The asset servicing landscape across Australia, Asean, South Asia, and the Middle East has demonstrated remarkable resilience and adaptability amid global economic uncertainties, geopolitical tensions, and rapid digital transformation.

This has provided both challenges and opportunities for institutional investors, sovereign wealth funds, and retail participants as they navigated evolving regulatory environments and expanding asset classes.

During the review period for this year’s Asset Servicing Awards, January 1 to December 31, 2025, custodians, subcustodians, fund administrators and other asset service providers played a pivotal role in enabling cross-border flows, ensuring asset safety, and driving operational efficiency.

This period highlighted a clear shift towards technology-driven solutions, regulatory harmonization, and specialized services for alternatives and sustainable investments, setting a strong foundation for continued growth into 2026.

Australia

Australia, one of the world’s largest superannuation systems, continued to fuel demand for sophisticated asset servicing. With assets under management exceeding A$4.5 trillion (US$3.19 trillion), the market continued to focus on cost efficiency, transparency, governance improvements, and seamless NAV calculations, transfer agency, and investor servicing for retail funds.

Global custodians leveraged robust local infrastructure and cross-border connectivity to support institutional needs, while innovation in digital platforms addressed the complexities of retirement savings.

Market leaders excelled in operational excellence and client-centric solutions, reinforcing Australia's position as a mature yet dynamic hub in the Asia-Pacific.

Asean

The Association of Southeast Asian Nations (Asean) emerged as one of the world's fastest-growing regions, with economies expanding around 4.8% in 2025 and projected solid growth into 2026, driven by domestic consumption, infrastructure investment, and deepening market integration.

Countries like Indonesia, Malaysia, Thailand, Vietnam, the Philippines, and Singapore witnessed surging foreign direct investment and capital market development.

Key trends included the rise of Islamic finance (notably in Malaysia), ETF growth (Singapore), and insurance asset custody.

Asset service providers invested heavily in local infrastructure, FX APIs, digital settlement platforms, and compliance tools to handle complex regulatory landscapes.

Cross-border connectivity and innovation in fund administration for retail funds were critical, as retail participation expanded alongside institutional inflows. Singapore solidified its role as a regional fund domicile hub with structures such as the variable capital company (VCC), while markets like Vietnam and Indonesia offered high-growth opportunities for domestic and subcustody services.

South Asia

South Asia gained strong growth momentum, particularly in India, where deepening capital markets, regulatory reforms, and initiatives like GIFT City attracted global players.

Fund administration for alternatives (private equity, venture capital, hedge funds, etc.) gained traction alongside traditional retail funds. Providers focused on advanced technology for clearing, settlement, and navigating complex domestic regulations.

Bangladesh, Pakistan, and Sri Lanka benefited from targeted expertise in local safekeeping and cross-border services, supporting foreign institutional investors despite varying levels of market maturity. Overall, the region emphasized scalable platforms, robust risk management, and support for growing middle-class wealth.

Middle East

The Middle East continued its transformative journey under diversification agendas such as Saudi Vision 2030 and UAE initiatives. Financial centres like DIFC, ADGM, and Qatar's frameworks attracted more fund domiciliation and international mandates.

Historic sweeps in Qatar and Saudi Arabia underscored leadership in integrated domestic custody, sub-custody, and retail fund administration. Growth in sovereign wealth, private equity, and family-office activity drove demand for sophisticated post-trade infrastructure, digital platforms, and specialized insurance custody.

The region saw increased intra-regional M&A and capital flows, with providers enhancing local expertise, regulatory compliance, and connectivity to support expanding asset pools, which are projected to grow significantly amid oil wealth recycling and non-oil sector development.

Across all regions, several overarching trends defined 2025. Digital transformation was paramount: API integration, real-time reporting, blockchain-enabled settlement, and AI-driven risk management became differentiators.

Service providers that invested in scalable, secure technology platforms gained a competitive edge in handling complex, multi-asset portfolios.

Regulatory evolution and compliance remained central, with markets tightening standards while opening to foreign participation.

This created opportunities for players with strong local presence and global networks. The rise of alternative assets – real estate, infrastructure, and private markets – necessitated specialized administration and custody capabilities beyond traditional equities and fixed income.

Sustainability and ESG considerations influenced servicing requirements, demanding enhanced reporting and transparency. Cross-border investment flows intensified, benefiting subcustodians with seamless regional connectivity. Geopolitical shifts encouraged supply chain diversification (China+1 strategies favouring Asean and South Asia) and new financial corridors, including Gulf-Asia linkages.

