Congratulations once again to the all the winners and highly commendeds of this year’s FinanceAsia Awards -- you can find the full list for North Asia here.
In another 12 months of persistent geopolitical tensions, evolving trade dynamics and continued macroeconomic uncertainty, Asia Pacific (Apac)’s capital markets have demonstrated remarkable resilience and adaptability since the second half of 2025, driving a healthy pipeline of transactions and renewed activity across asset classes.
Market participants throughout the region continued to innovate and deliver outstanding outcomes for clients, earning recognition across a diverse range of disciplines, including ECM, DCM, digitalisation, legal services, ratings, sustainability, technology, and diversity, equity and inclusion (DEI). Their ability to navigate changing market conditions while maintaining high standards of execution set them apart from their peers.
As markets become more interconnected, collaboration has never been more important. Many of the firms recognised in this year’s awards demonstrated exceptional teamwork, both internally and across the broader financial ecosystem, to deliver creative solutions and support clients through challenging circumstances. Looking ahead, the long-term outlook for Apac remains compelling, supported by economic growth, expanding capital pools, ongoing infrastructure investment and the region’s growing influence in global financial markets.
Please see below the rationale behind this year’s North Asia winners:
MAINLAND CHINA
DOMESTIC
BEST BROKER | BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE
CICC
China International Capital Corporation (CICC) reinforced its leadership position in mainland China’s capital markets during 2025, delivering standout performances across equity capital markets (ECM), M&A advisory, institutional brokerage and investment banking.
Through its combination of domestic expertise, sector knowledge and integrated client solutions, the firm continued to play a pivotal role in supporting China’s economic transformation and capital market development.
In ECM, CICC ranked number one globally as sponsor for IPO financings by Chinese issuers and participated in many of the year’s most significant transactions. The firm arranged Rmb108.2 billion ($16 billion) of equity financing in mainland China, representing YoY growth of more than 580%.
Landmark transactions included Huadian New Energy’s Rmb18.2 billion IPO, the first Rmb10 billion Main Board IPO under China’s registration-based regime and the largest A-share IPO completed in 2025. CICC also demonstrated its ability to execute pioneering transactions through Jiaxin International Resources’ dual listing on the Hong Kong Stock Exchange (HKEX) and Astana International Exchange – the world’s first HKEX-AIX dual listing and Central Asia’s first RMB-denominated stock.
Beyond ECM, CICC maintained one of the strongest investment banking franchises in China. The firm underwrote more than Rmb1.34 trillion of bonds during the year and continued to lead innovation across debt and structured finance markets.
Notable transactions included the market’s first investment property ABS follow-on issuance, the first digital-finance themed financial bond, the first green sci-tech asset-backed notes in the public utilities sector and several landmark infrastructure REITs. These transactions highlighted CICC’s ability to support policy priorities including technology innovation, green finance, housing development and capital market reform.
CICC also retained its position as the leading M&A adviser in China. According to Dealogic, the firm ranked first in both China M&A and domestic China M&A league tables, advising on 86 transactions with an aggregate value of $111 billion.
Key mandates included Haier Group’s $1.8 billion acquisition of Autohome, the largest market-driven takeover of a NYSE-listed company by a Chinese acquirer since 2020, Alibaba’s disposal of Sun Art Retail, and Bain Capital’s sale of Chindata’s China business, the largest transaction in China’s data centre sector.
Meanwhile, CICC’s brokerage franchise continued to set the benchmark for institutional services. The firm maintained the leading market share among QFII clients for a 22nd consecutive year, expanded its global institutional client base, strengthened cross-border trading capabilities and produced nearly 7,000 research reports.
Supported by its reputation as a trusted “China expert”, CICC continued to combine research excellence, distribution strength and capital markets expertise at an impressive scale.
BEST DCM HOUSE
Bank of China
Bank of China (BOC) impressed across mainland China’s debt capital markets in 2025, underwriting Rmb1.68 trillion ($248 billion) of onshore bonds to rank number one among banking underwriters while maintaining its long-standing dominance in Panda bonds and offshore China bonds.
BOC worked on a series of market-defining firsts, including the first African multilateral institution Panda bond, the first North American corporate Panda bond, the first UK Panda bond and the first five-year sovereign Panda bond. The bank also led China’s inaugural sovereign green bond and landmark offshore green bond issuances, reinforcing its sustainability credentials.
These deals highlighted BOC’s ability to deliver innovative financing solutions, expand access to international capital and help shape the development of China’s bond markets.
BEST DIGITAL BANK
WeBank
As mainland China’s first digital bank, WeBank had already served 420 million registered users by mid-2025, with deposits and assets both exceeding Rmb650 billion ($96 billion) and growing 10% YoY.
The bank continued to redefine inclusive finance through flagship products such as Weilidai, China’s first fully online unsecured consumer loan, and Weiyedai, the country’s first fully online unsecured SME loan.
In 2025, it accelerated its transition to an AI-native bank, deploying more than 100 AI applications, 800 intelligent agents and 50 digital employees, driving significant gains in efficiency, customer acquisition and risk management. Its combination of technological innovation, financial inclusion and sustainable profitability continued to set global benchmarks for digital banking.
BEST LAW FIRM
Han Kun Law Office
Han Kun deserved recognition for its legal expertise, landmark cross-border transactions, sustained innovation and deep commitment to the development of mainland China’s legal profession.
The firm advised on several of the year’s most significant transactions, including Seres Group’s HK$13 billion ($1.7 billion) Hong Kong IPO – the largest auto-sector IPO during the year – and Baidu’s Rmb10 billion ($1.5 billion) offshore bond and $2 billion exchangeable bond issuance, including the largest five-year offshore Rmb bond issued by a Chinese enterprise. Han Kun also acted on Meituan’s largest-ever offshore senior notes offering, valued at approximately $3 billion.
Beyond transactions, Han Kun differentiated itself through thought leadership, a strong ESG, diversity and pro bono agenda, and its long-running legal scholarship programmes, lawyer training initiatives and educational partnerships.
BEST ONSHORE RATINGS AGENCY
China Lianhe Credit Rating
Based on its 2025 performance, Lianhe stood out for its market leadership, innovation and rating quality, supported by strong research capabilities and industry-leading investor engagement.
The agency maintained a number one market share in financial ratings, structured finance ratings, local government bond ratings and offshore Chinese bond ratings – while rating 4,257 bond issues with a 32.1% overall market share.
It also strengthened its methodologies, launched pioneering frameworks for sci-tech innovation bonds and deployed AI-powered report-writing, verification and knowledge-management systems.
Further, Lianhe played a leading role in numerous market firsts, including China’s inaugural rural commercial bank sci-tech innovation bond and innovative ABS transactions., Lianhe continued to set the benchmark for China’s onshore credit rating industry.
INTERNATIONAL
BEST BANK | BEST BANK FOR LARGE CORP & MNCs | BEST BANK FOR PUBLIC SECTOR CLIENTS
Citi
Citi had a notable 2025 in mainland China through its ability to connect global capital, multinational corporations, Chinese enterprises and public sector institutions during a period of economic and geopolitical change.
Leveraging its integrated banking, markets and services platform, the firm supported clients’ cross-border growth, capital raising, treasury transformation and risk management needs. Serving 70% of Fortune 500 companies in China and raising nearly $40 billion for domestic clients in 2025, Citi reinforced its position as one of the market’s most influential financial institutions.
