Singapore 100 2023

The annual report on the most valuable and strongest Singaporean brands

Brand Finance Singapore 100 2023

Rosy outlook for Singapore’s top 10 most valuable brands; over half post double-digit percentage growth in brand value: Brand Finance Singapore 100 2023 Report

  • DBS is Singapore’s most valuable brand for 11th year with brand value exceeding US$10 billion
  • Singtel defends position as Singapore’s strongest brand powered by 5G offering and roaming volume rebound
  • The Hour Glass (up 81%) steps up the pace to become Singapore’s fastest growing brand

Singapore’s most valuable brands have much reason to cheer as they settle into a post-pandemic economy, with over half of them seeing double-digit percentage growth in their brand values , according to Brand Finance’s Singapore 100 2023 report which ranks the nation’s 100 most valuable and strongest brands.

DBS defended its crown as the nation’s most valuable brand for the 11th consecutive year. The brand saw its brand value increase by 21% to US$10.5 billion while retaining a brand strength rating of AAA. DBS leads a trio of banking brands at the top of the rankings, which includes UOB (brand value up 13% to US$5.5 billion) and OCBC Bank (brand value up 13% to US$5.4 billion) who are in second and third place respectively.

DBS continues to carve out new inroads to cement its position as the country’s most valuable brand by innovating its business strategies. The digitalisation of services and products coupled with the incorporation of artificial intelligence (AI) technology has become one of the brand’s core strategy. DBS’ success in harnessing AI capabilities was observed in 2022. The brand generated an additional S$150 million (US$112.63 million) via expanding its AI and machine learning (ML) business use cases by seven times to 260.

DBS continues to demonstrate its prominent role in leading sustainability efforts in Singapore. It established the nation’s first carbon neutral building built by a bank in 2022, with the building achieving carbon neutrality within the first three months of its operation. DBS also remains committed to its social welfare initiatives, helping customers and businesses tide over the rising costs of inflation. DBS’ environmental, social and governance (ESG) initiatives saw the brand posting US$971 million in terms of Sustainability Perceptions Value – the highest among all brands listed in our rankings.

Singtel (brand value up 6% to US$4.1 billion) retained its top spot as Singapore’s strongest brand with a brand ranking of AAA. The telecoms brand consolidated its position due to an increase in Brand Strength Index score, driven by greater awareness and familiarity among respondents. These, in turn, were due to several accolades recognising the brand’s network efficiency, branding strategies and best practices among other attributes.

In 2022, Singtel enjoyed a strong growth of 10% in mobile service revenue as roaming volumes rebounded with the relaxation of travel restrictions and the rise of 5G usage among customers. Overall, the brand saw its operating revenue grow by 2% as travellers increased and demand for ICT and cyber security services rose. With the rise of the digital economy, Singtel set its sights on expanding its 5G market share further by actively promoting 5G usage among customers, businesses and the public sector – emerging as Singapore’s top 5G provider with an extensive 5G network across the island.

On the ESG front, Singtel successfully reduced 7.2% of Scope 1 and 2 greenhouse gas emissions by utilising energy optimisation strategies and renewable energy in 2022. The brand also launched an internal carbon pricing (ICP) pilot programme the same year, which has since been used to evaluate future business and investment opportunities. This provided an impetus for Singtel to partner with businesses that are low-carbon and energy efficient – in line with the brand’s goal of committing to sustainable business practices. Singel’s ESG efforts saw it placed as the 3rd highest ranked brand in our rankings in terms of Sustainability Perceptions Value.

With an astronomical rise in brand value by 81% to US$148.43 million, The Hour Glass jumped seven places to 50th position in our rankings this year to claim the title of Singapore’s fastest growing brand. The retail brand recorded a stellar financial performance in 2022, with its revenue increasing by 39.10% to S$1.033 billion (US$775.67 million).

The Hour Glass’ performance was boosted by a significantly broadened fascination with high-quality mechanical timepieces, tied to pandemic measures like travel and entertainment restrictions that allowed consumers to splurge more disposable income on such items. Furthermore, with increased traction on social media, consumers have had the luxury of time during the pandemic to explore luxury timepieces. Increased demand owing to recognition of value and supply limitations have also bolstered the appeal of timepieces and The Hour Glass’ brand performance. This demand is seen across its network of 50 boutiques in the Asia Pacific, with Australia and Malaysia being the highest contributors.

Alex Haigh, Managing Director – Asia Pacific of Brand Finance, commented:

“Singapore’s top 100 brands are growing in 2023 despite rising costs and geopolitical tensions. As local brands diversify their customer base and adapt to post-pandemic trends, Singapore is once again a leading centre for successful brands in ASEAN.”