Congratulations once again to the all the winners and highly commendeds of this year’s FinanceAsia Awards.For the full Southeast winners and highly commendeds kist, click 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 Southeast Asia winners. For the other markets' winners' rationale click here.
CAMBODIA
INTERNATIONAL
BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS
Private Infrastructure Development Group
PIDG delivered significant sustainable impact in Cambodia during 2025 through innovative financing solutions that mobilised private capital, strengthened local capital markets and expanded financial inclusion.
During the award period, PIDG committed approximately $66 million, mobilising $130 million of private investment across landmark transactions. Highlights included: supporting Cambodia’s first agricultural corporate bond through THACO Agri; financing sustainable agri-processing expansion; and creating an estimated 3,800 jobs.
Through First Finance, PIDG enabled affordable housing finance for around 1,300 low- to middle-income households, with women expected to represent 90% of beneficiaries. PIDG also strengthened market governance by building the capabilities of the Credit Guarantee Corporation of Cambodia, enhancing its ability to support larger and more complex sustainable financing transactions.
INDONESIA
DOMESTIC
BEST BANK | BEST BANK FOR FINANCIAL INCLUSION | BEST BANK FOR LARGE CORP & MNCs | BEST BANK FOR SMEs | BEST BANK FOR USE OF TECHNOLOGY | BEST CUSTODIAN BANK | BEST RETAIL BANK | BEST STRATEGIC INITIATIVE – BANKS | BEST SUSTAINABLE BANK | MOST INNOVATIVE USE OF TECHNOLOGY - BANKS
Bank Mandiri
Bank Mandiri showed a compelling combination during 2025 of scale, innovation, financial performance, digital transformation, sustainability leadership and financial inclusion, impressing judges across multiple award categories.
As Indonesia’s largest bank, it ended the year with assets of IDR2,830 trillion ($158 billion), loans of IDR1,895 trillion, deposits of IDR2,106 trillion and profit after tax of IDR56.3 trillion – while maintaining one of the industry’s strongest asset quality profiles with an NPL ratio of just 0.96%.
A defining differentiator was Bank Mandiri’s ability to build a fully integrated digital ecosystem spanning corporate, SME and retail customers. Rather than treating digitalisation as a standalone channel strategy, the bank embedded technology across every customer segment through three flagship platforms: ‘Kopra by Mandiri’ for wholesale banking; ‘Livin’ by Mandiri’ for retail customers; and ‘Livin’ Merchant’ for MSMEs.
This ecosystem generated substantial growth in customer engagement, transaction volumes and fee income, while reinforcing customer loyalty and strengthening the bank’s low-cost funding franchise. More than 80% of transaction frequency is now conducted digitally, demonstrating the success of this transformation.
For large corporates and multinational companies (MNCs), ‘Kopra by Mandiri’ has established itself as Indonesia’s leading wholesale digital platform, serving more than 300,000 users and processing IDR27,675 trillion of transactions in 2025. The platform integrates cash management, trade finance, bank guarantees and value-chain financing into a single ecosystem and supports hundreds of Fortune Global 500 companies operating in Indonesia.
Bank Mandiri further strengthened its proposition through the launch of Kopra Investment, enabling clients to digitally manage deposits and optimise liquidity across multiple currencies in real time. This combination of scale, innovation and seamless integration positions the bank as the preferred partner for domestic corporates and MNCs alike.
Its SME strategy was equally impressive. Bank Mandiri supports approximately 1.3 million MSME entrepreneurs and continued growing SME financing despite broader industry contraction.
Through ‘Livin’ Merchant’, Kopra and a structured ‘Plant, Nurture, Grow and Flourish’ development framework, the bank provided far more than financing. It delivered digital payment solutions, real-time settlement, business management tools, supply-chain connectivity and capacity-building programmes to help SMEs formalise and scale. ‘Livin’ Merchant’ reached 3.1 million users, with more than 60% located outside urban centres, highlighting its ability to drive inclusive growth across underserved communities.
Financial inclusion remained one of Bank Mandiri’s most significant achievements. ‘Livin’ by Mandiri’, now serving 37 million users, provided access to more than 150 banking, lending, investment and lifestyle features, enabling millions of Indonesians to participate in the formal financial system.
Programmes such as ‘Livin’ Around the World’ supported migrant workers and students overseas, while ‘Mandiri Agen’ extended banking access through a network of more than 111,000 agents, 81% of whom are located outside urban areas. Through these initiatives, the bank combined digital accessibility with community-based outreach, creating one of Indonesia’s most comprehensive inclusion ecosystems.
Technology innovation was another major strength. Bank Mandiri has expanded its in-house technology workforce from 1,800 to more than 4,500 professionals over five years, reducing reliance on third parties while accelerating innovation.
The bank’s Customer Data Platform (CDP) exemplified this approach, creating a unified 360-degree customer view that enabled real-time analytics, personalised engagement and data-driven decision-making.
The first implementation of CDP-powered personalisation through the ‘Livin’ Homescreen’ transformed customer experience by delivering tailored products and services based on customer behaviour and preferences.
In custody services, Bank Mandiri reinforced its leadership position in 2025 with assets under custody of IDR795.8 trillion and more than 42,000 clients, representing 117% growth YoY. This enabled the bank to remain one of Indonesia’s largest bond administrators and a top-three mutual fund custodian.
It continued to pioneer new market segments, including ETF administration, asset-backed securities linked to housing loans and Indonesia’s first asset-backed securities backed by PayLater receivables. The integration of custody account opening through the Livin’ app further expanded retail investor participation and differentiated the bank from competitors.
In terms of sustainability, with this deeply embedded within Bank Mandiri’s long-term strategy, the bank’s sustainable financing portfolio reached IDR316 trillion in 2025, including IDR166 trillion of green financing and IDR150 trillion of social financing.
The bank launched Indonesia’s first Sustainable Finance Framework and Transition Finance Framework aligned with international standards, while pioneering a $339 million sustainability-linked loan facility tied to measurable sustainability targets. The bank also strengthened climate action through carbon market participation and expanded ESG integration across lending, risk management and customer engagement.
Ultimately, Bank Mandiri’s achievements demonstrated a rare combination of market leadership, digital innovation, financial inclusion, sustainability and customer-centric transformation. Its ability to create a unified ecosystem connecting retail customers, SMEs, corporates and institutional investors through technology-driven platforms not only delivered exceptional financial results but also generated meaningful economic and social impact across Indonesia.
BEST BROKER
CGS International Sekuritas Indonesia
CGS International Sekuritas Indonesia stood out in this category in 2025 through strong financial performance, strategic transformation and market leadership.
Total income and gross profit both increased notably, supported by balanced growth across retail, institutional, fixed income and investment banking businesses. The firm maintained its position as Indonesia’s sixth-largest broker.
A technology-driven strategy enhanced execution capabilities, digital onboarding and client engagement, while partnerships with BMoney and DANA expanded retail investor access. Landmark M&A, private placement and privatisation mandates drove 230% investment banking income growth, reinforcing CGS’ evolution into a leading full-service securities franchise.
BEST DCM HOUSE
Indo Premier Sekuritas
Indo Premier Sekuritas showcased its debt capital markets franchise in 2025 through a combination of market leadership, innovation and execution excellence.
The firm ranked top across all Bloomberg IDR Bond and Sukuk league table categories, underwriting a record IDR28 trillion ($1.57 billion) of issuance and capturing just over 13% market share – despite being Indonesia’s only fully independent, non-bank, non-conglomerate securities house.
Indo Premier Sekuritas leveraged its strong distribution network, innovative structuring capabilities and consistent decade-long market leadership on several landmark transactions, including: Indonesia’s first Orange Bond and Sukuk for PNM; pioneering social and sustainable financings; and major fundraisings for Merdeka Battery Materials and Pegadaian.
BEST LAW FIRM
UMBRA – Strategic Legal Solutions
UMBRA – Strategic Legal Solutions had an impressive 2025 involving market-shaping mandates, legal innovation and deep sector expertise.
The firm advised on landmark transactions in Indonesia exceeding $1.5 billion, including helping establish Indonesia’s new sovereign wealth fund, BPI Danantara, and leading the country’s first JETP-financed renewable energy project and first solar-BESS project financing.
UMBRA also pioneered novel financing and restructuring structures, supported major bond and sukuk issuances, and strengthened Indonesia’s legal and financial infrastructure through policy development, ESG leadership and thought leadership – in turn cementing its reputation as a key adviser for the nation’s most complex transactions.
BEST SECURITIES SERVICE
BRI Danareksa Sekuritas
BRI Danareksa Sekuritas (BRIDS) distinguished itself in Indonesia in 2025 through the launch of Auto Order and SmartInvest Mutual Fund on its BRIGHTS platform – transforming retail investing through automation, discipline and accessibility.
These innovations addressed key investor pain points by reducing emotional trading, optimising idle funds and simplifying investment execution, in turn driving stronger transaction activity, higher platform engagement and increased asset utiliation. SmartInvest exceeded AUM targets within its first year, while Auto Order introduced systematic trading strategies that improved execution consistency.
Supported by integrated digital campaigns and a cross-functional execution model, BRIDS strengthened its market leadership and set a new benchmark for retail investment innovation and securities services.
BEST STRATEGIC INITIATIVE - NONBANK FINANCIAL INSTITUTIONS
Mekar Investama Teknologi
Mekar Investama Teknologi deserved recognition for its Multi Micro Agriculture Financing (MMAF) initiative, which redefined fintech’s role by linking digital financing directly to agricultural productivity, sustainability and rural economic development.
Rather than functioning solely as a lender, the firm built an integrated ecosystem connecting financing, precision agriculture, industrial offtakers and renewable energy generation. The initiative combined AI, IoT, drones and satellite monitoring to improve risk management and operational efficiency, delivering up to 30% lower fertiliser costs, 27% to 46% lower water usage and 35% to 65% lower chemical inputs.
By converting agricultural waste into biomass energy and creating traceable value chains, MMAF generated measurable economic, environmental and social outcomes while establishing a scalable model for inclusive, impact-driven growth across Indonesia.
BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS
Indonesia Infrastructure Finance
Indonesia Infrastructure Finance (IIF) deserved recognition by embedding ESG principles across its financing, operations and governance framework.
In 2025 alone, IIF helped avoid more than 4.8 million tonnes of CO₂ emissions, expanded clean electricity access to 27,051 households, financed water infrastructure delivering 27,051 litres per second of capacity, and supported healthcare facilities serving 351,000 patients annually. Further, its pioneering Green Perpetual Notes – Indonesia’s first publicly offered and first domestically issued green perpetual instrument – financed renewable energy projects while advancing capital market innovation.
Combined with 100% ESG screening of projects, biodiversity safeguards, Indigenous Peoples protections, operational decarbonisation initiatives and robust governance oversight, IIF established itself as a leading catalyst for sustainable infrastructure development in Indonesia.