Innovation was a key differentiator. Citi continued its transition to 24/7, real-time financial services, introducing advanced treasury, payments and liquidity solutions while participating early in China’s expanded FX business pilot. It remained the leading foreign bank in China by assets and deposits.
The bank also delivered several landmark transactions. It led Alibaba’s convertible bond issuance, one of the world’s largest equity-linked deals of 2025, helping raise approximately $10 billion across three transactions while pioneering bookbuilding during Hong Kong trading hours. It also supported Pop Mart’s global expansion through a digitally enabled treasury transformation featuring API integration, automated reconciliation and enhanced liquidity management.
For public sector clients, Citi played a leading role in China’s dual-currency, multi billion dollar sovereign bond issuances, both record-setting transactions, and acted on key sustainable development bond offerings for the Asian Infrastructure Investment Bank.
Citi’s Public Sector Group further strengthened its leadership through tailored advisory services, thought leadership and deep relationships with sovereign and government-related institutions.
Combined with strong growth, market-leading execution and continuous innovation, these achievements make Citi a deserving winner of these awards.
BEST ECM HOUSE | BEST INVESTMENT BANK
UBS
UBS’ capital markets success in mainland China in 2025 reinforced its position as a premier international investment bank in the local market.
The bank demonstrated exceptional execution across IPOs, follow-ons and equity-linked transactions, advising on many of the year’s most significant and innovative deals.
These included: CATL’s $5.2 billion Hong Kong IPO, the largest HKEX listing since 2021 and the lowest-discount A-to-H IPO since 2014; BYD’s $5.6 billion H-share placement, the largest Hong Kong equities transaction since 2021 and the largest accelerated automotive follow-on globally; Mixue Group’s $510 million IPO, the largest Apac food-service IPO since 2021; and Alibaba’s $3.2 billion convertible bond, the largest Apac convertible bond of 2025.
Beyond equity capital markets deals, UBS ranked number one among international investment banks for announced China M&A deals. For example, it advised on landmark transactions including the $31.2 billion Guotai Junan-Haitong merger, as well as the $21 billion ENN Energy privatisation.
Supported by its unique onshore-offshore platform and full ownership of UBS Securities China, UBS was able to combine strategic advice, innovation and execution excellence to merit these awards.
BEST INTERNATIONAL ESG RATINGS AGENCY
Sustainable Fitch
Sustainable Fitch earned recognition through its combination of innovation, market leadership and comprehensive ESG coverage in mainland China.
It is the only agency to combine independent ESG ratings with ESG issue assessments integrated into credit ratings, creating a unique one-stop solution for investors and issuers. By the end of 2025, it was covering nearly 900 entities and more than 4,450 instruments globally, while leading China’s international second-party opinion market with over 40 mandates.
The firm pioneered first-to-market products including post-issuance reviews and entity-level transition assessments, while its extensive thought leadership, investor engagement and market coverage strengthened sustainable finance development across China and Asia Pacific.
BEST INTERNATIONAL RATINGS AGENCY
Fitch Ratings
Fitch Ratings was impressive in mainland China as a leading international ratings agency in 2025 through unrivalled market leadership, analytical excellence and innovation. It was the top agency for first-time Chinese cross-border bond issuers, while maintaining dominant market share across public finance, corporates, financial institutions and securitisation.
In addition, Fitch’s differentiated methodologies – including pioneering sovereign-support assessments for non-bank financial institutions and ESG Relevance Scores – have become industry benchmarks.
Landmark transactions involving the firm included ratings for Meituan’s $3 billion-equivalent financing, China Three Gorges International’s debut euro issuance and CDB Leasing’s sustainability Tier 2 bond.
Supported by a large China-based analytical team, Fitch combined thought leadership, extensive investor engagement and market-first research tools to deliver trusted credit insights.
BEST LENDER
HSBC
HSBC leveraged its market standing and execution excellence to deliver complex cross-border financing solutions for mainland Chinese corporates, state-owned enterprises (SOEs) and financial sponsors in 2025.
The bank ranked number one onshore for syndicated loans, by both deal count and net revenue, while serving as the first call for complex mandates and completing 23 sole transactions. It led landmark financings including JD.com’s first-ever amendment-and-extension (A&E) loan, BeOne Medicines’ inaugural syndicated facility and the first biotech syndicated loan in Hong Kong.
HSBC also strengthened its position as the preferred lender for Chinese SOEs and expanded support for China-focused sponsors, backing six cross-border transactions across Asia and Europe.
BEST M&A HOUSE
Deutsche Bank
Deutsche Bank had a stand-out year across mainland China in 2025 – of growth, innovation and cross-border execution. The firm tripled its China M&A volumes and increased its Greater China market share.
Its 2025 deal roster included: the €4 billion ($4.6 billion) takeover of Ceconomy by JD.com, the largest European public acquisition by a Chinese buyer since 2020; and Tencent Music’s $2.6 billion acquisition of Ximalaya, China’s largest internet deal since 2022.
Deutsche Bank also differentiated itself through innovative structures, deep sector expertise and seamless execution across complex, multi-jurisdiction transactions.
BEST PRIVATE BANK
HSBC Private Bank
HSBC Private Bank earned this award through record growth, innovative client solutions and a differentiated proposition for internationally minded Chinese entrepreneurs and ultra-high-net-worth families.
In 2025, the bank delivered record revenue and assets under management, driven by strong client acquisition, expanding insurance penetration and record sales of alternative investment products. It strengthened its mainland China presence through new flagship wealth centres, enhanced concierge services and the launch of its Entrepreneurial Wealth Proposition, integrating corporate and personal wealth solutions under HSBC’s “One Bank” approach.
HSBC also expanded access to alternative investments, while its succession planning platform delivered significant growth in family trusts and landmark insurance transactions.
BEST SUSTAINABLE BANK
Crédit Agricole CIB
Given its pioneering transactions and deep commitment to advancing sustainable finance, Crédit Agricole CIB stood out in mainland China.
The bank maintained a top three position in Greater China’s sustainable debt markets and played a landmark role in developing China’s first-ever Sovereign Green Bond Framework, while acting as green structuring adviser for the country’s inaugural international sovereign green bond issuance. Crédit Agricole CIB also led a series of market firsts, including M-CGT-aligned green bonds and innovative sustainability-linked financings.
Backed by ambitious net-zero targets, dedicated ESG expertise and active participation in shaping regional sustainable finance standards, the bank continued to set benchmarks for sustainable banking across China and beyond.
BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS
Credit Guarantee and Investment Facility
This transaction was impressive for combining environmental, social and governance impact through an innovative capital markets solution that supports sustainable water infrastructure across mainland China.
The Blue bond issued by China Water Affairs refinanced critical water supply projects, helping reduce water loss, improve distribution efficiency and strengthen sustainable water management in underserved regions. Serving more than 30 million people across 25 provinces, the projects enhanced access to safe, reliable and affordable water while supporting public health, urban-rural integration and inclusive growth.
The transaction was also a landmark example of sustainable finance best practice, aligning with international green and blue finance standards and backed by Credit Guarantee and Investment Facility’s 100% credit guarantee.
MOST DEI PROGRESSIVE BANK
E.SUN Bank (China)
E.SUN Bank (China) demonstrated that diversity, equity and inclusion (DEI) is embedded across its culture, talent strategy and community engagement.
International talent accounts for more than 20% of staff, while women hold 51% of local management positions and are supported through enhanced maternity, childcare and family-care benefits. Notably, E.SUN’s comprehensive training framework, including AI-focused upskilling programmes, ensured equal access to development opportunities.
