Latest news with #SoutheastAsia500
Yahoo
14-07-2025
- Business
- Yahoo
OCBC's next CEO shows the Singaporean bank is still betting on ASEAN-China ties for growth
OCBC, one of Singapore's Big Three banks, will have a new CEO come 2026. On Friday, OCBC announced that Tan Teck Long, its current head of wholesale banking, will take over as CEO on Jan. 1, 2026, replacing Helen Wong. 'After a rigorous global search, the Board unanimously agreed that Teck Long was the best candidate to take the helm,' said OCBC chair Andrew Lee in a statement. 'There will be no disruption to OCBC's corporate strategic direction of becoming an integrated financial services powerhouse,' he added. OCBC, No. 13 on Fortune's Southeast Asia 500, wants to leverage financial flows between Southeast Asia and China, which are expected to grow as the world's second-largest economy looks for new trading partners. While all three of Singapore's major banks—DBS, OCBC and UOB—have a presence in China, OCBC under current CEO Wong is perhaps most focused on tying together its China and ASEAN businesses. Chinese companies are investing heavily in Southeast Asia, both as a way to diversify their supply chains and find new markets for their goods and services. China and ASEAN are now each other's largest trading partners. OCBC's CEO-to-be comes with a wealth of China experience, including a five-year stint leading DBS's institutional banking business in China. He also currently serves as a board director at two OCBC-affiliated financial institutions in mainland China, the Bank of Ningbo and Maxwealth Fund Management Company. OCBC's shares rose by 0.7% on Monday, the first trading day since the bank announced Tan's appointment as CEO. Tan joined OCBC in 2022, just a year after his soon-to-be former boss took over the CEO role. He currently leads its global wholesale banking business, which contributed the largest share of OCBC's income last year, at 42%. He jumped ship after nearly three decades at rival bank DBS, where he most recently served as its chief risk officer. OCBC's global wholesale banking revenue grew by 35% under Tan's tenure. OCBC also reported a nearly 30% year-on-year rise in new customers that were Chinese companies hoping to enter the ASEAN market, according to its latest annual report. Helen Wong became the first woman to lead one of Singapore's major banks upon her appointment as CEO in 2021. Under her tenure, OCBC reported record profits for three consecutive years, with strong growth across its banking, wealth management, and insurance businesses. Wong first worked for OCBC as a management trainee in 1981. She then moved to HSBC, eventually rising to become the UK bank's Greater China CEO in 2015. She returned to OCBC to serve as its head of global wholesale banking, the role her successor now holds. During her tenure, she also tried to take Great Eastern Holdings, Singapore's largest life insurance provider, private. OCBC currently has a 94% stake in the company, yet Great Eastern's remaining shareholders rejected a take-private plan last week. Wong 'sharpened OCBC's competitive edge as an integrated financial services group by ushering in a well-defined corporate strategy,' OCBC chair Lee said in his statement. OCBC's shares have risen over 40% since Wong's appointment as CEO, with much of the improvement happening in the past year. Yet OCBC's shares have lagged rival DBS, whose shares rose over 70% over the same period. Wong has cited family reasons for her retirement, but will continue to serve as chair of OCBC China and a board director of OCBC Hong Kong. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
18-06-2025
- Business
- The Star
More than 90 Malaysian companies make Fortune Southeast Asia 500 List
KUALA LUMPUR: A total of 92 Malaysian companies have made it onto Fortune's 2025 Southeast Asia 500 list, released recently, placing Malaysia third overall behind Indonesia and Thailand. According to Fortune, the second annual Southeast Asia 500 list highlights a region poised to capitalise on global supply chain shifts and rapid growth in industries such as mining, electric vehicles, and artificial intelligence. 'The seven countries in last year's inaugural Southeast Asia 500 list—Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia—return in 2025 and continue to make their mark on the region's economy,' Fortune said on its website. 'Together, the Southeast Asia 500 companies are playing an increasingly important role in global supply chains—capturing manufacturing capacity shifting from China, which is drawing significant capital flows and reshaping global trade dynamics,' it added. Companies are ranked by revenues for their latest available respective fiscal years ended on or before Dec 31, 2024, unless otherwise noted. The annual list shows that Malaysian companies generated a combined US$201.6bil, with the top 10 companies accounting for over 44% of the total. Malayan Banking Bhd (Maybank) remains the only Malaysian firm in the top 20 by revenue and also ranks among the region's most profitable companies. Among the top 10 Malaysian companies on the list are Sime Darby Bhd (ranked 22nd in Southeast Asia), Tenaga Nasional Bhd (24th), CIMB Group Holdings Bhd (32nd), and PETRONAS Dagangan (34th). Others include PETRONAS Chemicals (44th), YTL (46th), Genting (53rd), Public Bank (57th), and IHH Healthcare (65th). CLICK TO ENLARGE Meanwhile, DXN Holdings debuts at 491st in the 2025 Fortune Southeast Asia ranking. 