MOST DEI PROGRESSIVE BANK
Bank BRI
BRI stood out in Indonesia during the awards period by embedding diversity, equity and inclusion (DEI) across its workforce, customer strategy and community impact.
The bank combined strong financial performance with meaningful social outcomes, including nearly IDR185 trillion ($10.4 billion) in micro and ultra-micro lending that primarily benefited female entrepreneurs, financial literacy programmes reaching more than 113,000 women, and tailored services for underserved communities. Workplace initiatives included leadership development for women, enhanced parental leave, flexible working arrangements and mental health support.
As the first Indonesian bank to integrate DEI into its sustainable finance policies, BRI set a benchmark for inclusive banking, extending financial access through more than one million BRILink agents and serving over 183 million savings accounts nationwide.
INTERNATIONAL
BEST BANK | BEST BANK FOR LARGE CORP & MNCs | BEST BANK FOR PUBLIC SECTOR CLIENTS
Citi
Citi demonstrated why it remains one of Indonesia’s premier foreign corporate and institutional banks in 2025 by combining the strength of its global network with local execution, innovation and landmark transactions to deliver outstanding outcomes for multinational corporations, large domestic corporates and public sector clients.
With access to 94 countries, operations across more than 180 markets and over 135 currencies, Citi leveraged its global connectivity to support over 1,000 multinational clients and more than 200 leading Indonesian corporates.
The bank delivered strong financial performance while maintaining notable balance sheet strength – reporting net income of IDR2.85 trillion ($159 million), a 38.5% capital adequacy ratio, 263.9% liquidity coverage ratio and an industry-leading net non-performing loan ratio of just 0.03%.
A key differentiator was Citi’s leadership in transaction banking and digital innovation. It introduced numerous market-leading solutions, including: Indonesia’s first paperless trade-document platform through CitiDirect eDocs; the first virtual card solution with automated spending controls; the first automated payment outlier detection capability; and the country’s first receivables purchase programme on a portfolio basis combined with sustainable supply chain finance.
Citi was also mandated as the first operational bank for Indonesia’s Ministry of Finance foreign-currency payments programme, underscoring its public sector credentials.
The bank played leading roles in several landmark transactions. Citi acted as exclusive financial adviser to XL Axiata in its $6.5 billion merger with Smartfren, creating a new telecommunications champion serving more than 80 million subscribers and accelerating Indonesia’s digital economy ambitions. Citi also supported critical infrastructure and corporate growth through financing for Tower Bersama Infrastructure and Golden Agri Resources.
For public sector clients, Citi was joint lead manager and bookrunner on PT Pertamina Hulu Energi’s inaugural $1 billion 144A/Reg S bond issuance, the largest Indonesian corporate bond transaction since 2022, and a deal that attracted strong global investor demand despite volatile markets.
BEST BANK FOR SMEs
OCBC
For SMEs in Indonesia, OCBC delivered sustainable growth and deepened customer relationships in a challenging economic environment. Rather than pursuing volume, the bank prioritised portfolio quality, prudent risk management and long-term SME success.
Its holistic “Nyala Bisnis” proposition combined tailored advisory, transaction banking, funding, lending and ecosystem support – helping businesses build, scale and expand. Digital innovation was a key differentiator, with onboarding becoming seven times faster and three times more cost-effective, while new features such as PILO, online loan applications and flexible digital deposits simplified financing and cash-flow management.
Strong funding growth – exceeding 100% of budget – reflected exceptional customer trust. OCBC further enhanced accessibility through Mandarin-language capabilities, cross-border banking solutions, local currency settlement services and strategic partnerships with leading digital accounting platforms.
BEST INVESTMENT BANK | BEST M&A HOUSE
Jefferies
Jefferies claimed the top league position among foreign investment banks and also M&A advisers by fee share – advising on transactions worth $4.5 billion across M&A and equity capital markets.
A defining differentiator in 2025 was Jefferies’ ability to originate and execute highly complex, first-of-their-kind transactions.
Highlights included advising Adaro on the $2.5 billion spin-off of its thermal coal business, featuring the first-ever concurrent secondary rights offering alongside a spin-off on the Indonesia Stock Exchange and creating more than $2.5 billion of shareholder value. The firm also advised on the $1.2 billion sale of Yupi Indo Jelly Gum to Affinity Equity Partners, the largest Indonesian consumer M&A transaction since 2020 and the first major M&A deal completed through a concurrent listing process. In addition, Jefferies executed one of the largest outbound acquisitions by an Indonesian conglomerate into Europe through the acquisition of TANN Group, demonstrating exceptional cross-border capabilities.
Supported by a senior-led local team, deep sector expertise, a fully integrated advisory and capital markets platform, and the backing of Jefferies’ global network, the firm consistently delivered premium valuations, innovative solutions and transformational outcomes across multiple sectors.
Its market leadership, execution excellence and ability to shape Indonesia’s corporate landscape make it a highly deserving winner of both awards.
BEST PRIVATE BANK | BEST SUSTAINABLE BANK | BIGGEST SUSTAINABLE IMPACT - BANKS
DBS Bank
DBS Indonesia distinguished itself in Indonesia in 2025 across a combination of private banking excellence, and sustainable finance leadership and impact.
In private banking, DBS reinforced its position as a trusted wealth partner. For example, despite volatile markets, the bank delivered investment revenue growth of 36%, investment fee income growth of 18.2%, net new money growth of 107% and wallet share growth of 18%.
Its success was driven by two key focuses. First an advisory-led model anchored by its CIO Office, combining global investment insights, AI-powered personalisation of portfolio recommnedation delivered through omnichannel nudges, 167 regular portfolio discussions with proactive relationship managers, 12 discussions with experts at critical market inflection points (e.g. Trump’s tariffs and the Jakarta protests), and innovative solutions enhancing product breadth for all-weather portfolio resilience, such as Indonesia’s first access to to gold ETF iShares. Secondly, clients also benefited from access to expanded opportunities aross six Asian markets, through unique programmes focuses on multigenerational wealth planning through education at DBS NextGen Excursion and global business connectivity through DBS Expert Connection.
DBS Indonesia reinforced its position as a leading sustainable finance bank in Indonesia, mobilising IDR7.5 trillion ($421.8 million) across more than 30 sustainable finance transactions while maintaining zero non-performing loans within its sustainable finance portfolio. Beyond financing, DBS played a strategic ESG advisory role, helping corporates develop credible sustainability frameworks, transition finance structure and decarbonisation pathways aligned with evolving market standards.
Market leadership was demonstrated through several landmark transactions. These included Indonesia’s first thematic bond issued by a financial institution, a pioneering green loan supporting one of the country’s largest renewable-powered AI-ready data centres, and DBS Indonesia’s first blended finance initiative with DBS Foundation supporting sustainable agriculture and financial inclusion.
Beyond banking, DBS delivered tangible environmental and social outcomes. The bank reduced Scope 1, 2 and 3 emissions by 16%, became one of Indonesia’s first banks to operate a fully electrified fleet in the capital city, and embedded sustainability through strong governance and organisation-wide ESG capability building. Its community programmes reached more than 183,000 beneficiaries, while its blended finance initiative, which supports a network of over 2,000 smallholder farmers, improved incomes by up to 100%, and strengthened sustainable agricultural supply chains.
Collectively, these achievements showed how DBS Indonesia has created lasting economic, environmental and social value while setting new standards for banking leadership in Indonesia.
BEST STRATEGIC INITIATIVE - NONBANK FINANCIAL INSTITUTIONS | BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS
UOB Asset Management
UOB Asset Management (UOB AM) had a stand-out 2025 in Indonesia for its strategy centred on customer-focused innovation, digital transformation, sustainability and regional connectivity.
Leveraging the firm’s regional expertise while strengthening local market capabilities, UOB AM successfully launched a suite of innovative products tailored to investor needs during a volatile market environment – including two capital protected funds and the UOB AM Cash Fund USD. These launches drove significant AUM growth and expanded access to low-risk and globally diversified investment solutions through an enhanced fund-on-fund structure.
The impact of these initiatives was exceptional. UOB AM recorded 153% YoY growth in AUM, far exceeding industry growth, achieved 10 consecutive months of record-high AUM and delivered 50% revenue growth.
Its ESG-focused products also gained strong traction, with ESG AUM increasing 75% YoY and its ESG money market fund growing 181%.
Sustainability remained embedded across the organisation’s investment, governance and community activities. UOB AM conducted ESG assessments on 97.8% of listed Indonesian companies, expanded engagement with major mining companies and maintained dedicated ESG governance supported by regional sustainability expertise.
Beyond investing, the firm delivered tangible environmental and social outcomes through mangrove restoration projects, food assistance programmes and green office initiatives, contributing directly to climate action, biodiversity protection, community welfare and financial literacy.
MALAYSIA
DOMESTIC
BEST BANK
Public Bank
Based on its financial performance, market leadership and sustained innovation, Public Bank demonstrated its prominence as a leading bank in Malaysia in 2025.
It delivered record profit before tax of RM9.54 billion ($2.35 billion), maintained the industry’s highest return on equity, 12.8% and lowest cost-to-income ratio, 34.9%, while preserving best-in-class asset quality with a gross impaired loan ratio of just 0.36%.
Public Bank remained the country’s leading financier for residential mortgages, passenger vehicles and SMEs, while advancing digital transformation through enhanced mobile banking, AI-driven fraud prevention and PB Enterprise 2.0. Public Bank also strengthened its sustainability credentials, mobilising over RM77 billion in sustainable finance since 2020 and launching PB Sustain to support customers’ transition journeys.
BEST BANK FOR SMEs
Alliance Bank Malaysia
Alliance Bank reinforced its position as a leading SME bank in Malaysia through sustained market share gains, novel digital solutions and a deep commitment to financial inclusion in 2025.
The bank’s Alliance Digital SME platform, featuring straight-through loan processing, AI-powered credit assessment and fully digital onboarding, transformed access to financing, particularly for underserved businesses. Meanwhile, strategic partnerships with CGC, SME Corp and sustainability-focused organisations expanded funding and ESG adoption, while pioneering initiatives such as Halal-in-One and BizSmart® Challenge provided holistic support beyond banking.
Combining strong financial performance, sector-leading innovation and a proven commitment to empowering entrepreneurs, Alliance Bank continued to set the benchmark for SME banking in Malaysia.
BEST BROKER
CGS International Securities Malaysia
CGS International Securities delivered an outstanding year in Malaysia, cementing its position as one of the leading brokers with a 10.76% market share, RM144 billion ($35.4 billion) in trading value and six months ranked first on Bursa Malaysia.
The firm combined market leadership with innovation, launching Malaysia’s first Bursa fractional share trading app, the first Shariah-compliant equity-linked structured investment notes and the first cryptocurrency futures offering by a licensed Bursa Malaysia Derivatives broker.
CGS also expanded its client base by more than 20,000 accounts, executed over RM2 billion of IPO and placement transactions, facilitated major ASEAN-China investment initiatives and strengthened financial inclusion through investor education, digital engagement and youth programmes.