Employee engagement remained strong, with satisfaction levels near 90% and a talent retention rate of 94.8%.
Beyond the workplace, the bank extended its DEI commitment through long-term support for rural education, youth empowerment and disadvantaged communities, demonstrating meaningful and measurable social impact.
Hong Kong SAR
DOMESTIC
BEST BANK | BEST DCM HOUSE | BEST LENDER | BEST M&A HOUSE | BEST SECURITIES SERVICE
HSBC
HSBC reinforced its top-tier standing in Hong Kong in 2025 through a combination of franchise strength, market innovation, landmark transactions and unrivalled connectivity between Hong Kong, mainland China and global markets.
As Hong Kong’s number one bank by deposits, profitability and customer base, HSBC continued to extend its leadership, adding more than 1.1 million new customers to surpass seven million in total.
The bank maintained its leadership across retail wealth, commercial banking, brokerage, mutual funds, structured products, insurance, cards and lending.
Digital adoption continued to accelerate, with more than 60% of customers regularly using HSBC mobile applications. Innovative launches included: Hong Kong’s first bank-led blockchain-based tokenised deposit settlement service; the city’s first real-time aggregated open-banking account view; and over 600 new digital features introduced during the year. It was also among the first institutions to participate in Payment Connect, enabling real-time cross-boundary Hong Kong dollars and renminbi remittances.
In debt capital markets, HSBC ranked top across G3, Hong Kong dollar and offshore CNH bond markets. The bank led Hong Kong G3 issuance with a 10.5% market share, topped the HKD bond league table for the 31st consecutive year and ranked first in offshore renminbi bond issuance.
It played central roles in many significant transactions in 2025, including Airport Authority Hong Kong’s record $4.15 billion inaugural multi-currency bond offering, MTR Corporation’s $3 billion hybrid bond issuance, and the Hong Kong SAR Government’s landmark infrastructure and digital green bond transactions. The bank also cemented its reputation as the leading arranger of digital bond issuances.
HSBC’s lending franchise delivered equally impressive results. It retained its position as the leading syndicated loan bookrunner in Hong Kong, increasing deal volume by more than 100% YoY. It successfully arranged several landmark financings, including New World Development’s HK$88.2 billion ($11.3 billion) refinancing, MTR Corporation’s HK$30 billion green syndicated loan, and Chinachem’s pioneering HK$8 billion triple ESG-themed syndicated loan, the first of its kind in Asia.
HSBC also demonstrated its unique ability to mobilise Asian liquidity for borrowers across the Middle East, Europe, Australia, Latin America and China.
In M&A, HSBC ranked among Hong Kong’s leading advisers by both completed and announced deal value. The bank advised on several transformative transactions, including the $7.5 billion merger of Three UK and Vodafone UK, one of Europe’s most significant telecom consolidations, and DFI Retail Group’s $637 million disposal of its Yonghui stake. With deep sector expertise, cross-border advisory capabilities and longstanding client relationships, HSBC continued to be a trusted adviser on complex strategic transactions, privatisations and takeover-related mandates.
At the same time, HSBC’s Securities Services business further differentiated itself through technology-driven innovation and market leadership.
The bank enhanced custody, settlement, tax and asset servicing capabilities while launching HSBC Evolve, a next-generation data, analytics and reporting platform available across 33 markets. Through innovations in ETF custody, contractual settlement, digital onboarding and Bond Connect repo transactions, HSBC continued to expand client access to global markets while improving operational efficiency and risk management.
Combined with its extensive network, integrated banking capabilities and commitment to digital transformation, HSBC remained one of the most comprehensive and innovative securities services providers globally.
BEST BANK FOR USE OF TECHNOLOGY | BEST RETAIL BANK | BEST STRATEGIC INITIATIVE - BANKS
Hang Seng Bank
Hang Seng Bank was noteworthy in 2025 for digital innovation, customer-centric transformation, market-leading retail capabilities and a pioneering cross-border rewards initiative that redefined customer engagement.
At the heart of the bank’s success was a clear strategy focused on customer centricity, innovation and digital transformation. Serving almost four million customers, Hang Seng delivered strong retail performance, with gross retail revenue rising 8% YoY to HK$12.8 billion ($1.6 billion), while maintaining leadership positions across wealth management, ETFs, lending and credit cards.
Technology was a key differentiator. Hang Seng deployed more than 10 AI and generative AI use cases into production, creating measurable benefits across customer service, operations and risk management.
Innovations included: a GenAI-powered knowledge management platform used by more than 4,000 employees, saving approximately 1,300 staff hours annually; multilingual AI avatars delivering personalised investment updates in Cantonese and Mandarin; AI-enabled complaint management; and advanced financial crime detection tools that increased detection rates from around 50% to the mid-70% range.
Supported by a sophisticated data foundation, these initiatives enhanced productivity, customer experience and decision-making while reinforcing the bank’s position as a technology leader.
The standout strategic initiative was Hang Seng’s groundbreaking extension of +FUN Dollar rewards redemption into mainland China and Macau. Through a first-of-its-kind partnership with AlipayHK and seamless API integration, customers became the first in Hong Kong to redeem credit card rewards instantly at millions of cross-border merchants in real time. This transformed a traditionally local rewards programme into a powerful cross-border proposition, aligning with growing Greater Bay Area travel and spending trends.
The initiative drove more than 70% month-on-month growth in card linking to AlipayHK, increased cross-border reward redemptions by 30% and contributed to a 15-percentage-point improvement in credit card customer advocacy scores. As the first and only Hong Kong issuer offering rewards redemption at this scale across mainland China and Macau, Hang Seng set a new benchmark for digital payments innovation and customer value.
BEST BROKER | BEST INVESTMENT BANK
Huatai International
Huatai International strengthened its position as a leading cross-border financial institution in 2025 through a combination of capital markets execution, product innovation, technology leadership and international expansion.
During the year, it completed 55 transactions, including 22 Hong Kong IPO sponsorships, ranking third by deal count and underwriting volume of $17.8 billion. Landmark mandates included Chery Automobile, Pony.ai, Hengrui Pharmaceuticals and CNGR Advanced Material.
Among the highlights was Chery Automobile’s Hong Kong listing, the largest H-share IPO since 2023 and the largest automotive IPO on HKEX in 2025, with the retail tranche oversubscribed more than 300 times. The firm also advised on China Pacific Insurance’s H-share convertible bond issuance, a landmark transaction that was both the first offshore convertible bond issued by a dual-listed state-owned financial enterprise and the largest Hong Kong dollar zero-coupon convertible bond ever issued.
Innovation remained a key differentiator. Huatai International completed Korea’s first Paris Snowball OTC derivative transaction, introducing a Chinese-developed structured product to the Korean market. Meanwhile, its “All In AI” strategy culminated in the launch of AI ZhangLe, an AI-powered investment platform that reimagines client interaction through natural language and personalised investment support.
BEST CUSTODIAN BANK
Bank of China (Hong Kong)
Bank of China (Hong Kong) (BOCHK) strengthened its leadership as a Chinese-funded custodian in Hong Kong in 2025 through scale, innovation and cross-border expertise.
Assets under custody rose 34% to HK$2.5 trillion ($319 billion), serving more than 1,400 portfolios, while southbound, northbound and QDI clients grew strongly.
