Over half of Singapore's most valuable brands are seeing double-digit percentage growth in their brand values as they settle into a post-pandemic economy. Three of such brands include DBS, Singtel, and The Hour Glass which topped a new report by Brand Finance’s Singapore ranking the nation's 100 most valuable and strongest brands.
In Brand Finance’s Singapore 100 2023 report, Singapore multinational bank, DBS, defended its crown as the nation’s most valuable brand for the 11th consecutive year. According to the report, 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 which saw its brand value up 13% to US$5.5 billion and OCBC Bank which saw its brand value up 13% to US$5.4 billion. They are both in second and third place respectively.
To solidify its position as Singapore's most valuable brand, DBS continues to carve out new inroads by innovating its business strategies. For instance, its digitalisation of services and products are coupled with its incorporation of artificial intelligence (AI) technology and has become one of the brand’s core strategies. DBS’ success in utilising AI capabilities was observed in 2022, the report said. The brand generated an additional SG$150 million by expanding its AI and machine learning (ML) business use cases by seven times to 260.
DBS also 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.
Another brand that has retained its top spot as the nation's strongest brand is Singapore's telecommunications brand, Singtel. Singtel currently has a brand value that is up 6% to US$4.1 billion.
The brand consolidated its position due to an increase in its Brand Strength Index score, driven by greater awareness and familiarity among respondents.
In 2022, Singtel also grew by 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 plans 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, the report said.
On the ESG front, Singtel 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 which is 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 rankings in terms of Sustainability Perceptions Value.
Besides DBS and Singtel, luxury watch brand The Hour Glass also saw an honorable mention in the report. It jumped seven places to its current 50th position in Brand Finance's ranking this year and claimed the title of Singapore's fastest growing brand. It also saw an astronomical rise in brand value by 81% to US$148.43 million,
The retail brand recorded a stellar financial performance in 2022, with its revenue increasing by 39.10% to S$1.033 billion.
According to Brand Finance, the brand’s performance was boosted by a significantly broadened interest 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 was seen across its network of 50 boutiques in the Asia Pacific region, with Australia and Malaysia being the highest contributors.
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