Fortune magazine’s inaugural Southeast Asia 500 list highlights the region’s largest and most influential companies and reflects the region’s dynamic and rapidly evolving economic landscape.
Southeast Asia is a vibrant economic powerhouse with a combined GDP of US$4 trillion. The region is experiencing strong growth, significantly outperforming the economies of Europe and the United States.
This rapid expansion is driven by a young and vibrant population of 680 million people, a stable exchange rate and low inflation, making it an increasingly attractive market for investors and businesses from all over the world.
Since the COVID-19 pandemic, Southeast Asia has become a pivotal region for global supply chains. Many Fortune Global 500 multinational companies are shifting their supply chains to Southeast Asian countries to leverage the region’s growth potential and strategic advantages. This shift has led to a surge in foreign direct investment, further strengthening the region’s economic profile.
Image: Fortune’s first Southeast Asian 500 company
While 2023 was a challenging year for the companies on the list, with total revenues falling by 2.5% and profits dropping by 9.6%, core economies such as Indonesia, Thailand, Malaysia, Singapore, Vietnam and the Philippines demonstrated their resilience. Their GDP grew by a combined 4.2%, a testament to their economic strength and ability to adapt.
The Southeast Asia 500 list is characterised by its dominance of a few giants with global reach. These companies, which include Singapore’s top banks and fintechs, are integral to the economic fabric of the region. Their international exposure, innovative approach and solid financial performance have enabled them to establish themselves as market leaders in Southeast Asia.
Let’s take a closer look at Singapore’s top banks and fintech companies ranked in the prestigious Fortune Southeast Asia 500. list.
Rank: Ten
Revenue: $25,676 million
Revenue Growth: 64.2%
Benefits: $7,494,900,000
Profit growth: 26%
assets: $560,586 million
employee: 40,770
DBS Group HoldingsSingapore’s largest bank has consistently prioritised digital transformation in the banking sector.
The bank’s management is focused on investing in technologies such as artificial intelligence, blockchain and cloud computing to improve customer experience and streamline internal processes.
This focus on innovation has led to the introduction of digital banking solutions such as the DBS digibank mobile app and the DBS Marketplace platform, which aim to improve user convenience, accessibility and personalisation.
Rank: 11
Revenue: $19,733.4 million
Revenue Growth: 68.9%
Benefits: $4,253.5 million
Profit growth: 28.2%
assets: $396,967 million
employee: 32,340
United Overseas Bank UOB leverages its local market knowledge and extensive network to provide customised financial solutions to support business growth across Southeast Asia.
Our Foreign Direct Investment (FDI) Advisory division provides market insights and regulatory guidance to help companies invest across borders.
UOB also promotes financial literacy and inclusion through its UOB Heartbeat programme, focusing on financial education, skills training and entrepreneurial support to support the region’s economic and social development.
Rank: 12
Revenue: $18,418.1 million
Revenue Growth: 67.1%
Benefits: $5,229.2 million
Profit growth: 30.4%
assets: $440,874 million
employee: 33,330
OCBC It offers a wide range of banking, wealth management and insurance solutions to meet the needs of a diverse range of customers, including individuals, small and medium-sized businesses and large corporations.
The bank’s diversified business model, which includes the insurance division, Great Eastern Holdingshelps manage the complexities of local markets.
OCBC is also investing in digital transformation through initiatives such as the OCBC Mobile Banking app and the OCBC OneWealth platform to improve customer experience and operational efficiency.
Rank: 127
Revenue: $13,063,600,000
Revenue Growth: 4.9%
Benefits: $162.7 million
Profit growth: 109.8%
assets: $18,883 million
employee: 62,700
Singapore-based Sea Limited has operations in digital entertainment, e-commerce and financial services. The company has seen strong profit growth despite slowing revenue growth.
Sea’s major platforms include Shopee, a leading e-commerce site in Southeast Asia, and Garena, a digital entertainment platform. shop They offer a wide range of products and are known for their user-friendly interface and focus on customer satisfaction, including: Shop Pay, It acts as a digital wallet powered by Shopee.
Rank: 152
Revenue: $2,359 million
Revenue Growth: 64.6%
Benefits: -$434 million
Diminishing profits: 74.2%
assets: $8,792 million
employee: 10,604
Grab Holdingsis a leading super app in Southeast Asia that integrates transportation, food delivery and digital payment services. Its ride-hailing service offers a safe and affordable alternative to traditional transportation and uses advanced algorithms to optimize routes and reduce wait times.
GrabFood partners with local restaurants to offer convenient food delivery. GrabPay We provide 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 prominent position of Singapore’s banks and fintech companies in the Fortune Southeast Asia 500 list highlights the city-state’s status as a global financial hub and its ability to foster a dynamic and innovative ecosystem. These financial institutions have proven resilient amid global challenges and have played a key role in driving digital transformation, financial inclusion and sustainable growth in the region.
DBS Group Holdings, United Overseas Bank and OCBC are making great strides in digital banking, regional growth and customer-focused services. These efforts are contributing 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 start-ups in reshaping traditional industries and creating new growth opportunities.
“As we continue to adapt, innovate and collaborate, these financial institutions are expected to play a key role in shaping the future of finance and driving economic development in Southeast Asia. With their strong fundamentals, market insights and commitment to excellence, Singapore’s banks and fintechs are well positioned to lead the region’s evolving financial landscape.”
Featured Image Credit: Free Pick