Leveraging Bank of China’s global network, BOCHK provided custody and investment servicing across 100+ markets and key channels including QFI, Bond Connect and Stock Connect. It also became one of the few Asian institutions appointed by Euroclear and Clearstream as a Eurobond depository and facilitated the world’s first Shanghai Free Trade Zone offshore bond, reinforcing its market leadership and connectivity credentials.
BEST ECM HOUSE
CICC
Based on landmark transactions, cross-border innovation and execution excellence, CICC was a well-deserved winner of this award. The firm ranked top for both global IPO financings by Chinese issuers and Hong Kong IPO sponsorships – participating in 53 of the market’s 117 IPOs and underwriting more than $10 billion.
It advised on many of 2025’s defining transactions, including CATL’s $5.25 billion Hong Kong IPO – the world’s largest IPO since 2023 – alongside Chery, Seres, SANHUA and Haitian Flavouring. CICC also pioneered the world’s first dual listing on HKEX and Kazakhstan’s AIX through Jiaxin International Resources, creating Central Asia’s first Rmb-denominated stock.
The bank was supported by deep sector expertise, a global distribution network and unrivalled cross-border capabilities.
BEST OFFSHORE RATINGS AGENCY
China Chengxin (Asia Pacific) Credit Ratings
Through its innovation, offshore expertise and growing global influence, China Chengxin (Asia Pacific) Credit Ratings (CCXAP) delivered an impressive performance in 2025.
The agency maintained 235 international issuer ratings, representing approximately 55% market share among Chinese-funded rating agencies, while adding 39 new issuers and expanding its Hong Kong money market fund ratings franchise by 650% YoY.
CCXAP distinguished itself through deep China market insight, a transparent top-down analytical framework and several market “firsts” – including pioneering offshore ratings for new issuer categories and landmark bond transactions.
It also launched Hong Kong’s first Stablecoin Assessment Methodology, reinforcing its role in shaping emerging digital finance markets and broadening international investor participation in Chinese offshore debt.
BEST PRIVATE BANK
HSBC Private Bank
HSBC Private Bank’s 2025 performance in Hong Kong reflected a powerful combination of global connectivity, client-centric innovation, sophisticated advisory capabilities and landmark transactions.
Leveraging the firm’s “One-Bank” model, it delivered seamless wealth, banking and succession-planning solutions across 35-plus markets across 11 booking centres, supported by tailored propositions for high-net-worth and ultra-high-net-worth clients. The bank achieved strong net new money growth, record-high client satisfaction scores and enhanced digital capabilities, including AI-powered advisory tools and global servicing solutions.
Stand-out achievements included the region’s largest-ever superyacht financing, a record-breaking wealth transfer insurance solution and the first private banking put-financing deal with a collar.
BEST STRATEGIC INITIATIVE - NONBANK FINANCIAL INSTITUTIONS
FWD Insurance
FWD Insurance’s strategic initiative redefined actuarial operations through its pioneering Actuarial Experience Study Automation Project.
As part of a broader finance transformation strategy, FWD created a centralised, “always data-ready” platform integrating policy, adviser, claims and customer data into a single source of truth. By combining automation, advanced analytics and interactive dashboards, the platform delivers real-time insights, enhances forecasting, strengthens risk management and supports faster, more informed decision-making.
It significantly reduced manual workloads, improved analytical accuracy and enabled proactive risk identification, product development and customer segmentation, demonstrating FWD’s leadership in insurance innovation and data-driven transformation.
MOST INNOVATIVE USE OF TECHNOLOGY - NONBANK FINANCIAL INSTITUTIONS
iFAST Financial (HK)
iFAST demonstrated a transformative approach to wealth management by creating an integrated technology ecosystem that digitises the entire investment lifecycle – from onboarding and research to portfolio management and execution.
Its suite of innovations included automated portfolio rebalancing tools, a pioneering DIY self-serve advisory model, paperless cross-border onboarding through eDDA and digital KYC, and intelligent fund-selection technology. These solutions reduced account-opening times significantly, boosted adviser productivity, expanded cross-border client acquisition, and enhanced client engagement through data-driven decision-making.
By seamlessly integrating advisory, research and execution into a single platform, iFAST has set a new benchmark for scalable, technology-enabled wealth management in Hong Kong, empowering both advisors and investors while redefining industry standards.
INTERNATIONAL
BEST BANK | BEST BANK FOR SMEs | BEST BANK FOR USE OF TECHNOLOGY | BEST PRIVATE BANK | BEST RETAIL BANK | BIGGEST SUSTAINABLE IMPACT - BANKS
DBS Bank
DBS Bank (Hong Kong) had a remarkable 2025 across key areas of its business – combining record financial performance, technology-led transformation, customer innovation, sustainability leadership and an integrated “One Bank” strategy that connected consumer banking, private, corporate banking and SME capabilities into a single client ecosystem.
DBS Hong Kong delivered record results despite a challenging interest rate environment. Net profit rose 3% to an all-time high of HK$9.6 billion ($1.2 billion) while total income increased 6% YoY to HK$21 billion. The wealth management business emerged as one of the major growth engines, driving a 33% increase and contributing to a 12% rise in non-interest income. The bank maintained a healthy cost-to-income ratio of 38%, demonstrating strong operational discipline alongside growth.
A defining differentiator was DBS’ ability to embed artificial intelligence (AI) and digital innovation across the entire banking value chain. Rather than launching isolated digital features, the bank redesigned onboarding, servicing, compliance, payments and relationship management around AI-enabled infrastructure.
Same-day digital account opening for eligible SMEs, GenAI-powered KYC screening, AI-driven servicing through Joybot 2.0, and internal DBS-GPT tools materially improved efficiency, governance and customer experience.
For SMEs, in particular, DBS established itself as a strategic growth partner rather than simply a lender. Through DBS MAX Merchant Solutions, DBS GlobeSend and the Enterprise Payments, the bank embedded itself into clients’ daily operating workflows, driving stronger engagement, deepening transactional management and supporting overall business growth.
Its integrated ecosystem and dedicated SME Sustainable Finance Programme enabled businesses to scale regionally while accessing sustainability-linked financing and digital treasury solutions.
For Private Bank, DBS was uniquely positioned to deliver Asia-centric investment solutions designed to grow and protect client wealth for future generations. It achieved this by bringing the full breadth of the bank’s capabilities to clients, providing them with access to consumer, corporate, and investment banking services. The resilient franchise and strong credi ratings were underpinned by a solid balance sheet, robust controls and sound risk management practices, which instilled confidence in the bank’s stakeholders.
Within consuer banking, DBS continued to redefine customer experience through technology, data analytics and empathy-driven service. Innovative offerings included Equities Trading Club, advanced digital FX capabilities, virtual-asset-related investment products, enhanced Wealth Management Connect solutions and a new flagship wealth centre serving affluent clients.
Equally impressive was DBS’ sustainability leadership. The bank continued to align its financing portfolio with net-zero ambitions, supported landmark sustainability-linked financings for clients, and participated in the HKMA’s Phase 2 e-HKD pilot programme to incentivise sustainable behaviours.
Beyond banking, DBS continued to invest meaningfully in community initiatives, contributing extensive volunteer efforts and making a positive impact on a broad segment of society, including more than 54,000 volunteer hours and positively impacting over 111,000 lives. Its combination of sustainable finance, responsible business practices and measurable community impact demonstrated a commitment to creating long-term value for society as well as shareholders.