BEST DCM HOUSE | BEST M&A HOUSE
CIMB
CIMB had an impressive 2025 across debt capital markets (DCM) and M&A based on market leadership, landmark transactions, innovation and regional execution capabilities.
In DCM, CIMB was the top Malaysian Ringgit bond arranger for the 19th consecutive year, the leading Malaysian Ringgit Sukuk arranger for the 13th year and the number-one ranked Asean local currency bond and global sukuk arranger.
It pioneered multiple first-of-their-kind transactions, including the first private equity-backed sukuk, Malaysia’s first REIT CGIF-guaranteed sukuk, and innovative perpetual and sustainability-linked structures. Notable deals included: PNB Merdeka Ventures’ RM6 billion ($1.5 billion) Sustainability Sukuk, the largest ringgit sukuk issuance of 2025; and SD Guthrie’s RM2.1 billion sustainability-linked sukuk, the largest of its kind in Malaysia.
In M&A, CIMB showcased its advisory capabilities across complex domestic and cross-border transactions. Highlights included: advising on the $6.5 billion merger of XL Axiata, Smartfren and Smartel, Indonesia’s largest M&A transaction of the year, completed in just four months; the transformational acquisition of SME Bank and EXIM Bank by BPMB; and the RM2.65 billion disposal of Mid Valley Southkey to IGB REIT.
In short, leveraging its deep Asean footprint, regulatory expertise and integrated advisory platform, CIMB consistently delivered key outcomes and strategic value for clients across the region.
BEST ECM HOUSE | BEST INVESTMENT BANK | BEST SUSTAINABLE BANK
Maybank Investment Bank
Together, Maybank Investment Bank and Maybank Investment Banking Group delivered an exceptional 2025 across equity capital markets (ECM), investment banking and sustainable finance, reinforcing their position as one of Malaysia’s leading capital markets franchises.
In ECM, the bank completed 24 Malaysian equity transactions raising $1.9 billion, a 35% YoY increase in deal value, despite volatile markets. It ranked top in Bloomberg’s Malaysia Equity Offering League Table with a 23.1% market share and completed six of Malaysia’s 10 largest equity deals. Strong execution and distribution capabilities were reflected in the bank’s ability to secure the largest institutional allocations across major deals, while 58% of transactions came from repeat clients.
Landmark transactions included: Eco-Shop Marketing’s $223.1 million IPO, the largest Malaysian IPO since September 2024; Paradigm REIT’s $130.8 million IPO, the largest Malaysian REIT IPO in 13 years; and Pharmaniaga’s $134.7 million concurrent rights issue and placement, the largest transaction of its kind in the country.
In investment banking, Maybank distinguished itself through its integrated advisory, debt and equity platform, combining deep sector expertise, extensive investor access and a leading regional network.
The bank maintained its number-one position across Malaysia’s bond and sukuk league tables while also ranking among the market leaders in ECM and M&A. Key transactions included: PNB Merdeka Ventures’ RM6 billion ($1.5 billion) Sustainability Merdeka Sukuk Wakalah; Pulau Indah Power Plant’s RM2.76 billion Sukuk Wakalah; and the Eco-Shop IPO, demonstrating leadership across infrastructure, sustainability and corporate financing.
Meanwhile, Maybank had an impressive year for sustainability, ranking top for sustainable bond issuances in Malaysia, raising $1.06 billion and achieving a 1,037% YoY increase in issuance volume.
The bank advised on numerous market firsts, including the world’s first Sustainability Sukuk for the palm oil sector, Malaysia’s first Green Corporate Bond for a REIT and the largest corporate Sustainability Sukuk issuance in Asean.
BEST LAW FIRM
Rahmat Lim & Partners
By successfully tackling complex landmark transactions and committing to talent development, along with innovative approaches to deals, Rahmat Lim & Partners stood out as Malaysia’s premier law firm in 2025.
It advised on significant and sophisticated deals including the RM12 billion ($3 billion) restructuring of the Vantris Energy group, alongside a $2.8 billion data centre financing and the landmark IPO of renewable energy leader Wasco Greenergy.
Beyond transaction excellence, the firm continued to pioneer responsible AI adoption through its A&GEL GenAI platform, investing heavily in lawyer development, diversity and international secondments.
Rahmat Lim & Partners’ credentials are reinforced by top rankings and recognition as a Green Ambassador, demonstrating excellence across legal expertise, innovation, sustainability and client service.
BEST STRATEGIC INITIATIVE – BANKS | MOST INNOVATIVE USE OF TECHNOLOGY - BANKS
Kenanga Investment Bank
Kenanga’s award-winning initiatives clearly showed how strategic transformation and technology innovation can work together to create a more scalable, resilient and client-focused business.
At the core was the Group Equity Business (GEB) transformation, a firm-wide restructuring that consolidated previously fragmented equity-related operations into an integrated platform spanning stockbroking, derivatives, digital wealth and treasury partnerships. This strategic reset strengthened operational efficiency, accelerated product development, enhanced governance and reduced reliance on traditional brokerage revenues – positioning Kenanga for sustainable long-term growth.
Despite a challenging market environment, the initiative helped preserve a roughly 25% retail market share, strengthened adviser productivity and reinforced leadership in derivatives and structured products.
A key driver of this success was ‘NagaWarrants by Kenanga’, which combined product innovation, advanced technology and investor education. Kenanga was able to maintain its position as Malaysia’s largest structured warrants issuer with a 45% market share, issuing 371 warrants and leading the market in both traded volume and value.
The platform introduced Malaysia’s first HSCEI and HSTECH structured warrants, broadening investor access to regional markets. It also launched the industry’s first portfolio-builder tool, enabling investors to simulate strategies, analyse risk-return scenarios and construct personalised portfolios. Supported by quantitative modelling, real-time data integration and digital analytics, the initiative enhanced investor engagement through 77 education programmes and high-reach online content.
Together, these innovations set new standards for innovation, accessibility and market development in Malaysia’s capital markets.
BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS
AmFunds Management
AmInvest delivered significant impact in terms of its sustainable investments in Malaysia in 2025. With a 28% market share in this space, the firm reinforced its sustainability journey with proprietary ESG scoring, PRI signatory status and comprehensive stewardship practices, including over 2,000 investee engagements.
A landmark achievement was the launch of Malaysia’s first and only SRI-qualified ETF, while the firm’s Climate Tech and Lower Carbon strategies delivered meaningful carbon reduction outcomes and strong ESG improvements.
AmInvest also continued to expand sustainable investing access, influence corporate behaviour and drive long-term environmental and social impact across Malaysia’s capital markets.
INTERNATIONAL
BEST BANK FOR SMEs
OCBC
OCBC earned recognition in Malaysia in 2025 through its combination of digital innovation, operational excellence and deep commitment to SME growth. The bank expanded its SME customer base to more than 90,000, grew its loan book by 10% to over RM9 billion ($2.2 billion) and improved SME asset quality, with gross NPLs declining to 2.2%.
A key differentiator was its first-in-Malaysia integration of SingPass into SME onboarding, cutting paperwork and reducing account-opening turnaround times by over 50% for cross-border businesses. OCBC also halved working capital loan approval times from 28 to 14 days and accelerated disbursements by 36 days.
Complementing this were innovative solutions such as the Multi-Currency Account, Women Unlimited and Serial Entrepreneur programmes – helping SMEs scale, expand regionally and access tailored financing with greater speed and confidence.
BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE
UBS
UBS reinforced its position as a top-tier international investment bank in Malaysia by executing several landmark transactions, delivering innovative structuring and proving the extent of its trusted client relationships.
During the award period, the firm advised on 13 Malaysian transactions across M&A and equity capital markets (ECM), representing approximately $7.8 billion in value, while ranking number one among international banks for both M&A and ECM share of wallet. Its core investment banking market share increased 178% year-on-year.
In M&A, UBS advised on some of the region’s most significant and complex transactions. It acted as sole international financial adviser to Malaysia Airports Holdings on its $5.1 billion privatisation by a consortium comprising Khazanah Nasional, EPF, GIP and ADIA – the largest airport M&A transaction and airport privatisation in Asean history, and also Asia’s largest airport deal since 2013.
UBS also advised on the sale of MCL Land to Sunway Group, the largest SEA real estate M&A transaction in 20 years, alongside strategic acquisitions involving SD Guthrie and Amova.
UBS’ ECM franchise was equally dominant. The firm led the following deals: Eco-Shop’s $226 million IPO, Malaysia’s largest IPO since 2022; Pavilion REIT’s $85 million placement, the largest Malaysian REIT primary placement of 2025; Khazanah’s $500 million exchangeable bond into TNB, the largest equity-linked issuance on a SEA-listed stock since 2021; and Malaysia’s largest healthcare block trade of 2025.
Strong aftermarket performance – including Eco-Shop trading around 30% above its IPO price and Pavilion REIT rising approximately 25% following its placement – highlighted UBS’ disciplined pricing and investor distribution capabilities.
Innovation remained a defining differentiator for UBS, which acted as sole financial adviser on Yinson Production’s $1 billion preferred equity investment from ADIA, BCI and RRJ, one of SEA’s largest structured equity transactions in two decades and Malaysia’s largest fundraising transaction in five years. The bespoke, multi-investor, multi-jurisdiction structure showcased UBS’ ability to deliver complex capital solutions.
BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS
UOB Asset Management
UOB Asset Management’s (UOB AM’s) Malaysia business delivered measurable and wide-ranging sustainability impact in 2025 through a disciplined stewardship strategy that combined active ownership, multi-year corporate engagements and industry leadership.
The firm conducted 31 ESG-focused engagements and dialogues across ESG themes, driving improvements in climate disclosures, transition planning, workforce transparency, labour standards and governance practices. Notable outcomes included: helping companies strengthen coal-to-clean-energy transition pathways; improving ESG disclosures that unlocked investment opportunities; identifying labour-risk gaps; and enhancing board composition.
UOB AM’s ESG research, regional webinars and collaboration with industry bodies amplified its influence beyond portfolio companies, demonstrating a commitment to systemic change, sustainable value creation and advancing Malaysia’s responsible investment ecosystem.
PHILIPPINES
DOMESTIC
BEST BANK
BDO Unibank
BDO Unibank had an impressive 2025 in terms of financial performance, nationwide reach, digital innovation, financial inclusion and sustainable financing. The bank delivered record net income of PHP87.2 billion ($1.4 billion), and grew loans by 13% and deposits by 10%, while maintaining strong asset quality and capital ratios.
Its strategy of combining physical expansion with digital transformation saw BDO Unibank open 106 new branches, bringing its network to 1,996 – the largest in the Philippines – while digital users increased 20%. The rollout of next-gen IT initiatives, omnichannel servicing and GenAI enhanced customer experience and operational efficiency.
The bank also deepened financial inclusion through BDO Network Bank’s expansion and thrift bank conversion, supported landmark transactions including the Philippines’ largest project financing for Terra Solar, and reinforced its leadership in wealth management, sustainable finance and community banking.