'We are honoured and delighted to be recognised by Fortune as one of Southeast Asia's top 500 companies. We started small in Kedah. This honour is a reflection of many years of dedication of everyone in DXN in the manufacturing and direct selling of wellness to our customers worldwide. 'This achievement is a testament to the resilience of our business model and the strength of our extensive member network. It reinforces the impact we are making across several jurisdictions and markets. This recognition inspires us to reach even greater heights,' DXN founder and executive chairman Datuk Lim Siow Jin said in a separate statement. Affin Group and Yinson have been named to the Fortune Southeast Asia 500 for the second consecutive year, reflecting their strong financials, sustained growth, and rising regional presence. 'Being recognised on the Fortune Southeast Asia 500 list for a second year is a meaningful milestone for Yinson. It reflects the collective efforts of our people, partners, and communities. As Southeast Asia evolves into a critical region for rapid energy transition, Yinson remains committed to advancing solutions that are innovative, inclusive, and future-focused,' Yinson Group CEO Lim Chern Yuan said.
Yahoo
18-06-2025
- Business
- Yahoo
The smallest country on the Southeast Asia 500 generated the most revenue
Fortune's Southeast Asia 500, which measures the largest companies in the region by revenue, covers seven economies: Indonesia, Thailand, Malaysia, Cambodia, Vietnam, the Philippines, and Singapore. Indonesia, Southeast Asia's largest economy in terms of both GDP and population, has the biggest footprint on the list, covering more than a fifth of the total ranking with 109 companies. Thailand, the region's second-largest economy, sits in second place with 100. Singapore, the region's wealthiest economy by GDP per capita, sits in the middle of the pack, with 81 companies on the Southeast Asia 500. Measured by revenue, however, the tiny city-state of six million ends up far ahead of its ASEAN peers. Total revenue from Singapore-based Southeast Asia 500 companies reached $637 billion, or about a third of the list's total revenue of $1.8 trillion. That's twice as much of Thailand, which sits in second place with revenue of $352 billion. Singapore's 'Big Three' banks—DBS, OCBC, and UOB—are perhaps the city-state's most prominent companies. The three banks are the most profitable companies on the Southeast Asia 500. Yet they're not actually the largest Singaporean-based companies on the list. No. 1 on the list is Trafigura Group, a commodities group that deals with metals, minerals, oil, and gas. Trafigura's revenue for 2024 reached $243.2 billion, more than any other company on the list and almost four times more than the next biggest company by revenue in Singapore. Wilmar and Olam, No. 4 and No. 5, are both in the agribusiness space. These two companies are deeply embedded in the supply chain for consumer goods like butter, nuts, grains, and cooking oils. Revenues for Wilmar and Olam reached $67.4 billion and $42 billion respectively in 2024. Singapore's central position as a hub makes it a prime location for companies hoping to do business across the region, particularly in neighboring Malaysia and Indonesia. Singapore's status as a financial center also helps to inflate its revenue share. Trafigura and Flex (No. 10) are both legally domiciled in Singapore, which makes them Singaporean companies according to Fortune's methodology–even though both companies have most of their operations, and even their operational headquarters, in other countries. This story was originally featured on Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Yahoo
17-06-2025
- Business
- Yahoo
FORTUNE UNVEILS 2025 SOUTHEAST ASIA 500