BEST DCM HOUSE | BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE
UBS
UBS reinforced its status in Hong Kong during 2025 as a leading investment banking franchise, through landmark transactions, innovative financing solutions, key advisory mandates and deep relationships with many of the market’s most prominent corporates and family-controlled groups.
In debt capital markets (DCM), the firm led a series of record-setting transactions, including Airport Authority Hong Kong’s $7 billion-equivalent multi-currency bond offering, which generated more than $25 billion of investor demand and became the first corporate US dollar offering globally in 2025 to price with an inverted credit yield curve. UBS also advised on MTR Corporation’s $3 billion debut subordinated perpetual bond, the largest Reg S-only corporate perpetual globally and the largest Asian corporate perpetual issuance, alongside Hysan Development’s $750 million perpetual bond, the largest Asian property bond since 2021.
In equity capital markets (ECM), UBS led some of Hong Kong’s most innovative transactions. Highlights included Chow Tai Fook Jewellery’s HK$8.8 billion ($1.1 billion) convertible bond and concurrent share repurchase, the first such structure undertaken by a Hong Kong corporate and the largest sole consumer and retail equity-linked transaction in Asia ex-Japan. UBS also advised CTF Services on a series of pioneering equity-linked financings, including Hong Kong’s first exchangeable bond and first negative-yield equity-linked issuance in almost two decades.
These deals demonstrated the firm’s ability to combine creative structuring with flawless execution to solve complex capital management challenges for clients.
UBS was equally impressive in M&A. The firm advised on some of Hong Kong’s most significant strategic transactions, including: the $21 billion proposed privatisation of ENN Energy; the $13.4 billion privatisation of ESR Group; the $1.9 billion acquisition of Sun Art Retail by DCP Capital; and the landmark HK$10 billion ZG Group De-SPAC transaction.
The firm also advised on major cross-border transactions spanning infrastructure, logistics, real estate and industrial sectors, underscoring its ability to deliver bespoke solutions across complex situations.
What truly differentiated UBS was the strength of its integrated platform. The firm repeatedly demonstrated its ability to bring together M&A, ECM and DCM capabilities while leveraging deep client relationships developed over many years.
Its role across multiple transactions for the Chow Tai Fook Group, MTR Corporation and other leading Hong Kong corporates highlighted a level of trusted adviser status few competitors can match.
Combined with innovative product expertise, global investor reach, strong execution and leadership positions across key league tables, UBS set the benchmark for investment banking excellence in Hong Kong.
BEST LAW FIRM
Mayer Brown Hong Kong LLP
Mayer Brown demonstrated the breadth, innovation and execution excellence required to scoop this award.
This included deep Asia Pacific coverage with global capabilities, advising on complex cross-border capital markets, banking, M&A and technology transactions while maintaining one of the region’s strongest international legal platforms to deliver cutting-edge deal structures, encompassing a variety of significant legal matters.
Notable mandates included advising on Li & Fung’s $300 million high-yield bond and liability management transaction, one of Hong Kong’s first true high-yield issuances in over a decade. The firm also acted on United Energy Group’s $150 million acquisition of Egyptian energy assets.
BEST SECURITIES SERVICES
Tiger Brokers
Tiger Brokers (HK) has become one of Hong Kong’s most innovative securities firms, combining rapid client growth, technology leadership and multi-asset capabilities within a single digital ecosystem.
In 2025, it strengthened its position through seamless access to traditional securities, virtual assets, cash management and capital markets services – attracting high-quality clients and driving strong asset growth.
The firm was among the first mainstream online brokerages in Hong Kong to integrate cryptocurrency and traditional investing on one platform, while AI-powered tools and cash management innovations enhanced the client experience. Its participation in 37 Hong Kong equity offerings, including landmark IPOs, further demonstrated its growing capital markets influence.
BEST SUSTAINABLE BANK
Crédit Agricole CIB
Crédit Agricole CIB was a deserving winner of this award based on its market leadership, innovation, landmark transactions and deep commitment to advancing Hong Kong’s sustainable finance ecosystem.
The bank maintained a leading position in Apac sustainable debt markets, and advised on multiple market firsts, including Asia’s first social bond dedicated to reverse mortgage loans and the Hong Kong government’s pioneering digitally native green bonds.
Beyond transactions, Crédit Agricole CIB played a central role in developing Hong Kong’s sustainable finance infrastructure, contributing to the Hong Kong Taxonomy, supporting all sovereign green bond issuances since 2019, and launching an industry-first ESG-linked deposit product – in turn, reinforcing its position as a leading architect of sustainable finance across Hong Kong and Greater China.
JAPAN
INTERNATIONAL
BEST INTERNATIONAL RATINGS AGENCY
Fitch Ratings
Fitch Ratings stood out as the leading international ratings agency in Japan in 2025 through its market growth, analytical leadership and unrivalled stakeholder engagement.
The agency expanded its corporate franchise by adding seven new issuers, including first-time ratings and debut bond assignments for SoftBank and Kioxia, while strengthening its leadership in the TMT sector. Fitch also rated more than $22 billion of insurance subordinated debt and all TLAC issuances from Japan’s three megabanks – underscoring its influence across key sectors.
Beyond ratings, Fitch set the benchmark for transparency and market education through extensive investor outreach, innovative banker tools, bilingual research, and industry-leading thought leadership.
MONGOLIA
DOMESTIC
BEST BANK FOR USE OF TECHNOLOGY | BEST SUSTAINABLE BANK
Khan Bank
Khan Bank highlighted its leadership in Mongolia in 2025 in terms of digital transformation plus a deeply embedded sustainability agenda.
Notably, the bank’s financial results – with total assets rising nearly 18% YoY and its loan portfolio expanding just over 20% – were supported by rapid adoption of digital lending and banking services.
Technology was central to this success. Under Khan Bank’s digital strategy, 99.5% of transactions and 75% of consumer loans were processed through digital channels, while 1.9 million customers actively used digital services.
The bank launched advanced digital mortgage loans, salary-based credit cards, enhanced Digi Pay capabilities and the Khan Business App, creating a seamless ecosystem for consumers and SMEs. The bank also introduced Mongolia’s first generative AI-powered banking chatbot, reducing live-agent inquiries by 84% and eliminating approximately 96,000 monthly call-centre enquiries.
Equally impressive was the commitment to sustainable banking. Khan Bank expanded green finance, women entrepreneur lending and agricultural cluster financing, while raising $522.5 million for green, MSME and social-impact initiatives.
It issued Mongolia’s first Gender Bond, supporting women-led businesses and earning industry recognition for gender leadership. Other sustainable products included debit and business cards manufactured from 93% recycled plastic, while agricultural financing programmes promoted smart farming and soil preservation.
The bank’s Sustainability Strategy 2030, greenhouse-gas measurement programme, one million tree-planting initiative and partnership with UNICEF to build schools, further demonstrated a comprehensive ESG commitment.
SOUTH KOREA
INTERNATIONAL
BEST BANK | BEST DCM HOUSE | BEST LENDER
HSBC
HSBC strengthened its position during 2025 as a leading international bank in Korea, through a powerful combination of financing innovation, capital markets leadership, lending expertise and strategic support for Korea’s global expansion. This helped it connect Korean corporates, financial institutions and public sector issuers with global capital, investors and financing solutions.
In debt capital markets, HSBC ranked number one in Korea’s international bonds league table with a record $8.3 billion underwriting volume. The bank pioneered several market firsts, including Korea Housing Finance Corporation’s inaugural £300 million ($403 million) sustainability covered bond, the first sterling covered bond from Korea and the first by a non-EU issuer, and Korea Land & Housing Corporation’s debut €500 million ($580 million) social bond, the first standalone euro issuance by a Korean government-sponsored entity.