BEST BANK FOR LARGE CORP & MNCs | BEST BANK FOR SMEs | BEST BANK FOR USE OF TECHNOLOGY | BEST SUSTAINABLE BANK
Bank of the Philippine Islands
Bank of the Philippine Islands (BPI) set the benchmark for corporate banking, SME banking, digital innovation and sustainability in the Philippines during 2025 – reflecting a strategy built on ecosystem development, technology-led transformation and responsible growth.
For large corporates and multinationals, BPI Institutional Banking reinforced its position as a trusted partner to most of the country’s top 1,000 corporations and multinational companies.
Outstanding loans reached a record PHP1.77 trillion ($28.8 billion), representing around 70% of the bank’s total loan portfolio, while deposits grew 10% and revenues increased 7.3%. The bank also processed more than 100 billion transactions worth approximately PHP9 trillion, demonstrating BPI’s success in becoming clients’ primary operating bank.
BPI also advised on several landmark transactions, including Maynilad Water Services’ PHP34.3 billion IPO, the second-largest IPO in Philippine history, the largest global water utility IPO in 15 years, and the first Philippine company to receive a Green Equity label.
BPI’s SME franchise delivered equally impressive results. SME loans grew 80% YoY to PHP64 billion, deposits increased 25% to PHP67 billion and customer numbers rose 13% to more than 116,000 businesses.
A key differentiator was BPI’s use of alternative data and predictive analytics to assess creditworthiness beyond traditional financial statements, expanding access to financing for underserved entrepreneurs. Notably, its Ka-Negosyo On The Go (KNOTG) platform generated 125% growth in traffic, 142% growth in online applications and over PHP4.7 billion in approved loans.
Through partnerships with platforms such as Lazada, Taxumo, BuildHub PH and PriceLocq, BPI embedded financing directly into SME ecosystems while supporting entrepreneurs through nationwide education and capacity-building programmes.
Technology remained a core competitive advantage for BPI, with the firm’s Digital Supply Chain Financing (SCF) platform transforming paper-based financing into a fully digital solution offering real-time invoice visibility and instant access to working capital. Throughput increased almost fourfold to nearly PHP10 billion in 2025, while revenue rose more than 350%.
One major corporate client achieved a 96% supplier adoption rate, while payment cycles were reduced from up to 120 days to as few as 30. Supported by BizLink, BizKo and CASH360, the platform demonstrates how technology can simultaneously strengthen liquidity, supply-chain resilience and client engagement.
BPI also distinguished itself as a sustainability leader. It surpassed its PHP1 trillion sustainable finance target a year ahead of schedule, with 51% of its corporate and SME portfolio supporting the UN Sustainable Development Goals.
Further, the bank’s PHP40 billion SINAG Sustainability Bond – its largest ever – was eight times oversubscribed, while its pioneering Sustainable Development Finance programme has financed 532 sustainable projects worth PHP376 billion.
BPI was also the first Philippine bank to commit to a time-bound coal phase-out and now maintains a power-generation portfolio in which renewable energy accounts for 56%, more than double the national energy mix.
BEST BROKER
First Metro Securities Brokerage Corporation
First Metro Securities Brokerage Corporation (FirstMetroSec) distinguished itself as a leading local digital broker through strong trading growth, platform innovation and investor engagement. Despite a challenging market, it increased online trading volumes by 30%, broker-assisted volumes by 50% and total value traded by 32%.
The launch of Active Trader enhanced execution capabilities with real-time data, advanced charting and market-depth tools. Plus, its integrated investment ecosystem spans equities, bonds, REITs, mutual funds and UITFs. FirstMetroSec also demonstrated leadership in capital markets, driving retail participation in the retail treasury bond issuance and Maynilad IPO.
Supported by nearly 800 annual research reports and 680 financial literacy initiatives reaching over 165,000 Filipinos, the firm combined innovation, education and execution excellence to strengthen investor participation.
BEST DCM HOUSE
Security Bank Capital Investment Corporation
Based on its record financial performance, innovative financing structures and execution of landmark transactions, Security Bank Capital was notable in 2025 as one of the Philippines’ leading debt capital markets (DCM) franchises.
The firm achieved its highest-ever fee income of PHP503 million ($8.3 million), ranked second in the Philippine DCM league tables and delivered 11 bond issuances alongside PHP23.3 billion of private debt transactions.
Highlights included: Ayala Land’s largest-ever sustainability-linked bond; Metro Pacific Tollways’ maiden peso bond; Bank of Commerce’s heavily upsized PHP18 billion issuance; and the record-breaking PHP150 billion Terra Solar financing, the largest project financing in Philippine history. Its expertise in ESG-linked structures, project finance and tailored funding solutions reinforced its position as a premier DCM house.
BEST ECM HOUSE | BEST INVESTMENT BANK
BPI Capital Corporation
Based on market-leading execution, innovation and an ability to shape the development of Philippine capital markets, BPI Capital impressed as both the country’s leading equity house and one of its premier investment banks in 2025.
The firm completed nine equity capital markets (ECM) transactions worth PHP130 billion ($2.2billion) and topped the Bloomberg Philippine ECM league table for the second consecutive year with a 20.8% market share. It also executed 12 debt transactions raising $3.6 billion in total.
The firm’s defining achievement was its role as sole domestic global coordinator for Maynilad Water Services’ PHP34.3 billion IPO, the second-largest IPO in Philippine history, the largest global water utility IPO in more than 15 years and the country’s first green IPO. BPI Capital also pioneered the use of digital subscription platforms such as GCash and Maya.
The firm consistently delivered market-first structures, including: the Philippines’ first sustainability-linked bond and note tied to social KPIs for Cebu Landmasters; the first limited public offering of preferred shares for Raslag; and participation in the country’s first preferred share exchange programme.
Combining innovative structuring, ESG leadership, strong distribution capabilities and proven execution, BPI Capital continued to set the benchmark for investment banking and ECM excellence in the Philippines.
BEST PRIVATE BANK
East West Banking Corporation
EastWest Priority had a stand-out 2025 in terms of growth, innovative client engagement and a strategy that democratised private banking for the Philippines’ fast-growing affluent segment.
The franchise delivered a 38% YoY increase in AUM, a 34% five-year CAGR in net revenue and a 50% CAGR in net income after tax, while maintaining an industry-leading cost-to-income ratio of just 17.8%.
Its differentiated approach lowered the entry threshold for priority banking to PHP2.5 million ($41,400), expanding access to tailored wealth solutions. A nationwide rollout of 12 integrated Priority Centres, a seamless phygital ecosystem and a pioneering advisory training partnership with Singapore Management University strengthened client experience, adviser quality and cross-sell penetration.
BEST STRATEGIC INITIATIVE - NONBANK FINANCIAL INSTITUTIONS | MOST INNOVATIVE USE OF TECHNOLOGY - NONBANK FINANCIAL INSTITUTIONS
First Standard Finance Corporation
First Standard deserved recognition for a transformative combination of proprietary technology and customer-centric strategy during 2025.
Faced with the limitations of manual, fragmented processes, the firm developed a fully in-house digital ecosystem from the ground up, designed to synchronise transactions nationwide and provide real-time access to critical information across branches and departments. The initiative targeted a 60% reduction in processing time, enabling faster loan approvals, improved customer responsiveness and data-driven decision-making.
At the heart of the strategic initiative was a two-pronged approach: digitalising nationwide operations, and launching “The Smart Move” campaign. Beyond promoting financing products, The Smart Move repositioned credit as a tool for entrepreneurship, business expansion and personal advancement, elevating financial literacy and strengthening client relationships. This differentiated First Standard from competitors by focusing on customer success rather than transaction volume alone.
The technology’s impact was substantial. By the end of 2025, the company had expanded to more than 80 locations nationwide, increased its client portfolio by 6% and grown its workforce to nearly 800 employees.
With digitalisation already 60% complete, operational costs fell by 20% through automation, streamlined workflows and reduced paperwork, improving efficiency and profitability while freeing resources for further expansion and community initiatives.
This seamless integration of proprietary technology, operational transformation and financial empowerment created a scalable, socially responsible growth platform.
BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS
Credit Guarantee and Investment Facility
Credit Guarantee and Investment Facility (CGIF) has become a key catalyst for sustainable finance in Asia, helping issuers access long-term institutional capital while raising standards in sustainability, governance and market development. In the Philippines, CGIF supported Asialink Group’s Social Corporate Note issuance in 2025, marking the first CGIF-guaranteed peso-denominated social bond aligned with both Asean Social Bond Standards and ICMA Social Bond Principles.
The transaction expanded financial inclusion for underserved MSMEs, low-income borrowers and rural entrepreneurs through Asialink’s 500-plus branch network.
It also set a new benchmark for Philippine non-bank financial institutions by introducing enhanced reporting, proceeds tracking and impact measurement, strengthening transparency and accountability in the local sustainable finance market.
INTERNATIONAL
BEST BANK | BEST BANK FOR LARGE CORP & MNCs | BEST BANK FOR PUBLIC SECTOR CLIENTS | BEST BANK FOR USE OF TECHNOLOGY | BEST SECURITIES SERVICES
Citi
Citi’s franchise in the Philippines demonstrated a compelling combination of market leadership, innovation, institutional client focus and technology-driven execution throughout 2025.
The bank served 95% of the country’s 20 largest listed companies, more than 600 multinational corporations, around 50 financial institutions and a broad range of sovereign and public-sector entities. Its strength was underpinned by Citi’s global network spanning more than 90 markets and serving clients in over 180 countries, enabling it to act as a critical gateway between the Philippines and global capital, trade and investment flows.
Financially, Citi Philippines delivered strong results despite a challenging interest rate environment. Deposits increased 17% year-on-year, loans grew 3%, capital remained exceptionally strong with a 22% capital adequacy ratio, and return on equity stood at 22%.
Technology and innovation remain central to Citi’s strategy. The bank has invested heavily in digital platforms, blockchain-enabled solutions, smart-contract technologies and AI to improve client experience and operational efficiency. In the Philippines, Citi expanded bespoke e-commerce collection capabilities for international merchants, enabled new payment models linked to evolving e-wallet regulations, digitised supplier onboarding for supply-chain finance programmes and delivered innovative cross-currency payment and US dollar-clearing solutions for both universal and digital banks.
The firm has also been embedding AI across its operations to modernise processes and create a more seamless client experience.
Citi’s Securities Services franchise further strengthened its market position through a series of ‘firsts’. For example, the bank introduced the Philippines’ first Global Depository Receipts programme in 1991, Fund Administration Services in 2005, Account Operator Services in 2020 and the country’s first Middle Office Solutions offering in 2021. In 2025, it pioneered an exclusive automated bilateral repo solution with the Bangko Sentral ng Pilipinas, providing indirect fixed income registry access and creating a new model that is now being expanded to other banks.
The bank’s custody offering is also notable, holding approximately $33 billion in assets under custody, more than $5 billion in assets under administration, and an estimated 35% to 37% market share among institutional investors.
