Navigating through challenging times, three major brands – PETRONAS, Maybank, and Genting – have successfully held the reigns as Malaysia’s most powerful brands, according to a recent Brand Finance Malaysia report. The study, showcasing the nation’s 100 most esteemed and robust brands, also highlighted that smaller banks are gaining ground, witnessing a substantial increase in brand value as they capitalize on the post-pandemic economic recovery.
As per the 2023 Brand Finance Malaysia 100 report, PETRONAS continued its undisputed run as Malaysia’s most valuable brand for an impressive 13th year in a row. Despite a minor drop of 7% in its brand value to US$12.7 billion, PETRONAS also received accolades for its brand strength, with an improved index score of 89.4 and a AAA brand strength rating.
Throughout an unstable macroeconomic environment, PETRONAS managed to retain its top spot. As travel restrictions begin to ease, the brand forecasts a boost in fuel demand from various sectors like aviation, hospitality, food, beverage, and transport, aligning with Malaysia’s expectation to host 9.6 million tourists in 2023.
Furthermore, PETRONAS is also aiming to propel Malaysia towards its national sustainability objectives. Operating several carbon reduction initiatives, the brand documented a notable 19% decline in greenhouse gas emissions from its upstream operations in 2022’s third quarter, in comparison to the previous year. Additionally, PETRONAS supports Malaysia’s reforestation efforts and continues to aid underprivileged communities, contributing nearly US$222.30 million to 1.5 million beneficiaries.
Coming in second after PETRONAS is Maybank, boasting a brand value of US$3.9 billion. Meanwhile, Bank Rakyat claimed the title of Malaysia’s fastest growing brand, climbing from the 25th to 10th spot within a year. This surge was primarily driven by significant growth in its retail and business financing sectors.
Bank Rakyat is actively pursuing the country’s vision of building a solid digital economy in banking and finance. The brand’s sustainability initiatives also underscore its commitment towards encouraging renewable energy adoption among customers.
Alex Haigh, the APAC Managing Director of Brand Finance, commented that smaller bank brands have emerged as the champions in the 2023 Top 100 Malaysian brands ranking, by demonstrating remarkable growth and enhancing their digital footprint to cater to customer needs. These brands have not only safeguarded and grown their core businesses but also enhanced their public image, he added.
Internationally, Brand Finance Singapore echoed a similar sentiment, noting that over half of Singapore’s most valuable brands have also experienced double-digit growth in their brand value in the post-pandemic economy. Among them are DBS, Singtel, and The Hour Glass, topping the Singapore report.
In a nutshell, PETRONAS, Maybank, and Genting along with smaller banking brands like Bank Rakyat are leading Malaysia’s brand renaissance, while successfully navigating through global economic uncertainties and the challenges posed by the pandemic. This article is based on information provided by Marketing Interactive.