HSBC also led Korea Expressway Corporation’s HK$2 billion ($255 million) sustainability Wonton bond, the first offshore corporate issuance of its kind, and advised POSCO Holdings on the world’s first benchmark green bond aligned with ICMA’s Green Enabling Projects Guidance.
In lending, HSBC emerged as the top mandated lead arranger in Korea’s syndicated loan market, leading landmark sole-arranged financings for Shinhan Card, Woori Financial Capital and Shinhan Capital.
Its ability to attract lenders from across Asia and Europe, combined with deep client relationships and strong distribution capabilities, enabled it to execute some of the most successful syndicated loans in the market.
HSBC also impressed in sustainable and infrastructure finance, arranging over $20 billion of Korean export credit agency-backed financing over the past four years, including transformative energy-transition projects for LG Energy Solution, Hyundai Motor Group and major global infrastructure developments.
Complementing its financing achievements, HSBC introduced Korea’s first 24/7 FX API, expanded digital liquidity-management solutions and continued to play a pivotal role in market development and regulatory reform.
BEST ECM HOUSE | BEST INVESTMENT BANK
UBS
UBS had a stand-out 2025 in Korea. It ranked number one for M&A, advising on 22 transactions worth $25.9 billion and capturing a 28.2% market share, while also leading the equity capital markets (ECM) league tables with 13 transactions totalling $2.1 billion and a 28.9% market share.
In M&A, UBS advised on the $3.9 billion sale of Lotte Rental, as well as SK Hynix’s $9 billion acquisition of Intel’s NAND business, Samsung Electronics’ €1.8 billion ($2.1 billion) acquisition of FläktGroup, the $2.1 billion Meritz Financial investment in Narae/Yeoju Energy Service, and POSCO International’s acquisition of Sampoerna Agro.
The firm showcased its cross-border capabilities, advising on transactions spanning Europe, Southeast Asia and emerging markets, while maintaining deep relationships with Korea’s leading conglomerates and financial institutions.
In ECM, UBS advised on nearly half of all key Korean equity transactions during the year and led 12 of the market’s 20 major block trades. The bank further strengthened its IPO credentials through Semifive’s KOSDAQ listing, maintaining its record as the only international bank to participate in at least one Korean IPO annually since 2023. Other notable transactions included Hanwha Ocean, HD Hyundai Marine Solution, LG CNS and Samsung Electronics-related block trades.
The bank was supported by an experienced on-the-ground team, strong client loyalty and innovative execution.
BEST M&A HOUSE
Deutsche Bank
Deutsche Bank marked 2025 with a leading role in M&A in Korea, via landmark cross-border transactions, innovative structuring and exceptional execution.
The firm advised on some of the market’s most significant deals, including Air Liquide’s $3.3 billion acquisition of DIG Airgas, the largest inbound industrials acquisition into Korea in two decades, and POSCO International’s $1 billion acquisition of Sampoerna Agro, one of Korea’s largest Southeast Asian acquisitions in recent years.
Deutsche Bank’s integrated platform combined M&A advisory, acquisition financing and hedging solutions, in turn enabling seamless execution of highly complex transactions, while overall demonstrating impressive expertise, client trust and strategic impact.
TAIWAN
DOMESTIC
BEST BANK | BEST BANK FOR LARGE CORP & MNCs | BEST BANK FOR SMEs | BEST CUSTODIAN BANK | BEST INVESTMENT BANK
CTBC Bank
CTBC Bank had an impressive 2025, reinforcing its position among Taiwan’s top-tier financial institutions through record profitability, international expansion, market-leading corporate banking, innovative SME solutions, a dominant custody franchise and standout investment banking execution.
The bank achieved a record after-tax profit of NT$57.3 billion ($1.8 billion), up 16% YoY, supported by double-digit growth in both interest and fee income. Revenue reached NT$171.8 billion, while overseas operations contributed a record 33% of total profits, highlighting the strength of CTBC’s international platform spanning 14 countries and regions.
For large corporates and multinational clients, CTBC differentiated itself through its advisory capabilities, cross-border financing expertise and leadership in complex structured transactions. Corporate banking revenues reached NT$57.1 billion, supported by 10% loan growth and 8% deposit growth.
The bank leveraged its regional footprint to support clients expanding into Southeast Asia, North America and Japan, while investing heavily in AI-driven relationship management and customer intelligence systems that generated more than NT$10 billion of new lending opportunities.
CTBC also maintained its position as Taiwan’s leading domestic investment bank. Despite a challenging lending environment, it acted as mandated lead arranger and bookrunner on 74 syndicated transactions and delivered a 15% increase in fee income.
The bank remains a market leader in renewable energy financing and offshore wind advisory, having participated in every major Taiwanese offshore wind financing since 2019. Landmark transactions included: the NT$103 billion Fengmiao offshore wind project, the first Round 3 offshore wind financing in Taiwan and the first to include all state-owned banks in a non-recourse structure; Lotus Pharmaceuticals’ $710 million acquisition financing for Alvogen, the largest cross-border pharmaceutical acquisition in Taiwan’s history; and the NT$10.35 billion Westwood data centre financing, the largest data centre project financing ever completed in Taiwan.
For SMEs, CTBC demonstrated both scale and innovation. Its loan book grew 20% to NT$474.6 billion, market share increased to 4.4%, customer numbers rose to almost 32,000 and SME revenue increased 16% – all while maintaining a low NPL ratio of 0.54%.
The bank’s dual-track strategy combines digital lending and cash-management solutions for micro-enterprises with sophisticated financing, trade, treasury and wealth management services for growth-stage businesses. Innovations such as virtual company visits, AI-powered risk assessment, the Global Pay Platform covering over 120 currencies across 160 countries, and Taiwan’s first SAP API banking integration significantly improved customer experience and operational efficiency.
CTBC’s custody business also shone. As Taiwan’s largest local custodian with 9% market share and NT$5.3 trillion in assets under custody, the bank expanded custody, trust and employee-benefit services while winning more than 200 new custody and trust mandates.
It pioneered Taiwan’s regulated virtual asset custody pilot, expanded cross-border escrow services into Japan, secured a government-backed National Development Fund venture capital custody mandate, and strengthened its leadership serving international institutional investors through enhanced FINI capabilities.
BEST BANK FOR FINANCIAL INCLUSION | BEST SUSTAINABLE BANK | MOST INNOVATIVE USE OF TECHNOLOGY - BANKS
Bank SinoPac
Bank SinoPac showcased its strengths and capabilities during 2025 in terms of sustainability leadership, financial inclusion and technology innovation, highlighting how digital transformation can create both commercial and social value.
The bank continued to be dominant in Taiwan’s renewable energy transition. It holds more than 30% market share in solar photovoltaic financing, the largest in Taiwan, and expanded its support across offshore wind, energy storage, bioenergy and geothermal projects. By the end of 2025, green energy financing had reached NT$165.5 billion ($5.3 billion), supporting more than 5GW of installed renewable energy capacity.
Bank SinoPac also pioneered Taiwan’s green finance market as the first domestic bank to issue green bonds, social responsibility bonds and sustainability bonds, with eight sustainability bond issuances totalling NT$12.4 billion. Its innovative Green Energy Electricity Trading Trust Platform further strengthened transparency and efficiency in renewable energy trading.