Combined with its leadership in FX, liquidity provision, derivatives, repo markets and risk-management solutions, Citi continued to deliver a comprehensive “One Citi” proposition.
BEST CUSTODIAN BANK
HSBC
HSBC stood out in the Philippines during 2025 for its technology-led innovation, operational excellence and industry advocacy in the custody space.
For example, the bank launched the Philippines’ first Matching Service under its global Rubix programme, enabling real-time trade matching and reporting, while enhancing its iQube settlement platform and eBSRD regulatory reporting system to improve efficiency, accuracy and compliance. HSBC maintained zero client attrition, won new mandates, supported major fund launches and serviced the country’s largest UITF.
Beyond client servicing, HSBC played a leading role in advancing Philippine capital markets through regulatory advocacy, infrastructure development initiatives, investor education and industry engagement.
BEST DCM HOUSE | BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE
UBS
UBS showcased its investment banking capabilities in the Philippines during 2025 through landmark transactions and execution excellence across debt capital markets (DCM), equity capital markets (ECM) and M&A advisory. This included announcing and completing 26 Philippine transactions with an aggregate value of approximately $13.9 billion, including 16 M&A deals, five DCM deals and five ECM ones.
In M&A, UBS advised on more than $9 billion of transactions and secured the top position with a 55.4% market share by deal value in 2025.
Highlights included acting as sole financial adviser to Meralco PowerGen and Aboitiz Power on the $3.3 billion acquisition of an integrated LNG facility from San Miguel Global Power, the largest M&A transaction in the Philippines and the largest Southeast Asian power-sector deal since 2018. UBS also advised SPNEC on the sale of a 40% stake in Terra Solar to Actis for approximately $600 million, representing the largest foreign direct investment in a greenfield infrastructure project in the Philippines and the country’s largest renewable energy M&A transaction in years. Additional mandates across logistics, telecommunications, data centres and strategic investments demonstrated UBS’ cross-border reach and sector expertise.
In ECM, UBS acted as lead-left joint global coordinator on Maynilad Water’s $591 million IPO, the second-ever largest deal of its type in the Philippines, the country’s largest IPO of 2025 and Asia’s first green equity IPO. UBS also executed the Philippines’ largest block trade in three years through the $140 million sell-down of SM Investments shares, alongside a $77 million SM Prime placement.
In DCM, UBS continued to lead landmark international bond issuance, completing approximately $4 billion of debt transactions.
Notable deals included the Republic of the Philippines’ $2.25 billion and €1 billion ($1.2 billion) sovereign offering, Bank of the Philippine Islands’ $800 million bond issue, Petron’s $475 million perpetual bond, and SM Prime’s debut $350 million bond offering – which achieved the tightest spread for a Philippine corporate since 2018.
With market-leading league table positions, deep client relationships, innovative firsts and a proven ability to execute the country’s most complex and transformative transactions, UBS stood out as a clear choice for these awards.
BEST PRIVATE BANK
HSBC Private Bank
HSBC Private Bank distinguished itself in Manila through its ability to connect Philippine high-net-worth and ultra-high-net-worth clients to global opportunities via HSBC’s network.
Combining cross-border banking, investment advisory, discretionary portfolio management and tailored credit solutions, the bank delivered holistic wealth management beyond traditional private banking. Its strengths in succession planning, family office services, philanthropy advisory and next-generation wealth transfer further enhanced its proposition.
In 2025, the bank deepened client relationships and saw strong YoY growth in net new money – leveraging data-driven insights, seamless global collaboration and bespoke solutions that helped clients diversify internationally, preserve wealth and achieve long-term financial objectives.
BEST SUSTAINABLE BANK
MUFG Bank
Based on its market leadership, pioneering transition-finance capabilities and landmark sustainable transactions, MUFG demonstrated why it is a stand-out bank in this sector in the Philippines.
MUFG led transformative deals including the country’s largest-ever green financing transaction for Prime Infrastructure’s hydropower projects, inaugural sustainable trade finance solutions and major renewable-energy financings for ACEN.
Beyond financing, MUFG advanced market development through thought leadership, sustainability training and stakeholder engagement – reaching over 1,200 participants through its MUFG N0W platform. Its influence, innovation and execution were further reflected in its ranking as the third-largest sustainable loan lender in Apac.
SINGAPORE
DOMESTIC
BEST BANK | BEST M&A HOUSE
United Overseas Bank
UOB was a stand-out bank in Singapore during 2025 due to the strength of its regional franchise, market leadership and ability to connect capital, businesses and investment opportunities across Asean.
Despite a challenging operating environment, UOB delivered resilient performance supported by strong fee income growth, a robust balance sheet and continued expansion of its regional platform. Its successful integration of Citigroup’s consumer businesses across four Asean markets strengthened its retail leadership, bringing its customer base to more than 8.5 million and reinforcing its One Bank strategy.
A key differentiator was UOB’s deep Asean connectivity. In 2025, the bank supported close to 550 companies in cross-border expansion projects worth more than S$7 billion ($5.5 billion) and launched initiatives such as the Green Lane under the Johor-Singapore Special Economic Zone.
The opening of its 11th FDI Centre in Seoul further strengthened regional investment corridors, while its FDI Advisory platform has supported nearly 5,500 companies on their internationalisation journeys.
In M&A, UOB cemented its position as Singapore’s leading public-market adviser, ranking number one for four consecutive years.
The bank successfully advised landmark privatisations including Alpha Integrated REIT, Frasers Hospitality Trust and Amara Holdings, demonstrating exceptional structuring expertise, cross-border execution capabilities, financing solutions and a proven ability to deliver complex, high-profile transactions.
BEST BANK FOR SMEs | BEST BANK FOR USE OF TECHNOLOGY
OCBC
OCBC had a notable 2025 by combining digital innovation, data-driven insights and customer-centric solutions to support businesses at every stage of growth in Singapore.
For SMEs, OCBC built a comprehensive ecosystem spanning onboarding, financing, payments, sustainability and regional expansion. More than 90% of business accounts were opened digitally, with over 70% approved instantly – while AI-enabled onboarding and OCBC Velocity streamline account opening and daily banking.
The bank further supported growth through embedded finance, integrated collections, pre-approved lending and cross-border opportunities via OCBC OneConnect and dedicated support for the Johor-Singapore Special Economic Zone.
Technology was a key differentiator. OCBC deployed artificial intelligence, automation and advanced analytics to simplify customer journeys and improve efficiency.
Innovations included: Pay to Wallet, Singapore’s first direct transfer service to major overseas e-wallets; Quick Sync biometric onboarding; and Digital Offshore Onboarding, which reduced account-opening times from weeks to just one to two days. Further, 22 automation bots generated S$1.4 million ($1.1 million) in annual savings while AI-powered service tools significantly improved response times and customer experience.
The bank also introduced several market-first innovations, including personalised sustainability insights through its Sustainability Hub, Singapore’s only fully digital gold and silver trading platform, and enhanced financial wellness tools such as Money In$ights. Together, these initiatives demonstrated OCBC’s leadership in leveraging technology to drive SME growth, deepen customer engagement and create a highly differentiated digital banking franchise.
BEST BROKER
Maybank Securities Singapore
Maybank Securities distinguished itself in Singapore as a leading broker during 2025 through its integrated platform spanning retail, institutional, prime brokerage, investment banking and research.
Providing clients with access to 49 global equity markets alongside financing, advisory and multi-asset solutions, the firm demonstrated exceptional execution capabilities, ranking among Singapore’s top equity capital markets houses and playing key roles in landmark transactions including the Centurion Accommodation REIT IPO, Coliwoo Holdings IPO and Dubai Islamic Bank’s sustainability-linked sukuk.
Maybank Securities’ research-led approach, market insights, digital innovation, regional connectivity and comprehensive client solutions set it apart in an increasingly competitive brokerage landscape.
BEST DCM HOUSE | BEST ECM HOUSE | BEST INVESTMENT BANK | BEST SUSTAINABLE BANK
DBS Bank
DBS’ performance in 2025 cemented its position as a top-tier investment bank in Singapore across debt capital markets (DCM) and equity capital markets (ECM), while also advancing the nation’s sustainable finance agenda.
In DCM, DBS remained a dominant force in the domestic bond market, ranking among the top bookrunners for Singapore dollar (SGD) bond issuance and continuing its long-standing leadership in corporate bonds, perpetual securities and sustainable debt.
The bank successfully led landmark transactions including: AIA’s S$800 million ($624 million) Tier 2 bond; PSA International’s S$600 million green bond; and Equinix’s S$500 million and S$650 million green bond issuances. Equinix’s debut transaction was notable as the first green bond by a foreign non-financial corporate in the SGD market and the largest SGD bond issuance by a non-Asian corporation, reinforcing Singapore’s position as a regional sustainable finance hub.
In ECM, DBS ranked number one in Singapore’s all-equities league table for the ninth consecutive year, accounting for 84.7% of total equity proceeds raised. It led four IPOs, six placements and two preferential offerings, helping revive activity on the Singapore Exchange.
Landmark transactions included the IPOs of NTT DC REIT, the largest SGX IPO in a decade, Centurion Accommodation REIT, Singapore’s first pure-play purpose-built living accommodation REIT, and UltraGreen.ai, the first healthcare company to list on SGX since 2012 and the largest corporate IPO in 15 years. DBS also led major capital raisings for CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT and Frasers Centrepoint Trust.
As an investment bank, DBS stood out for its ability to provide integrated financing, advisory and capital markets solutions. Its deep domestic franchise, unrivalled investor access and strong execution capabilities enabled it to deliver successful outcomes across sectors ranging from real estate and infrastructure to technology and healthcare.
DBS also strengthened its leadership in sustainable finance. The bank expanded sustainable financing to more than S$102 billion and facilitated S$41 billion of sustainable bond issuances.
Beyond financing, it played a pivotal role in ecosystem development, launching Singapore’s first manufacturing decarbonisation playbook, supporting SME sustainability readiness programmes recognised by the OECD and leading industry initiatives through the Singapore Sustainable Finance Association. Combining capital deployment, innovation, market-building and thought leadership, DBS continued to set the benchmark for sustainable banking in Singapore.
BEST LAW FIRM
Allen & Gledhill
Allen & Gledhill combined market-leading legal expertise, innovation and social impact during 2025 to reinforce its position as a premier Singapore law firm.
The firm launched a dedicated International Trade Practice and Johor-Singapore Special Economic Zone Desk, helping clients navigate complex cross-border regulatory and investment challenges. It also became the first Singapore law firm to secure a government GenAI grant, developing its proprietary AI platform, A&GEL, to enhance efficiency while maintaining strict client confidentiality.
Further, Allen & Gledhill advised on Singapore’s largest syndicated loan, S$12 billion ($9.4 billion), SEA’s largest IPO since 2022 ($773 million NTT DC REIT) and a landmark South Beach transaction, while leading the profession in ESG, pro bono and community initiatives.
