Indonesia’s IM3 and BNI enter 2024 Kantar BrandZ Southeast Asia Top 30 for the first timeFastest growth achieved by BRI and AIS, both worth 30% more than in 2023 High performing banks and telcos strengthen consumer connections with digital capabilities
SINGAPORE, July 26, 2024 /PRNewswire/ — The Indonesian banking giant Bank Central Asia (BCA) has cemented its leadership at the top of the second annual Kantar BrandZ Top 30 Most Valuable Southeast Asian Brands ranking. The brand is now worth US$28.3 billion – a 21% value increase in just one year. BCA owes its success to effectively activating its strong consumer connections and reinforcing its difference. It continually grows its customer base by expanding its digital banking and ecommerce services, and developing new features and benefits. Another Indonesian bank, BRI, has overtaken Singapore’s DBS to claim the silver-medal position, and Thai telecom provider AIS climbs one place to fourth.
Kantar BrandZ Top 10 Most Valuable Southeast Asian Brands 2024
Rank 2024
Brand
Category
Brand value 2024
(US$M)
YoY change (%)
1
BCA
Financial Services
28,267
21 %
2
BRI
Financial Services
11,258
30 %
3
DBS
Financial Services
11,086
-6 %
4
AIS
Telecom Providers
8,843
30 %
5
Mandiri
Financial Services
8,344
26 %
6
UOB
Financial Services
6,597
-8 %
7
Shopee
Retail
4,832
5 %
8
Telkomsel
Telecom Providers
4,597
-1 %
9
Marina Bay Sands
Travel Services
4,412
0 %
10
True
Telecom Providers
3,706
18 %
The total brand value of the Top 30 – which covers Vietnam, Thailand, Indonesia, Malaysia, the Philippines, and Singapore – is US$131.3 billion, an increase of 10% year-on-year. Nineteen of the brands are worth more than they were in 2023. The fastest growth comes from emerging markets, with Thai brands increasing their value the most, followed by Vietnam and Indonesia. Meanwhile the largest share of brand value is contributed by Indonesia (46%), followed by Singapore (32%) and Thailand (11%).
IM3 and BNI make their debuts
There are two new entrants in the Top 30 this year, both from Indonesia. Telecom provider IM3 joins the ranking at No.28, while BNI (Bank Negara Indonesia) enters at No.30. IM3 ($1.4bn) provides convenience by delivering consistency of 4G coverage across the country’s 17,500 islands and offers flexible packages to meet varied needs. BNI ($1.4bn) has strongly supported the nation’s economic development and delivers convenience through friction-free digital services and open banking.
Services and infrastructure brands dominate
The Top 30 come from a wide range of categories, spanning food, banking and beer, but Financial Services (+15%) and Telecom Providers (+14%) captured the most growth over the past year. These sectors lead the region’s digital transformation with the pursuit of new technologies to provide better and broader next-generation services. Financial Services brands account for 12 of the Top 30, and for 60% of its total brand value. Nine telecom providers account for 22% of the total value, while three retail brands contribute 7%.
BRI and AIS are the fastest risers
Financial Services brands BRI and AIS have both gained the most value during the last year, up 30%, followed by Maybank (No.22; $1.9bn; +27%); Mandiri (No.5; $8.3bn; +26%) and Digi (No.25; $1.6bn; +25%). For a long time, BRI has demonstrated its commitment to improving the lives of Indonesians by providing widespread, easy access to financial services, particularly in remote areas. Its BRImo mobile banking super-app drives financial inclusivity, digital literacy and an outstanding customer experience nationwide.
Katie McClintock, Executive Managing Director, Southeast Asia at Kantar, says: “Southeast Asia is becoming the world’s fastest growing economy, underpinned by a developing digital infrastructure and increasing household incomes. These twin trends give consumers more flexibility in the goods and services they choose, and they’re reprioritising what were once ‘wants’ as ‘needs’. Great brands focus on what sets them apart. They focus on how they make consumers’ lives better – meaningfully – and then communicate that with clarity, consistency, and creativity. The brands that achieve this have a powerful opportunity to grow in their home markets and across the globe.”
Other trends from the 2024 Kantar BrandZ Top 30 Most Valuable Southeast Asian Brands analysis include:
Most brands in Southeast Asia’s Top 30 are seen by consumers to be worth the price they pay, compared to 66% for all brands in the regionIndomie (No.15; $2.4bn) has remained the most Meaningful brand by remaining relevant, and innovating to keep up with consumer preferences, while staying true to its roots. It launched a premium collection of Japanese Ramen flavours in 2023, supported by pop-up tasting stallsOverseas markets present a huge untapped opportunity for Southeast Asian brands to find new space and continue growth. Overseas trade activity of the Top 30 currently sits as 16%, versus 49% for Japan’s Top 3093% of the Southeast Asia’s Top 30 brands have potent levels of Meaningful Difference – and those which strengthened it grew in value at more than double the rate of their peers. This demonstrates how value derives from the ability to meet people’s needs and stand out from the crowdGrowth is 10% higher when brands invest in all three key value accelerators, than if they only invest in two. There are three key catalysts for developing brand value, defined by Kantar’s Blueprint for Brand Growth: predisposing more people to choose the brand, being more present where consumers make purchase decisions, and finding new space into which they can grow. Southeast Asia’s top brands are strong in all three areas.
The Kantar BrandZ Most Valuable Southeast Asian Brands ranking, report and extensive analysis are now available here.
For a quick read on a brand’s performance compared to competitors in a specific category, Kantar’s free interactive tool, BrandSnapshot powered by BrandZ, provides intelligence on 14,000 brands. Find out more here.
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 4.3 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 Report 2024 includes the most definitive and robust ranking of the region’s brands available. The ranking draws on opinions of more than 98,000 respondents on 1800 brands across 70 categories and the brands ranked must meet these eligibility criteria:
The brand must have originated in Indonesia, Malaysia, Philippines, Singapore, Thailand or VietnamThe brand must be owned by a listed companyThe 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.
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SOURCE Kantar
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