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DBS has held on to its position of the most valuable Singaporean brand, with its brand value up 11% to US$8.7 billion, according to a new report from Brand Finance.

DBS leads a trio of bank brands at the top of the rankings, worth almost as much as second-placed UOB (brand value up 23% to US$4.9 billion) and third-placed OCBC Bank (brand value up 5% to US$4.8 billion) combined.

Every year, brand valuation consultancy Brand Finance puts 5,000 of the world’s biggest brands to the test, and publishes around 100 reports, ranking brands across all sectors and countries. Singapore’s top 100 most valuable and strongest brands are included in the annual Brand Finance Singapore 100 ranking.

The DBS brand has grown strongly this year in connection with its on-going digital transformation, which has enabled it to continue expanding services during the COVID-19 pandemic of the last two-and-a-half years. This effort to harness new technology complements the brand’s prioritisation of climate change, with DBS joining global efforts to achieve net-zero carbon emissions by 2050.

Alex Haigh, managing director Asia Pacific, Brand Finance said, “Singaporean brands are bouncing back from the pandemic, with most brand values returning to growth. The trio of Singaporean bank brands are at the top, led by DBS which is making a serious brand investment in improving its brand promise around issues of environmental, social and governance reforms. This is a key opportunity for a bank which sees investors increasingly concerns about such issues.”

Very strong brand value growth by UOB (brand value up 23% to US$4.9 billion) has allowed it to overtake OCBC Bank (brand value up 5% to US$4.8 billion) in value this year, with the two banks switching second and third place in the Singaporean brand value rankings.

This year’s very strong brand growth at UOB has been correlated with the launch of UOB TMRW, a unified digital banking platform, and UOB Rewards+, Singapore’s largest cards rewards programme. These two customer and product-driven deployments have made – and will continue to make – a meaningful impact on customer brand perception.

At the same time, UOB has set up a dedicated corporate sustainability office and appointed its first chief sustainability officer as both investors and customers express strong feelings about ESG-related issues.

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance.

According to these criteria, Singtel (brand value up 22% to US$3.9 billion) is the strongest brand in Singapore. With a score of 87.1 out of 100 and keeping the AAA rating, achieved the top ranking in the Brand Strength Index (BSI). DBS, Singapore’s most valuable brand, dropped to second position with a score of 85.8 out of 100.

Haigh added that since its independence, Singapore has grown from poverty to become one of the richest countries in the world. To do this, Singapore has nurtured the growth of both homegrown and international brands.

“We are entering into an era which is more focused on intangible assets, and if the pearl of Asia continues to support the growth of its brands, it will continue its miraculous growth story,” he added.