BEST STRATEGIC INITIATIVE - NONBANK FINANCIAL INSTITUTIONS | MOST INNOVATIVE USE OF TECHNOLOGY - NONBANK FINANCIAL INSTITUTIONS
UOB Asset Management
UOB Asset Management (UOB AM) stood out in Singapore for two transformative initiatives that showcased both strategic vision and technological innovation.
The firm successfully launched and scaled Cash+ Xtra and BizCash+, digitally-enabled cash management portfolios that address the evolving liquidity and yield needs of both retail investors and SMEs. Delivered through the UOB AM Invest App, the solutions combined institutional-grade portfolio management, seamless digital onboarding, daily liquidity, low entry barriers and dynamic asset allocation, creating a differentiated alternative to traditional deposits and cash products.
The initiative proved highly successful, generating rapid asset growth, significantly expanding UOB AM’s client base and reinforcing its digital ecosystem.
In addition during the award period, UOB AM’s proprietary AI-Augmentation@UOBAM framework represented a pioneering application of AI and machine learning in asset management.
The framework combines AI-driven analytics with human expertise to screen more than 25,000 stocks across Asia, incorporating alternative datasets such as satellite imagery, credit card data and NLP-based sentiment analysis. Its three-stage process – idea generation, analyst-led selection and portfolio optimisation – reduces bias, enhances coverage and improves decision-making while maintaining rigorous risk controls.
The framework delivered strong investment outcomes, improved operational efficiency, strengthened scalability across mandates and positioned UOB AM as a leader in AI-enabled investing.
INTERNATIONAL
BEST BANK | BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE
Citi
Citi’s performance in 2025 demonstrated why it deserves recognition in Singapore. Combining its investment banking strengths with a differentiated “One Citi” approach, the bank delivered landmark transactions, innovative solutions and outstanding client outcomes across banking, capital markets and advisory.
Its leadership was reflected in the league tables, where it ranked first in equity issuances and M&A, and second in debt issuances for Singapore-related transactions in 2025.
Citi executed eight equity and equity-linked transactions, raising approximately $2.7 billion; six debt deals raising $3.8 billion; and nine M&A transactions valued at $10 billion.
Citi advised on some of the year’s most significant and market-defining deals, including Ultragreen.ai’s $400 million SGX IPO. This was the first healthcare SGX IPO and the largest non-REIT / Trust IPO since 2012. Citi was also exclusive financial adviser and exclusive placement agent on Ultragreen.ai’s $190 million pre-IPO round.
Citi was part of several S-REIT equity fundraisings as well, including NTT DC REIT’s $773 million SGX IPO (first S-REIT IPO since December 2021, and largest S-REIT IPO in the past decade), CapitaLand Integrated Commercial Trust’s $466 million Primary Placement, CapitaLand Ascendas REIT’s $388 million Primary Placement, Frasers Centrepoint Trust’s $318 million Equity Fundraise (Primary Placement and Preferential Offer), and Lendlease Global Commercial REIT’s $215 million Primary Placement.
Citi was also involved in landmark debt capital markets transactions, including Temasek’s $1.5 billion dual-tranche bond, marking its return to US dollar markets after four years, and Great Eastern Life’s inaugural $500 million AT1 bond, the first G3 benchmark bond from a Singapore insurer and the highest-rated insurance AT1 issuance globally in a decade. Citi also continued its long-standing partnership with BOC Aviation across multiple benchmark issuances.
The bank’s M&A franchise advised on many of the region’s most strategic transactions, including the $1.1 billion acquisition of La Rinascente, and the $3 billion privatisation of Paragon REIT, the largest S-REIT privatisation ever.
Cross-border transactions represented 64% of advisory value, underscoring Citi’s global connectivity and sector expertise.
Beyond transactions, Citi differentiated itself through innovation, expanding Citi Token Services, real-time funding and digital payments capabilities, while leveraging AI and digital tools across its businesses.
BEST BANK FOR USE OF TECHNOLOGY | MOST INNOVATIVE USE OF TECHNOLOGY - BANKS
CIMB
CIMB’s technology transformation has been impressive for combining AI, automation and customer-centric design to create a secure, frictionless digital banking experience.
In 2025, the bank redefined onboarding of retial customers through AI-powered identity verification, automated customer due diligence and money mule detection, and seamless workflow automation.
These initiatives delivered measurable impact with significantly fewer money mule accounts flagged and fewer incomplete applications.
With nearly all products available digitally, customers also enjoy fast, secure and intuitive experiences across CIMB Clicks mobile app, EVA chatbot and partner ecosystems.
CIMB Singapore also earned recognition for tis innovative Preferred Virtual Concierge Bot, an AI-powered Whatsapp platfform that redefined affluent banking.
Built on the success of its NLP-driven EVA chatbot, the solution combines 24/7 digital servicing with seamless acces to relationship managers, creating a unique blend of automation and personalised transactions. The bot delivers market insights, investments and insurance information, exclusive privileges, FX rates, appointment booking and instant deposit calculations within a single interface.
Since its launch in October 2025, its has reduced calcuation-enquires by 20%, demonstrating measurable impact, scalability and customer-centric innovation.
CIMB Singapore’s vision remains clear - simpler, better, faster banking that empowers customers with confidence and ease.
BEST DCM HOUSE
UBS
Given its landmark transactions and ability to execute across currencies, formats and issuer types, UBS stood out in Singapore among foreign banks for debt capital markets (DCM) in 2025.
The firm successfully completed major transactions for DBS, OCBC and UOB, despite having no lending balance-sheet advantage. Highlights included: DBS’ $2 billion covered bond, the largest single-tranche US dollar bond ever issued by a Singapore bank; Great Eastern Life’s $500 million AT1 bond, the first US dollar-denominated public insurance capital issuance from Singapore; and multiple record-setting Clifford Capital transactions.
UBS combined innovative execution, deep investor access and cross-border expertise to deliver market-defining outcomes.
BEST PRIVATE BANK
HSBC Private Bank
HSBC Private Bank demonstrated the scale, innovation and connectivity in 2025 that defined a leading international private bank in Singapore.
The business delivered strong growth in profit before tax and client assets. Its “One Bank” model generated new client acquisitions through cross-business collaboration and leveraged HSBC’s global network to provide seamless wealth, banking and corporate solutions.
Innovations included the launch of HSBC Privé; the bank’s first dedicated private banking credit card ASPIRE PRO, the market’s first mobile-based discretionary investment platform; and a pioneering public-private markets strategy.
Landmark transactions, bespoke financing capabilities, deep family office expertise and novel trust, alternatives and wealth planning solutions further reinforced HSBC’s status.
BEST STRATEGIC INITIATIVE – BANKS | BIGGEST SUSTAINABLE IMPACT - BANKS
Agricultural Bank of China (Singapore Branch)
Agricultural Bank of China’s Singapore Branch (ABC SG) earned recognition in 2025 for its leadership in sustainable finance innovation, market development and measurable environmental impact.
Sustainability was embedded at the core of irs strategy, enabling the branch to mobilise approximately $549 million in green and sustainability-linked loans, invest over $200 million in green bonds and participate in more than $1 billion of green bond underwriting activities in 2025.
ABC SG delivered a series of regional firsts, including: SEA’s first $300 million Sustainability-Linked Loan Financing Bond (SLLB) listed on the Singapore Exchange; Apac’s first Blue Certificate of Deposit, a pioneering transition bond supporting hard-to-abate sectors; and Green Deposits that channel capital to environmentally beneficial projects.
These innovations were underpinned by proprietary sustainability and transition finance frameworks that established rigorous governance, transparent reporting and credible decarbonisation pathways.
Beyond financing, ABC SG played a key role in advancing Asean’s sustainable finance ecosystem. Several landmark transactions broadened investor participation, deepened sustainable debt markets and accelerated transition finance adoption, while the Sino-Singapore Green Finance Forum strengthened regional collaboration among regulators, corporates and financial institutions.
Supported by robust ESG governance and risk management, ABC SG distinguished itself for delivering both commercial success and lasting sustainable impact.
BEST SUSTAINABLE BANK
MUFG Bank
MUFG had an impressive 2025 for advancing sustainable finance, transition finance and market development in Singapore.
The bank played a pivotal role in landmark transactions, including: AirTrunk’s S$3.8 billion ($3.0 billion) sustainability-linked loan; Asia’s first aquaculture blue loan for Thai Union with ADB; and innovative sustainability-linked financing for Hines Asia Property Partners and JERA.
Beyond transactions, MUFG helped shape Singapore’s sustainable finance ecosystem through leadership roles in the Singapore Sustainable Finance Association’s blended finance and transition finance workstreams. The bank’s differentiated approach combined financing expertise, climate research, thought leadership and sustainability training, to help reinforce Singapore’s position as a regional sustainable finance hub.
THAILAND
DOMESTIC
BEST BROKER
CGS International Securities Thailand
CGS International Securities delivered a stand-out performance in 2025 amid a difficult market, reinforcing its position as one of Thailand’s leading brokers.
The firm successfully diversified revenue beyond traditional brokerage through strong growth in private funds, cross-border trading and wealth solutions, while enhancing operational efficiency and resilience.
Its record-breaking cross-border trading business expanded Thai investors’ access to global markets, while the launch of TradingView integration introduced advanced charting and algorithmic trading capabilities.
CGS also led landmark transactions, including MR. D.I.Y. Thailand’s IPO, the largest SET listing by market capitalisation in three years, while maintaining leadership in research, digital innovation and ESG initiatives.
BEST DCM HOUSE | BEST SUSTAINABLE BANK
Kasikornbank
Kasikornbank (KBank) delivered an exceptional combination of debt capital markets (DCM) leadership and sustainability innovation in 2025, reflecting its standing as one of Thailand’s most influential financial institutions.
As the country’s leading bond arranger, KBank completed 169 corporate bond issuances totalling more than THB121 billion ($3.7 billion), outperforming a challenging market and ranking first in Bloomberg’s Thailand underwriting league table. Its comprehensive capabilities spanned conventional, structured and ESG-linked transactions, supported by a market-leading digital distribution platform that generated THB28 billion of online bond subscriptions.
Notable landmark transactions included: Thai Union’s pioneering issuance combining Thailand’s first Blue bond and sustainability-linked bond in a single transaction; and Thai Beverage’s THB38 billion refinancing that delivered approximately THB1.5 billion in funding cost savings.
Meanwhile, sustainability remained embedded at the core of KBank’s strategy. The bank transitioned from a traditional ESG framework to an innovative issue-based approach, integrating climate solutions directly into business operations.
Sustainable financing and investments exceeded THB173 billion, supporting emissions reductions of more than 2.74 million tCO₂e and keeping the bank ahead of its 2030 targets. KBank also launched market-first solutions including K-Green Pass, Thailand’s first integrated renewable energy certificate trading platform, and WATT’S UP, an end-to-end EV mobility ecosystem.
Through climate-finance innovation, advisory services and ecosystem platforms, KBank evolved beyond traditional banking to become a comprehensive climate solutions provider.
