Asiamoney Best Bank Awards

On paper, Citi Malaysia is a hard operation to beat. After 62 years in Kuala Lumpur, its 5,000-plus workforce offers innovative financial products and services to companies and institutions. Citi banks 80% of the companies with the largest market capitalization in Malaysia and 650 multinational corporations.

Maybank’s decision to commit nearly $12 billion to a sustainable finance framework goes a long way to explaining why it deserves Asiamoney’s best bank award in Malaysia yet again this year. The announcement by Malaysia’s biggest lender in July 2021 drew attention to the nation’s efforts to raise its economic game.

Asiamoney’s debut award for best Islamic bank goes to Bank Syariah Indonesia (BSI), a firm that was only formed in February 2021 by the merger of state-owned Islamic banks BNI Syariah, Bank Syariah Mandiri and BRI Syariah.

Micro, small and medium-sized enterprises around the world have been among those worst affected by the pandemic. While governments have rolled out support for these businesses, banks have also had to do their part by adapting their policies and practices to accommodate the rapidly changing financials and behaviour of SMEs. In Indonesia, none did better than Bank Rakyat Indonesia.

When it comes to international banks in Indonesia, Citi is the one to beat.

The competition for the award for best bank for CSR was fierce this year, as nearly every bank in Indonesia proved its dedication to its communities, customers and employees during the pandemic. All of them should be lauded for their efforts, but Bank Negara Indonesia (BNI) is the winner.

The lockdowns of 2020 and 2021 showed how important it was for banks to have up-to-date technology and easily accessible digital banking services to survive.

Asiamoney’s choice for the best bank for CSR in the Philippines this year is Bank of the Philippine Islands, whose work through its social development arm, BPI Foundation, is turning heads in the country.

Rizal Commercial Banking Corporation’s strategy of using its digital prowess to do good in the Philippines is what captures Asiamoney’s attention the most this year.