Top 10 financial brands in Southeast Asia

The Philippine's most popular finance app GCash has finished first in our list of Southeast Asia's top 10 financial brands.

GCash gained popularity in the Philippines for its all-in-one financial services platform, which allows users to perform a variety of transactions such as payments, money transfers, savings, and investments, all from their smartphones. It boasts over 94 million users in the Philippines, which represents about 78% of the population having tried its services, cementing its position as the largest fintech platform in the country.

GCash received an overall score of 66.95%, achieving more than a two-point lead over its nearest competitor, K Bank (Kasikornbank), which scored 64.65%. It's ranking in first position was largely due to a high purchase frequency score in its domestic market along with top scores for buying experience and innovation. GCash didn't make the top 10 of any other market outside the Philippines.    

The ranking is based on Campaign’s authoritative list of Southeast Asia’s top 50 brands, created in partnership with research firm Milieu Insight. We have published reports on the top 10 brands from the surveyed markets (Indonesia, Thailand, Philippines, Malaysia, Vietnam, Singapore) across 10 sectors. The brands were evaluated using attributes such as awareness, purchase, quality, buying experience, customer service, trustworthiness, innovation, brand touchpoints (ease of use across all digital and offline interactions), and advocacy (degree of recommendation).  

Campaign Asia-Pacific has provided a comprehensive analysis of the top brands by sector in Southeast Asia. The series covering sectors such as food, electronics, travel, apparel & accessories, financial services, beauty, telcos and streaming, ecommerce, transport & delivery, automotive, and food delivery. The chart below shows the scores of the top overall financial brands in Southeast Asia. Following the chart, you’ll find the top 10 financial brands in individual markets, along with a brief analysis of the top 10 performers across the region. 

 

Overall, the financial landscape in Southeast Asia is dominated by local players, with notable brands like the Philippines' GCash, Thailand's K Bank and True Money, and Vietnam's Momo leading the charge. This trend underscores a significant preference for regional financial applications that prioritise convenience and offer a wide array of services tailored specifically to local audiences, all accessible with just a click on a smartphone. The limited presence of multinational companies in this arena highlights the strength of these local brands, with only a few, such as insurance providers Prudential and AIA, managing to secure spots in the top 50. Overall, these findings reflect a robust commitment among consumers to support homegrown financial solutions, showcasing the unique needs and preferences of Southeast Asian users in their financial dealings.

 

In charts: Financial brands breakdown by market

 

 

Let's have a closer look at the top 10 SEA performers

 

1. GCash

 

Launched in 2004, GCash began as an SMS-based money transfer service designed to provide financial access to Filipinos, especially those lacking traditional banking options. Over the years, it has transformed into the most popular all-in-one financial services app in the Philippines, promoting financial inclusion and offering features such as savings and investment options. GCash scored highly for purchase frequency, indicating its widespread use and convenience among Filipinos. It also ranks highly in its domestic market for buying experience and innovation. 

 

2.  KBank 

 

Kasikornbank, commonly known as KBank, was founded in 1945, originally focusing on providing financial services to farmers in Thailand. Today, it stands as one of the country's leading financial institutions, with a significant market share and over 20 million customers using its extensive digital banking services, including the popular K Plus app, which facilitates a wide range of transactions and has seen a surge in new users in recent years. KBank scored highly for brand awareness in its domestic market and also achieved some of the highest scores among Thai consumers for buying experience and customer service. The bank has consistently ranked high in the Thai banking industry for digital banking services and overall customer experience.

 

3. True Money

 

Founded in 2003, True Money has become a leading fintech brand in Southeast Asia. It offers a wide range of services, including digital wallets and remittance options, and boasts the largest agent network in the region, with over 88,000 agents facilitating transactions across countries like Thailand, Cambodia, and Myanmar. Notably, True Money has partnered with major platforms like Google and Alipay, enhancing its service offerings and expanding its reach in the competitive financial technology landscape. True Money ranked most highly in Thailand in the financial service category, achieving second place behind KBank. It's highest scores were for buying experience and customer service. 

 

4. MoMo

 

MoMo, founded in 2007, is Vietnam's leading mobile payment platform and is often referred to as the country's answer to Alipay. With over 31 million registered users, representing nearly one-third of the population, MoMo offers a wide range of services, including bill payments, e-commerce transactions, and insurance products. MoMo received its highest score for buying experience (78%) among Vietnamese consumers, reflecting its convenience and ease of use in facilitating a wide range of transactions that enhance the digital financial experience for its users. 

 

5. BCA

 

Bank Central Asia (BCA), established in 1957, is the largest private bank in Indonesia. Notably, BCA serves over 38 million customer accounts and processes around 90 million transactions daily through its extensive network of 1,258 branches and 19,055 ATMs, making it a key player in Indonesia's banking sector. BCA received its highest score for customer service (81%) among Indonesian consumers, and was the most popular financial brand in its domestic market. 

 

6. Dana

 

Launched in 2018, Dana is is a prominent digital wallet in Indonesia that today serves 135 million users and processes an impressive 10 million transactions daily, facilitating a variety of services such as bill payments, money transfers, online shopping, and QR code payments at over 200,000 merchant outlets across the country. Its core aim is to bridge the financial divide in Indonesia, providing essential financial services to the unbanked and underbanked populations. Dana is clearly well known in Indonesia, achieving a top brand awareness score of 86% and came second only to BCA in Indonesia's top 10 financial brands. 

 

7. Vietcombank

 

Vietcombank, officially known as the Joint Stock Commercial Bank for Foreign Trade of Vietnam, was established in 1963 and has since become one of the largest and most influential banks in Vietnam. It became the first Vietnamese bank to achieve a profit of over $1 billion in 2019. With a network of over 600 branches and transaction offices, Vietcombank plays a crucial role in facilitating international trade and financial services in the region. Vietcombank ranked second only to MoMo in Vietnam's top 10 financial brands and Vietnamese consumers gave the bank its top score for customer service. 

 

8. Maya

 

Launched in 2018, Maya, formerly known as PayMaya, is a leading digital wallet and financial services platform in the Philippines. As of 2024, it has become the country's top-rated consumer finance app, boasting over three million depositors and offering a unique combination of services including savings accounts with interest rates up to 14%, cryptocurrency trading, and various loan options, making it a comprehensive solution for personal finance management. Filipino consumers ranked Maya second only to GCash in their top 10 financial brands. Maya pickled up top scores for brand awareness (79%) and customer service (67%).

 

9. Krung Thai Bank

 

Krung Thai Bank (KTB), established in 1966, is one of Thailand's largest commercial banks, and plays a crucial role in the nation’s financial ecosystem. Notably, it was the first state enterprise to list its shares on the Stock Exchange of Thailand in 1989, and it currently operates the largest number of branches in the country, with over 1,200 locations nationwide, providing essential banking services to both individuals and businesses. Krung Thai Bank ranked third in Thailand's Top 10 financial brands. Its top scores were for brand awareness (83%), buying experience (75%) and customer service (68%).

 

10. GoPay

 

GoPay, launched in 2016 as part of the Gojek super app, has quickly become one of Indonesia's leading digital wallets, facilitating a wide range of transactions such as online payments, bill payments, and money transfers. With over 900,000 merchant partners, GoPay allows users to make cashless transactions conveniently, and it has achieved a significant market share. Indonesian consumers ranked GoPay third in their top 10 financial brands with top scores for brand awareness (81%) and buying experience (70%).