BEST ECM HOUSE | BEST INVESTMENT BANK
Kiatnakin Phatra Securities
Kiatnakin Phatra Securities (KKPS) demonstrated leadership across equity capital markets (ECM) and investment banking in 2025, reinforcing its position as a leading ECM and advisory franchise in Thailand.
Despite challenging market conditions during the year, KKPS completed THB23 billion ($707 million) of equity offerings, advised on six M&A transactions worth THB30.7 billion and participated in the distribution of 46 debt instruments totalling THB397.6 billion. This earned the firm The Thai Bond Market Association’s Top Underwriting Securities Firm award for the ninth consecutive year.
One of KKPS’ biggest achievement was serving as sole financial adviser and sole lead underwriter for Thai Airways’ landmark rehabilitation, delivering the country’s largest debt-to-equity conversion (THB53.4 billion) and fundraising exercise (THB23 billion). The transaction restored the airline’s financial strength, facilitated its exit from rehabilitation and positioned it for a return to public trading.
KKPS also advised on several transformative strategic transactions, including: Central Retail’s THB14.7 billion divestment of Italy’s Rinascente department store business, the largest Thai retail M&A deal since 2022; and GPSC’s innovative partial monetisation of its Indian renewable energy platform, establishing a valuation benchmark for overseas investments.
Differentiated by its leading distribution platform in Thailand, along with deep institutional relationships, award-winning research capabilities and a proven ability to execute complex, first-of-their-kind transactions, KKPS continued to set benchmarks for innovation, execution excellence and market leadership.
BEST LAW FIRM
Weerawong Chinnavat & Partners
Weerawong Chinnavat & Partners (Weerawong C&P) Thailand had a successful 2025 in terms of exceptional cross-border execution, sector expertise and strategic innovation.
The firm advised on landmark transactions, including: the $334 million sale of ITD Cementation India to the Adani Group; a $200 million financing for Thai Beverage; and a complex Hong Kong IPO involving innovative multinational restructuring.
Anticipating evolving client needs, Weerawong C&P strengthened specialist capabilities in China-related investment, digital assets and clean energy. With Tier 1 rankings across major practices and a reputation for handling high-stakes disputes, M&A and capital markets mandates, the firm consistently delivered sophisticated, commercially driven solutions that rivalled leading international firms.
BEST M&A HOUSE
Bualuang Securities
Bualuang Securities (BLS) deserved its plaudits as a leading M&A adviser in Thailand for 2025 by executing some of the country’s most complex and transformative transactions during a challenging market environment.
It advised on the landmark THB736 billion ($22.6 billion) GULF-INTUCH amalgamation, the first vertical amalgamation between listed companies in Thailand, alongside associated tender offers for ADVANC and THCOM, involving multiple listed entities and regulators across Thailand and Singapore. BLS combined deep regulatory expertise, strategic advisory capabilities and strong stakeholder management.
In general, the firm’s long-standing relationships with Thailand’s national champions, its diversified advisory platform and the ability to structure complex corporate reorganisations reinforced its market leadership.
INTERNATIONAL
BEST BANK | BEST BANK FOR LARGE CORP & MNCs
HSBC
HSBC delivered a stand-out combination of financial performance, international connectivity, innovation and corporate banking leadership in Thailand in 2025.
The bank generated pre-tax profit of $138 million and an industry-leading return on tangible equity, while achieving strong long-term growth in both inbound and outbound revenues.
In addition, HSBC’s unrivalled international network supported Thai corporates across 37 countries and clients from 39 markets investing into Thailand.
A key differentiator for large corporates and multinationals was the bank’s ability to combine global reach with market-leading innovation. It launched HSBC TradePay, Thailand’s first digital trade finance solution to empower faster and simpler trade loans for corporate clients, enabled the world’s first cross-platform electronic bill of lading (eBL) transaction involving multiple platforms and banks, and expanded AI-driven solutions across markets, onboarding and treasury services. These innovations helped clients streamline operations, improve liquidity management and accelerate cross-border business.
HSBC also played leading roles in many of Thailand’s most significant transactions, including the $530 million financing of the country’s first hyperscale data centre, Delta Electronics’ $525 million exchangeable bond, the largest cross-border exchangeable bond in Asia since 2011, and major debt capital markets transactions for PTTGC, Bangkok Bank and Muangthai Capital.
Alongside facilitating a record level of sustainable financing, HSBC continued to support investment, job creation and Thailand’s economic development, reinforcing its position as a leading international bank.
BEST ECM HOUSE | BEST INVESTMENT BANK | BEST M&A HOUSE
UBS
UBS’ ability to execute complex, market-defining deals in a challenging environment won the bank recognition in Thailand in 2025.
In equity capital markets (ECM), UBS ranked first in the country by deal value in 2025 among international banks. Its standout transaction was the $236 million IPO of MR. DIY Thailand, the largest IPO in Thailand since February 2024 and the only Thai IPO in 2025 exceeding $150 million with an international offering. UBS’ distribution strength was evident throughout the transaction, generating the highest investor demand among international bookrunners, securing top-quality cornerstone investors and achieving a deal that was multiple times oversubscribed and priced at the top of its range.
UBS’ broader investment banking franchise was equally prominent. Dealogic ranked the firm as the number one international investment bank in Thailand in 2025 across its core businesses of ECM and M&A.
Despite subdued domestic capital markets, UBS successfully leveraged its regional platform, cross-border capabilities and deep client relationships to execute some of the market’s most complex and strategically important transactions.
The centrepiece of UBS’ M&A achievements was its role as sole financial adviser to Gulf Energy on the $21.2 billion amalgamation with Intouch Holdings, the largest M&A transaction in Thailand and Southeast Asia to date excluding de-SPACs. The deal featured multiple firsts, including Thailand’s first vertical amalgamation and concurrent tender offers prior to amalgamation.
UBS spent years advising Gulf through its strategic evolution, from IPO to acquisition and ultimately merger, helping create a diversified infrastructure, energy and digital champion. The transaction secured overwhelming shareholder approval, involved stakeholders across multiple jurisdictions and demonstrated UBS’ ability to structure and execute transformational deals of unprecedented scale and complexity.
BEST SUSTAINABLE BANK
United Overseas Bank
UOB demonstrated an impressive commitment to sustainable finance in Thailand during 2025 by significantly exceeding its annual targets – with sustainable loans representing 18.7% of its portfolio and new sustainable finance approvals reaching 48.6%.
The bank strengthened its Sustainable Finance Frameworks using the Singapore-Asia Taxonomy and introduced innovative digital tools, including a Responsible Financing Checklist and Climate Scorecard, to embed climate risk into lending decisions. UOB also supported SMEs through sustainability, women entrepreneurship and AI-readiness programmes, while expanding sustainable investment and green lending solutions.
Landmark transactions included Thailand’s pioneering green data centre financing and major renewable energy financings, helping UOB to reinforce its leadership in sustainable banking and ESG capital markets.
BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS
Credit Guarantee and Investment Facility
Credit Guarantee and Investment Facility (CGIF) delivered significant sustainable impact in Thailand in 2025 through its support of Muangthai Capital’s S$129 million ($101 million) social bond, the first publicly offered Singapore dollar social bond issued by a non-bank financial institution.
The transaction expanded access to affordable, regulated financing for underserved communities across Thailand, including smallholder farmers, women-led micro-enterprises and informal workers – helping reduce reliance on predatory lending and promote financial inclusion at scale.
Backed by CGIF’s guarantee and aligned with ICMA and Asean Social Bond standards, the bond embedded rigorous governance, impact reporting and ESG safeguards, setting a new benchmark for sustainable finance, transparency and inclusive economic development in the region.
VIETNAM
DOMESTIC
BEST BANK
Vietnam Technological and Commercial Joint Stock Bank (Techcombank)
For Techcombank, 2025 marked the culmination of a five-year transformation centred on digitalisation, data and talent, underpinned by more than $500 million of technology investment.
The bank delivered strong financial results, with operating income rising 13.6% and profit before tax increasing 18.2%, while maintaining robust asset quality and capital strength. Serving 18 million customers, it led Vietnam in CASA (current account and savings account), digital payments and fee income. Techcombank’s cloud-based “Data Brain” processes eight billion data points daily, powering 100+ AI models across the business.
During the award period, landmark achievements included the IPO of Techcom Securities, the launch of Techcom Life, fully paperless branches and a market-leading corporate bond franchise.
BEST BROKER | BEST ECM HOUSE | BEST INVESTMENT BANK
SSI Securities Corporation
Based on its prominent standing across brokerage, equity capital markets (ECM) and investment banking, SSI Securities delivered a standout year in 2025, combining strong financial performance, landmark transactions, innovative client engagement and deep capital market expertise.
The firm advised on approximately $2.6 billion of ECM and debt capital markets transactions, while investment banking revenue increased 22%YoY, underscoring its position as one of Vietnam’s leading capital markets franchises.
Key ECM mandates included acting as adviser on CRV Real Estate Group’s $659 million public offering and listing; co-financial adviser on Techcom Securities’ IPO; adviser on Vinpearl’s $200 million public offering and listing; adviser on Taseco Land’s $120 million offering and listing; and co-financial adviser on BIDV’s $190 million private placement. These transactions reinforced SSI Securities’ ability to structure, market and execute complex capital raisings while connecting issuers with both domestic and international investors.
The Vinpearl listing was particularly noteworthy, with SSI Securities managing regulatory approvals, public offering documentation and listing requirements. The transaction secured approval within six weeks and culminated in the listing of 1.79 billion shares.
Meanwhile, SSI Securities helped BIDV complete a strategically important private placement to five investors, developing the transaction structure, investor strategy, valuation framework and roadshow programme.
As a broker, SSI Securities strengthened its leadership through technology, research and institutional client engagement. It regained the top spot for institutional brokerage market share, coordinated nearly 700 investor meetings and calls, launched the pioneering iResearch platform for retail investors and hosted major events such as Emerging Vietnam – Beyond the Upgrade.
The firm’s infrastructure, non-prefunding capacity and global investor network differentiated it from competitors.
Supporting these achievements was a fully integrated platform spanning brokerage, research, capital markets, treasury and asset management – enabling SSI Securities to deliver comprehensive solutions while helping shape the development of Vietnam’s capital markets.
BEST DCM HOUSE
VNDIRECT Securities Corporation
VNDIRECT stood out as the country’s leading debt capital markets franchise in 2025, based on its innovation, landmark transactions and contribution to Vietnam’s bond market development.
The firm advised on VND94.4 trillion ($3.6 billion) of bond issuances, secured the largest market share in corporate bond advisory and captured over 35% of Vietnam’s green bond market. Its innovative approach combined issuance advisory, placement and bondholder representation, supported by a broad institutional investor network and bespoke execution model. Landmark mandates for Techcombank, BIDV and Becamex IDC exceeded VND86 trillion in aggregate.
Beyond transactions, VNDIRECT strengthened market transparency, expanded investor participation, championed credit ratings and helped shape key regulatory reforms.