2nd annual Fortune list has Singapore's Trafigura at No. 1, as the energy sector dominates; Malaysia's NationGate claims fastest growing by revenue Ranks of female CEOs at Southeast Asia 500 companies increases to nearly 40, up 28% from last year Indonesia has the most companies, 109, on the Southeast Asia 500 but Singapore companies lead in revenue, profits, and assets SINGAPORE, June 17, 2025 /PRNewswire/ -- Fortune today unveils the 2025 Southeast Asia 500 rankings, the second annual list of the largest companies in the region, ranked by revenue for the 2024 fiscal year. Fortune's focus on Southeast Asia comes as the region emerges as a resilient growth engine for the global economy, playing an increasingly important role in global supply chains, capturing manufacturing capacity shifting from China due to heightened tariffs and trade tensions. The seven countries in last year's inaugural Southeast Asia 500 list—Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia—return in 2025, and continue to make their mark on the region's economy. Indonesia leads with 109 companies, while Thailand follows with 100. Malaysia has 92 companies on the list, surpassing Singapore's 81. Vietnam's presence on the list has grown to 76, while the Philippines contributes 40 and Cambodia rounds out the list with two. Singapore-headquartered commodities trader Trafigura earned the No. 1 spot on the Fortune Southeast Asia 500 for a second year, generating more than $243 billion in revenue in 2024, followed by Thailand's PTT (No. 2), Indonesia's Pertamina (No. 3) and Singapore's food and agribusiness powerhouses—Wilmar (No. 4) and Olam (No. 5). The top five companies generated nearly $516 billion in revenue, or 28% of all 500 companies combined. Together, the top 10 generated $660 billion—36% of the list's total revenue—while the top 20 accounted for $836 billion, nearly half the combined revenue of all 500 companies. Notably, Singapore-based companies generated $637 billion in 2024, underscoring the city-state's role as a regional business hub and accounting for just over a third of the Southeast Asia 500's total revenue. Collectively, companies on the 2025 list generated $1.82 trillion in revenue in 2024, up from $1.79 trillion the year before. The minimum revenue threshold to be included on the 2025 list was $349.4 million. "Fortune's interest in the region reflects Southeast Asia's growing importance as an engine of global growth," says Clay Chandler, Executive Editor, Asia. "The region has become a crucial manufacturing and export hub, which is drawing significant capital flows. This momentum has been further fueled by Trump-era tariffs, which have reshaped global trade dynamics and driven a shift towards Southeast Asia." Energy – whether resource extraction, power generation, or electrical transmission—is the dominant sector on the 2025 list, accounting for almost a third of its total revenue. Thai oil refiner and energy company, Bangchak, breaks into this year's top 20 with a 47% jump in revenue. Financial firms represent Southeast Asia's second-largest sector. Significantly, thirteen banks and financial firms are among the top 20 most profitable companies with Singapore's DBS leading—both in terms of revenue and earnings—for a second year. In his introduction to the new list in the June/July issue of Fortune Asia magazine, editor, Asia, Nick Gordon notes, the Fortune Southeast Asia 500 provides "a snapshot of a region ready to take advantage of global supply chain shifts and booming industries like mining, EVs, and AI—even as U.S. tariff policy threatens to roll back some of last year's gains." Fast-growers in revenue terms included newcomers to the list—Malaysian precision manufacturing company NationGate, Indonesian mining and energy firm, Petrindo Jaya Kreasi and Vietnam's transport infrastructure and automotive services company, Tasco JSC, as well as returning companies such as the Philippines' online gaming firm, Digiplus Interactive, and travel and transportation companies like Singapore aviation catering and logistics firm SATS, Changi Airport Group and Airports of Thailand. In 2024, the top 20 fast-growers captured strong tailwinds from rebounding tourism, resource demand (coal, nickel, energy), digital transformation, and industrial growth in Southeast Asia. In a positive sign for female leadership in the region, Fortune's analysts noted there are 37 female CEOs leading Southeast Asia 500 companies, up from 29 reported last year. There are also 37 women holding the position of chairman. This growth in diversity, alongside the ten CEOs in their 30s, underscores the region's evolving leadership landscape. The average age of the chief executives leading the 500 companies is 58. In total, the 2025 Southeast Asia 500 companies employ more than 6.3 million people. The 2025 Fortune Southeast Asia 500 list and stories are available internationally on and on newsstands across Asia starting today, June 17. The list and rankings can be viewed at About Fortune Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world's biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World's Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum and Brainstorm Tech. For more information, visit View original content to download multimedia: SOURCE Fortune
Korea Herald
17-06-2025
- Business
- Korea Herald
FORTUNE UNVEILS 2025 SOUTHEAST ASIA 500