Meanwhile, Bank SinoPac also transformed the ATM experience through its “3S” ecosystem – Supportive, Security and Smart.
Large-font interfaces, voice-guided accessibility, braille navigation and wheelchair-friendly ATMs enabled elderly and disabled customers to bank independently. The bank was also the first to introduce voice-sensor technology to help visually impaired users locate and operate ATMs. These initiatives earned recognition under SDG 10 and reinforced Bank SinoPac’s commitment to equitable access to financial services.
Pioneering technology initiatives were also a feature for the bank in 2025. It combined AI, biometrics and advanced analytics to enhance both security and customer engagement, and became the first bank in Taiwan to offer ATM-based palm-vein registration, while AI facial-recognition access controls and an industry-first withdrawal care mechanism helped prevent fraud before losses occurred.
At the same time, its FinPulse AI engine, Intelligent Financial Assistant and AI-driven personalisation platform delivered predictive insights and tailored recommendations, improving advertising effectiveness by 56% to 112% and establishing Bank SinoPac as a leader in AI-powered banking.
BEST BANK FOR USE OF TECHNOLOGY | BEST LENDER | BEST RETAIL BANK | MOST DEI PROGRESSIVE BANK
E.SUN Commercial Bank
E.SUN had a stand-out 2025 as a result of AI-driven innovation, digital lending leadership, customer-centric retail banking and a deeply embedded commitment to diversity, equity and inclusion (DEI).
Guided by its “3S Strategy” – Simple, Smooth and Sweet – the bank transformed both customer and employee experiences while delivering strong business growth and industry-leading innovation.
In terms of technology, E.SUN emerged as one of Taiwan’s most advanced AI-enabled banks. It launched Taiwan’s first patented generative AI-powered personalised financial services platform through its AI Mortgage Consultants solution, reducing customer data-entry requirements by up to 90%, processing more than 21,000 consultations within five months and lifting customer satisfaction to 96.8%.
Its pioneering E.SUN i-chat wealth advisory platform, developed with Google Cloud, transformed investment research into personalised recommendations, generating more than 20,000 interactions and converting over 52% of engagement into transactions. Internally, its KIMS AI knowledge platform handled nearly 120,000 employee enquiries while significantly reducing operating costs and improving productivity.
In lending, E.SUN achieved full digitalisation of its lending operations, with more than 98% of personal loan applications completed online and digital loan disbursements exceeding NT$50 billion ($1.6 billion). AI-powered underwriting, pricing and automation enabled 32.6% of applications to be approved within 24 hours, while proprietary pricing models generated NT$360 million in incremental profit.
Within its retail banking franchise, E.SUN combined digital innovation with ecosystem development to deliver exceptional customer outcomes. Wealth management net fee income rose 14%, affluent client assets increased 6.1%, and foreign currency deposits grew by more than NT$100 billion, ranking first in market growth.
The bank introduced the world’s first Japanese Yen Direct-Pay service through E.SUN Wallet, allowing customers to spend directly from foreign currency accounts while travelling. AI-powered wealth, lending and customer engagement platforms, together with integrated asset-liability management tools, strengthened customer acquisition, cross-selling and retention while reinforcing E.SUN’s leadership in digital retail banking.
In terms of DEI, meanwhile, E.SUN embedded diversity, equity and inclusion across culture, governance, talent development and employee wellbeing.
Female managers increased to 41.6%, supported by transparent promotion pathways, equal-pay policies and targeted leadership development programmes. The bank expanded support for diverse employee groups, including foreign nationals, LGBTQI+ employees, people with disabilities and indigenous communities, while introducing inclusive benefits such as gender-neutral uniforms, equal marriage benefits and enhanced parental and family-care leave.
BEST BROKER | BEST ECM HOUSE
Yuanta Securities
Yuanta Securities reinforced its leadership as Taiwan’s premier broker and equity capital markets (ECM) house through a combination of market dominance, innovative execution and landmark transactions.
It successfully evolved from a transaction-driven model into a service-led platform spanning execution, financing, cash management and reinvestment solutions. With more than 3.7 million client accounts, over 85% electronic trading penetration and cash management balances exceeding NT$100 billion ($3.2 billion), Yuanta strengthened client engagement while maintaining number-one rankings across brokerage, online trading, margin financing, stock lending, securities borrowing and lending, warrants and unrestricted-purpose loans.
The firm generated NT$24.4 billion in net profit, representing more than 22% of total industry earnings.
In ECM, Yuanta captured the number-one position in IPO underwriting value and combined IPO/SPO market share, completing 67 underwriting transactions worth NT$59.4 billion and securing a market-leading 25.6% share.
IPO underwriting proceeds exceeded NT$44 billion, more than tripling YoY, driven by marquee transactions including Hon Precision’s record-breaking IPO, the largest in Taiwan’s history, alongside Techman Robot, Intelligo and CHT Security.
The firm also led major convertible bond issuances for Taiwan Mobile and HD Renewable Energy, pioneered Taiwan Innovation Board listings and sustainable financing structures, and leveraged a global network of more than 8,000 institutional investors.
BEST DCM HOUSE | BEST M&A HOUSE | BEST PRIVATE BANK | MOST INNOVATIVE USE OF TECHNOLOGY - NONBANK FINANCIAL INSTITUTIONS
KGI Securities
KGI Securities had a noteworthy 2025 through a combination of advisory expertise, digital innovation and client-centric execution, making it a deserving winner of several awards.
In debt capital markets, KGI strengthened its position as one of Taiwan’s leading bond houses, delivering 11.7% YoY growth in underwriting fees despite challenging market conditions. Growth was driven by a 31.2% increase in Taiwan dollar bond underwriting and strong participation in niche transactions.
KGI remained the leading local underwriter in the Formosa bond market and the only Taiwanese institution to act as joint lead manager on third-party Formosa bond deals, including the $750 million SNB Funding transaction. The firm also demonstrated leadership in sustainable finance through key green and sustainability bond mandates for BNP Paribas, Crédit Agricole CIB, Chunghwa Telecom, Union Bank of Taiwan and Taipower, while landmark transactions for Delta Electronics, Unimicron and TransGlobe Life showcased its ability to deliver tailored funding solutions and support clients through regulatory and market transitions.
KGI’s M&A franchise continued to dominate in Taiwan. In 2025, it advised on several high-profile transactions, including Taishin Financial’s $7 billion privatisation of Shin Kong Financial Holding, Delta Electronics’ privatisation of Vivotek, and Yageo’s acquisition of Anpec Electronics. Its regulatory expertise, industry relationships and advisory capabilities have made KGI a trusted adviser on complex domestic and cross-border deals.
In private banking, meanwhile, KGI achieved a record year, reaching approximately 25% market share in trust-based wealth AUM and adding NT$8.4 billion ($267 million) in new assets. Ultra-high-net-worth clients with assets exceeding NT$100 million increased from four to 129, while structured products revenue rose 17% and insurance revenue increased 54%.
The firm further differentiated itself through offering Taiwan’s first fully integrated wealth adviser model among securities firms, bringing together tax, legal, trust, insurance and investment specialists, supported by its proprietary RichLife platform.
Technology innovation was another defining strength for the firm during 2025. KGI’s AI Securities Virtual Advisor combined generative AI with professional analyst expertise to deliver personalised market insights, AI-powered stock recommendations, quantitative screening tools, investment planning features and 24/7 intelligent customer service.