BEST LAW FIRM
VILAF
VILAF continued to be at the forefront of Vietnam’s legal profession, combining more than three decades of market leadership with a track record of advising on landmark, first-of-their-kind transactions that have shaped the country’s legal and commercial landscape.
In 2025, the firm advised on Vietnam’s first LNG-to-power projects to achieve financial close, including the complex $821 million financing for Nhon Trach 3 and 4. The firm also acted for IFC on its $200 million sustainability-linked financing for LG Innotek Vietnam.
Renowned for its elite talent, Tier 1 rankings and cross-border expertise, VILAF set the benchmark for excellence in Vietnam’s legal market.
BEST SECURITIES SERVICE
An Binh Securities Joint Stock Company
An Binh Securities (ABS) delivered one of Vietnam’s most compelling securities service propositions in 2025 by combining strong growth, digital innovation and disciplined risk management.
AUM surged over 78% to VND17.8 trillion ($677 million), while revenue and pre-tax profit rose 42% and 68%, respectively, reflecting growing investor trust despite intense fee competition. The firm maintained 99.9% system uptime, automated 80% of back-office processes and achieved a 99.8% digital transaction rate.
Key innovations included the upgraded ABS Invest platform, AI-powered portfolio analytics, real-time risk alerts and the A-Cash cash management solution. Differentiated by its integrated ecosystem and enhanced institutional services, ABS successfully expanded both retail and institutional client engagement while maintaining rigorous governance, cybersecurity and risk controls.
BEST SUSTAINABLE BANK
Orient Commercial Joint Stock Bank
For Orient Commercial Joint Stock Bank (OCB), sustainability was embedded across its lending, governance and operating model. In 2025, the bank delivered its third consecutive year of double-digit growth in green lending, with green finance expanding 11% YoY and supporting renewable energy, green buildings, climate-smart agriculture and environmental infrastructure.
The bank complemented this with strong inclusive-finance initiatives, including a 20% increase in start-up financing and expanded support for women-owned SMEs, which represent nearly one-quarter of its SME portfolio.
Innovative solutions such as SME GreenBiz, O-PAY, green and pink deposits, and unsecured SME financing demonstrated OCB’s commitment to ESG-integrated growth, financial inclusion and long-term sustainable development.
MOST INNOVATIVE USE OF TECHNOLOGY - NONBANK FINANCIAL INSTITUTIONS
Techcom Securities Joint Stock Company
Techcom Securities has redefined securities industry innovation by embedding AI at the core of its business model. In 2025, as it prepared for a landmark IPO, the firm transformed AI into a strategic operating platform powering customer engagement, product development, operations and decision-making.
Its integrated WealthTech ecosystem combined generative AI, machine learning and advanced analytics to deliver personalised investment experiences at scale. AI-powered tools support over 4,000 daily users and process more than 10,000 investor queries a day. Multilingual AI capabilities, automated onboarding and proprietary productivity solutions have enhanced efficiency and accessibility.
With 90% of IPO subscriptions completed digitally and more than 1,350 technology initiatives deployed, Techcom Securities set a new benchmark for AI-driven financial services.
INTERNATIONAL
BEST BANK | BEST BANK FOR LARGE CORP & MNCs | BEST BANK FOR USE OF TECHNOLOGY | BEST LENDER | MOST INNOVATIVE USE OF TECHNOLOGY - BANKS
HSBC
HSBC had a stand-out year in Vietnam in 2025 by showcasing its leadership in cross-border financing, pioneering digital innovation and connecting Vietnam’s growth story with global capital.
It leveraged its presence across more than 56 countries and territories to remain a leading international banking partner for multinational corporations, foreign investors and Vietnam’s largest corporates – while supporting the country’s transition towards sustainable growth and emerging-market status.
A key differentiator was HSBC’s role as the bridge between Vietnam and global capital markets. The bank supported more than 2,000 multinational companies across 40 investment corridors and completed mandates for 15 FDI projects with approximately $850 million of registered capital.
It also maintained a leading position in offshore syndicated lending, structured finance and foreign indirect investment, helping corporates access diversified funding sources through integrated onshore and offshore solutions.
Landmark transactions included: Gamuda’s $150 million equivalent green club loan; Masan Group’s $650 million syndicated loan extension and $350 million club loan; Vingroup’s $200 million syndicated facility and $325 million exchangeable bond; and sustainability-linked facilities for Mobile World Group.
HSBC was further notable for lending innovation. It executed several first-of-their-kind trade finance structures, including buyer-bearing-interest supply-chain financing, third-party platform supply financing, syndicated supply-chain finance and bespoke private-credit solutions. The bank closed two SACE-backed export credit agency financings worth $140 million and continued to rank among Vietnam’s leading mandated lead arrangers for syndicated loans.
Sustainable finance remained another core strength for HSBC, with approximately $416 million of sustainable finance facilities executed during the year and the introduction of HSBC’s Sustainability Improvement Loan framework to support clients earlier in their transition journeys.
Technology was another key area for HSBC, which achieved corporate digital penetration of over 90% and launched a series of market-leading innovations. These included Vietnam’s first international-bank connection to the national VNeID biometric authentication platform, the BioMatch mobile app for corporate biometric verification, SmartServe digital onboarding, Dynamic QR enhancements, TradeTracker, HSBC Trade Solutions, AI-powered SMART Workbench, HSBC Evolve and API-enabled treasury and securities platforms.
These innovations streamlined onboarding, payments, trade finance, custody and treasury management while strengthening security, automation and client experience. HSBC also pioneered Dynamic Discounting in supply-chain finance and delivered transformative solutions for clients such as De Heus, Prudential and VitaDairy.
Combining global connectivity, financing expertise, sustainable leadership and cutting-edge technology, HSBC set the benchmark in Vietnam for international banking excellence.
BEST BANK FOR SMEs | BEST SUSTAINABLE BANK
Citi
Citi distinguished itself in Vietnam during 2025 through its ability to connect domestic businesses to global opportunities while advancing the country’s sustainability agenda.
Through a network spanning 95 countries, the bank has become a trusted partner for SMEs, multinational corporations and high-growth companies seeking cross-border expansion, trade optimisation and treasury digitalisation solutions.
For SMEs, Citi Commercial Bank delivered sustained growth, achieving a 10-year revenue CAGR of 34% while maintaining a pristine credit record with no non-performing loans. Its specialised coverage of commercial subsidiaries and digital economy companies, supported by dedicated Korea and China desks, enabled clients to access international markets, capital and expertise.
Landmark transactions included financing for Cooler Master’s new manufacturing facility, TKG Taekwang’s expansion and Asia Vital Components’ Vietnam operations – reinforcing Vietnam’s position as a regional manufacturing and technology hub.
In sustainability, Citi played a pioneering role in financing Vietnam’s energy transition and inclusive growth by supporting the landmark Nhon Trach 3 and 4 LNG power project, arranging Vietnam’s first and largest ECA-backed financing programme for energy infrastructure, and structuring innovative social and sustainable finance solutions benefiting SMEs, healthcare providers and agricultural supply chains.
Citi also pioneered voluntary carbon credit and emission reduction-linked financing structures in partnership with the World Bank, creating measurable environmental and social impact.
BEST CUSTODIAN BANK | BEST SECURITIES SERVICE
HSBC Securities Services
HSBC Securities Services had an impressive 2025 in Vietnam in terms of its custodian and securities services, based on a combination of innovation, regulatory advocacy and operational excellence.
As Vietnam’s first foreign custodian bank, HSBC played a central role in the country’s journey to FTSE Russell Secondary Emerging Market status, helping drive key reforms including non-prefunding trading, streamlined account opening, enhanced settlement processes and greater accessibility for foreign institutional investors.
The bank also maintained its dominant franchise, capturing 55% of newly issued foreign investor trading codes, 38% of assets under custody and 47% of transaction value, while successfully managing a 36% increase in transaction volumes without disruption. It also strengthened its leadership in fund services, surpassing $2 billion in assets under administration and maintaining a 50% share of insurance unit-linked fund servicing.
A stand-out achievement was the seamless implementation of the KRX market infrastructure upgrade, Vietnam’s most significant capital markets transformation.
Further, HSBC developed innovative non-prefunding solutions, integrated custody systems within demanding timelines, and deployed AI, OCR and automation technologies to improve efficiency and client experience. The launch of Data Studio and enhanced API capabilities further reinforced its technology leadership.
BEST ECM HOUSE | BEST INVESTMENT BANK
Jefferies
Jefferies’ expanding presence across Asia is increasingly reshaping perceptions of what an international investment bank can achieve in the region’s fast-evolving capital markets – with the firm delivering landmark transactions, premium valuations and differentiated structuring capabilities.
In 2025, Jefferies established itself in Vietnam as a leading international equity capital markets (ECM) and investment banking franchise. It was also the only foreign house to complete both IPO and block trade transactions in the local market during the year.
Its ECM platform achieved leadership across all major league table metrics, ranking number one by apportioned deal value, deal count and net revenue.
Transactions involving blue-chip Vietnamese corporates such as VIB, Masan, Vietcombank and VPS – the latter being the largest equity capital raising prior to a listing in Vietnam since 2018 and the first-ever combined domestic and international offering on the Ho Chi Minh Stock Exchange – reinforced Jefferies’ growing relevance to the country’s capital markets ecosystem.
Crucially, the bank paired this local execution capability with its broader platform spanning more than 95 sectors globally.
BEST M&A HOUSE
UBS
UBS cemented its position in 2025 as the leading foreign bank in Vietnam for M&A, ranking top by both deal value and revenue for the second consecutive year, while delivering a 186% YoY increase in M&A revenue.
The firm advised on several of the country’s most significant cross-border transactions, including SK Group’s $220 million sale of Imexpharm to Livzon Pharmaceutical Group, the largest private equity investment by a single institutional investor in Vietnam through Creador’s investment in Long Chau Pharmacy, as well as a landmark majority stake sale to TPG.
UBS’ deep local expertise, dedicated Vietnam team and proven ability to execute complex, high-profile transactions made the bank a deserving winner of this award.
BIGGEST SUSTAINABLE IMPACT - NONBANK FINANCIAL INSTITUTIONS
Private Infrastructure Development Group
PIDG delivered outsized sustainable impact in Vietnam during 2025 by combining innovative financing with measurable environmental and social outcomes.
The firm committed nearly $88 million across four transactions, mobilising $220.5 million of private capital for sustainable infrastructure.
Notably, its support for Binh Thuan Plastic Group enabled Vietnam’s first credit-enhanced, certified green bond in the plastics sector, advancing circular-economy development through recycled plastics manufacturing. PIDG also backed AquaOne’s Xuan Mai Water Treatment Plant, which will provide reliable clean water to around 53,000 people while reducing pressure on Hanoi’s depleted groundwater resources.
Beyond transactions, PIDG helped deepen Vietnam’s sustainable finance ecosystem through market-building initiatives and stakeholder engagement.
