 67,200 billion, a 13% increase compared to the same period in the previous year.
#12 Shinhan Bank
Shinhan Bank is a well-established financial institution in Vietnam, offering a comprehensive range of personal and corporate banking services and products. The bank is known for its loan products, particularly its home and auto loans with options like fixed interest rates for the first 6 to 30 months.
The Shinhan Be-SAFE debit card offers free annual fees, cash withdrawal fees at Shinhan ATMs, and cashback up to 1% for all transactions. The bank also offers cashback promotions up to VND 200,000 when opening Shinhan Classic/Gold credit cards.
#13 Southeast Asia Commercial Joint Stock Bank
Established in 1994, Southeast Asia Commercial Joint Stock Bank, commonly known as SeABank, provides an array of banking services catering to both individual customers and businesses. SeABank is headquartered in Hanoi and is known for its stable growth rate and significant capital scale.
SeABank offers SeANet, an online banking service that allows for quick and safe money transfers with simple procedures and preferential service fees. The bank provides various credit services, including the SeATravel credit card, which is a co-branded card with BRG Group and Vietnam Airlines.
#14 Ho Chi Minh City Development Joint Stock Commercial Bank
Ho Chi Minh City Development Joint Stock Commercial Bank, commonly known as HDBank, was established in 1989. HDBank has grown to become one of the leading joint stock commercial banks in the country, focusing on retail, SME, and consumer segments. HDBank is headquartered in Ho Chi Minh City and possesses some key features and offerings such as e-banking services, including online account opening, high-interest online savings, and convenient loan calculators.
The bank offers a variety of credit services, including personal and business loans, car loans, consumer loans, and real estate loans, and it facilitates various payment services, including remittance, letters of credit, and debt collection services. The bank also provides foreign exchange services and derivatives, catering to the needs of international transactions.
Featured image credit: Edited from Freepik
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