This industry-first human-machine advisory model helped drive strong client adoption, with online accounts representing 93% of new account openings, customer satisfaction reaching 90%, and electronic trading market share expected to exceed 10.8%, making KGI the second-largest market participant.
BEST STRATEGIC INITIATIVE - BANKS
Taishin International Bank
Taishin Bank transformed cross-border payments in 2025 through Taishin E-Remittance (Pay-to-Account), becoming the first bank in the local market to deploy Visa Direct technology for near-instant remittances directly to overseas bank accounts.
The initiative eliminated traditional pain points through full-amount crediting, real-time tracking, automatic FX conversion, 24/7 mobile access and fees around 70% lower than comparable services. Further enhancements included significantly higher transaction limits to support education, business and family transfers.
The results were compelling: transaction volume rose 119% YoY, transaction value increased 118%, fee income grew 128%, and customer retention exceeded 47%.
INTERNATIONAL
BEST BANK | BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE
Citi
Based on landmark transactions, cross-border advisory expertise and innovation, Citi had a stand-out 2025 in Taiwan across its capital markets franchise. More specifically, the bank led two transformational M&A deals and completed 11 major capital markets transactions while maintaining a top-three position across all major investment banking product categories.
Citi’s M&A franchise stood out through its role on some of Taiwan’s key strategic outbound acquisitions. The $2 billion acquisition of Alvogen US by Lotus Pharmaceutical transformed Lotus into a global top-20 specialty pharmaceutical company, doubling its revenue and EBITDA while significantly expanding its international footprint. Citi acted as buy-side financial adviser and also arranged a $712 million acquisition financing package, demonstrating its ability to deliver fully integrated advisory and financing solutions.
Citi also advised ASMedia on its $390 million acquisition of Techpoint, representing ASMedia’s first overseas acquisition – and the first privatisation of a Japan-listed, US-incorporated company, highlighting the bank’s expertise in navigating complex cross-border transactions.
In equity capital markets, Citi ranked number one among foreign investment banks, raising $4.6 billion across seven transactions. The firm played a central role in helping Taiwan’s technology champions capitalise on the AI-driven investment cycle. Highlights included: Quanta Computer’s $1 billion convertible bond issuance; Wistron’s $1.2 billion convertible bond and $914 million GDR offerings; and WT Microelectronics’ innovative $739 million combined GDR and ECB transaction.
Several deals set market precedents, including the largest Taiwanese GDR issuance since 2007, the largest Taiwan equity-linked transaction on record, and the first negative-yield Taiwan convertible bond since 2021.
Citi’s execution capabilities consistently delivered heavily oversubscribed order books, strong pricing outcomes and broad participation from global long-only investors and sovereign wealth funds.
Citi’s investment banking platform was further differentiated by its sector expertise across technology, semiconductors, healthcare and financial institutions – combined with longstanding client relationships and repeat mandates.
The bank demonstrated the ability to originate, structure and execute highly tailored solutions, often serving as sole global coordinator, sole adviser or sole bookrunner. Its integrated model, combining corporate banking, investment banking, markets, treasury and transaction services, enabled clients to access capital, pursue acquisitions, manage risk and expand internationally through a single trusted partner.
Supported by strong financial performance, a 60-year presence in Taiwan, market-leading client franchise and a proven track record of helping Taiwanese companies become global champions, Citi was able to deliver a comprehensive and influential performance during 2025.
BEST BANK FOR LARGE CORP & MNCs
ING
ING was an impressive banking partner for Taiwan’s large corporates and multinationals in 2025, through exceptional growth, innovation and cross-border execution.
It achieved 40% YoY growth, led by supply chain finance (+108%) and trade finance (+98%). In particular, ING played a pivotal role in supporting Taiwan’s AI-driven economy, including a €1 billion ($1.2 billion) guarantee for Europe’s first open semiconductor foundry, Wistron’s $3 billion working capital transformation, and Hon Hai’s landmark €650 million debut euro bond.
Combined with receivables finance, digital treasury solutions and Europe-Asia connectivity, ING delivered scale, liquidity and global growth opportunities for clients.
BEST DCM HOUSE | BEST SUSTAINABLE BANK | BIGGEST SUSTAINABLE IMPACT – BANKS | MOST DEI PROGRESSIVE BANK
HSBC
HSBC demonstrated its strengths across key areas of its business in Taiwan in 2025.
In debt capital markets (DCM), the bank led all five G3 bond offerings by Taiwanese issuers during the year, increasing its market share from 43% to 100%, while also ranking among the leading arrangers in the Formosa bond market with $1.8 billion of issuance volume.
HSBC’s strategy focused on helping Taiwanese issuers diversify funding sources, access global investors and prepare for Taiwan’s upcoming ICS-26 regulatory regime. Landmark transactions included Fubon Life’s inaugural $650 million offshore Tier 2 capital bond, which achieved the tightest spread ever for a Taiwanese insurer and introduced the first par-call feature for a Taiwan life insurer, as well as Hon Hai’s inaugural €650 million ($755 million) bond – the first euro-denominated public bond issued by a Taiwanese corporate. HSBC also led every Taiwan insurance capital transaction completed in 2025.
Sustainability remained central to HSBC’s strategy in Taiwan, expanding its sustainable finance portfolio to $3.3 billion, delivering 12% YoY growth in sustainable finance volumes and 32% growth in sustainable finance revenues.
Backed by HSBC’s global Net Zero Transition Plan, it positioned itself as a strategic transition partner for clients across renewable energy, climate technology, AI infrastructure and circular economy sectors.
The bank’s impact was demonstrated through several market-defining transactions – including key roles in Ørsted’s $3.25 billion Greater Changhua offshore wind financing and a $3.1 billion financing for Taiwan’s first Round 3 offshore wind project to reach financial close and construction. HSBC also supported critical offshore wind supply-chain companies and arranged sustainability-linked financing for a recycled PET facility in Malaysia capable of processing 50,000 tonnes of post-consumer plastic annually. These transactions directly supported Taiwan’s energy transition and regional decarbonisation efforts.
Beyond financing, HSBC’s Taiwan business reduced Scope 1 and 2 emissions by at least 20%, expanded renewable energy usage across its operations and invested more than NT$17 million ($540,000) in community programmes focused on financial literacy, biodiversity, disaster resilience and youth development. Employees contributed over 10,800 volunteer hours during the year.
The bank also set a benchmark for diversity, equity and inclusion. Executive accountability for inclusion, accessible banking initiatives, enhanced parental and caregiver benefits, flexible working arrangements, LGBTQ+ allyship programmes and comprehensive wellbeing support helped drive engagement and retention.
Employee engagement reached 80%, “We Value Difference” scores rose to 83%, and profit before tax more than doubled between 2022 and 2025.
BEST PRIVATE BANK
HSBC Private Bank
HSBC Private Bank earned recognition in Taiwan during 2025 through its distinctive combination of global connectivity, innovation, regulatory leadership and client-centric wealth management.
Leveraging HSBC’s international network and unique dual-hub model in Taipei and Taichung, it delivered holistic solutions spanning investments, lending, insurance and succession planning. For example, the bank was first in Taiwan to launch the KKR Private Market Equity Fund and among the first to offer innovative alternatives and credit-linked solutions.
As the only international onshore private bank with integrated insurance distribution and a fully digital private banking journey, HSBC continued to set industry benchmarks. Regulatory firsts, including Wealth Management 2.0 approval and participation in the Kaohsiung Asset Management Zone, further reinforced its leadership.