2 nd annual Fortune list has Singapore's Trafigura at No. 1, as the energy sector dominates; Malaysia's NationGate claims fastest growing by revenue Ranks of female CEOs at Southeast Asia 500 companies increases to nearly 40, up 28% from last year Indonesia has the most companies, 109, on the Southeast Asia 500 but Singapore companies lead in revenue, profits, and assets SINGAPORE, June 17, 2025 /PRNewswire/ -- Fortune today unveils the 2025 Southeast Asia 500 rankings, the second annual list of the largest companies in the region, ranked by revenue for the 2024 fiscal year. Fortune's focus on Southeast Asia comes as the region emerges as a resilient growth engine for the global economy, playing an increasingly important role in global supply chains, capturing manufacturing capacity shifting from China due to heightened tariffs and trade tensions. The seven countries in last year's inaugural Southeast Asia 500 list—Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia—return in 2025, and continue to make their mark on the region's economy. Indonesia leads with 109 companies, while Thailand follows with 100. Malaysia has 92 companies on the list, surpassing Singapore's 81. Vietnam's presence on the list has grown to 76, while the Philippines contributes 40 and Cambodia rounds out the list with two. Singapore-headquartered commodities trader Trafigura earned the No. 1 spot on the Fortune Southeast Asia 500 for a second year, generating more than $243 billion in revenue in 2024, followed by Thailand's PTT (No. 2), Indonesia's Pertamina (No. 3) and Singapore's food and agribusiness powerhouses— Wilmar (No. 4) and Olam (No. 5). The top five companies generated nearly $516 billion in revenue, or 28% of all 500 companies combined. Together, the top 10 generated $660 billion—36% of the list's total revenue—while the top 20 accounted for $836 billion, nearly half the combined revenue of all 500 companies. Notably, Singapore-based companies generated $637 billion in 2024, underscoring the city-state's role as a regional business hub and accounting for just over a third of the Southeast Asia 500's total revenue. Collectively, companies on the 2025 list generated $1.82 trillion in revenue in 2024, up from $1.79 trillion the year before. The minimum revenue threshold to be included on the 2025 list was $349.4 million. "Fortune's interest in the region reflects Southeast Asia's growing importance as an engine of global growth," says Clay Chandler, Executive Editor, Asia. "The region has become a crucial manufacturing and export hub, which is drawing significant capital flows. This momentum has been further fueled by Trump-era tariffs, which have reshaped global trade dynamics and driven a shift towards Southeast Asia." Energy – whether resource extraction, power generation, or electrical transmission—is the dominant sector on the 2025 list, accounting for almost a third of its total revenue. Thai oil refiner and energy company, Bangchak, breaks into this year's top 20 with a 47% jump in revenue. Financial firms represent Southeast Asia's second-largest sector. Significantly, thirteen banks and financial firms are among the top 20 most profitable companies with Singapore's DBS leading—both in terms of revenue and earnings—for a second year. In his introduction to the new list in the June/July issue of Fortune Asia magazine, editor, Asia, Nick Gordon notes, the Fortune Southeast Asia 500 provides "a snapshot of a region ready to take advantage of global supply chain shifts and booming industries like mining, EVs, and AI—even as U.S. tariff policy threatens to roll back some of last year's gains." Fast-growers in revenue terms included newcomers to the list—Malaysian precision manufacturing company NationGate, Indonesian mining and energy firm, Petrindo Jaya Kreasi and Vietnam's transport infrastructure and automotive services company, Tasco JSC, as well as returning companies such as the Philippines' online gaming firm, Digiplus Interactive, and travel and transportation companies like Singapore aviation catering and logistics firm SATS, Changi Airport Group and Airports of Thailand. In 2024, the top 20 fast-growers captured strong tailwinds from rebounding tourism, resource demand (coal, nickel, energy), digital transformation, and industrial growth in Southeast Asia. In a positive sign for female leadership in the region, Fortune's analysts noted there are 37 female CEOs leading Southeast Asia 500 companies, up from 29 reported last year. There are also 37 women holding the position of chairman. This growth in diversity, alongside the ten CEOs in their 30s, underscores the region's evolving leadership landscape. The average age of the chief executives leading the 500 companies is 58. In total, the 2025 Southeast Asia 500 companies employ more than 6.3 million people. The 2025 Fortune Southeast Asia 500 list and stories are available internationally on and on newsstands across Asia starting today, June 17. The list and rankings can be viewed at Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world's biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World's Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum and Brainstorm Tech. For more information, visit