Challenges persisted, including interest-rate volatility, geopolitical risks from the Middle East, and the need for talent in tech-savvy servicing.

Asset Servicing Awards 2026 celebrate institutions that rose to these demands through operational excellence, client service, and innovation. HSBC, Standard Chartered, Deutsche Bank, Citi, DBS, and others demonstrated market dominance while drawing strong commendations from clients by combining deep local knowledge with global reach.

Looking into 2026, asset servicing providers are well-positioned to capitalize on sustained economic growth, wealth creation, and capital market maturation. Continued investment in technology, talent, and sustainable solutions will be key to supporting the next phase of expansion.

It is in this context that we announce the winners of The Asset Servicing Awards 2026 in Australia, Asean, South Asia, and the Middle East as part of The Asset Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers 2026.

AUSTRALIA

Best Subcustodian

HSBC - Winner

HSBC wins Best Subcustodian in Australia due to its market dominance, safekeeping over A$1.7 trillion in assets while its total assets under custody (for Australian investors) stood at A$120.21 billion as of December 2025. Its robust local infrastructure, seamless cross-border connectivity, operational excellence, and strong client service make it the preferred partner for global custodians and investors.

Citi - Highly Commended

Citi is Highly Commended as sub-custodian in Australia for its robust global network, advanced technology platforms, and strong client servicing capabilities. It excels in cross-border settlements, risk management, and innovative solutions tailored to institutional needs, delivering reliability amid market complexity.

Best Fund Administrator, Retail Funds

HSBC

HSBC wins as Best Fund Administrator for Retail Funds in Australia for its scalable platform, regulatory expertise, and seamless NAV calculation, transfer agency, and investor servicing. With robust technology, strong compliance, and client-centric innovation, the bank delivers operational efficiency and growth support to retail fund managers.

Best ETF Custodian

Citi

Citi wins Best ETF Custodian, Australia leveraging its dominant proprietary network to support the market's rapid growth. By offering seamless custody, fund administration, and specialized execution services, Citi effortlessly handles complex ETF structures for major institutional issuers nationwide. 

 

ASEAN

INDONESIA

Best Domestic Custodian

Standard Chartered

Standard Chartered is Indonesia’s Best Domestic Custodian for its robust local infrastructure, advanced technology solutions such as FX API, seamless settlement, and client-centric service. With proven expertise, strong regulatory compliance, and consistent award-winning performance, the bank delivers unmatched reliability and efficiency for domestic and international investors.

Best Subcustodian

HSBC – Winner

HSBC wins as Best Subcustodian in Indonesia in for its operational excellence, robust local infrastructure, and seamless cross-border connectivity. With strong regulatory expertise, advanced technology platforms, and superior client servicing, HSBC excels in safekeeping, settlement, and supporting international investors in Indonesia’s dynamic market.

Deutsche Bank – Highly Commended

Deutsche Bank is Highly Commended as Subcustodian in Indonesia for its robust local infrastructure, seamless cross-border settlement, and strong client servicing in a complex regulatory environment. Its technology-driven solutions and dedicated team delivers reliable custody support, earning high praise from clients.

Best Fund Administrator, Retail Funds

Standard Chartered – Winner

Standard Chartered triumphs as Indonesia’s Best Fund Administrator for Retail Funds through relentless innovation, enhanced digital platforms, seamless NAV processing, and strengthened client partnerships. It delivers superior operational excellence, regulatory compliance, and scalability.

HSBC – Highly Commended

HSBC is Highly Commended as Fund Administrator in Indonesia as it continues to demonstrate strong operational excellence, regulatory expertise, and reliable NAV calculation and investor services. While facing tougher competition, HSBC remains a trusted partner with robust technology and dedicated local support for fund managers.

Best Custody Specialist, Insurance

DBS

Building on its previous year’s momentum, DBS reaffirms its position as Best Custody Specialist, Insurance. Trusted by global insurers for managing 18 life insurance funds across diverse assets, the bank delivers unmatched security, innovation, and reliability.

MALAYSIA

Best Domestic Custodian

Deutsche Bank – Winner

Deutsche Bank is named Best Domestic Custodian in Malaysia, retaining the title for the eighth consecutive year. Building on its 2024 success, the bank demonstrates outstanding performance during the review period through superior client servicing, robust operational efficiency, innovative technology solutions, and deep local market expertise in Malaysia’s evolving regulatory landscape.

Maybank Securities Solutions – Highly commended

Maybank Securities Solutions is Highly Commended as Domestic Custodian in Malaysia for its robust infrastructure, seamless settlement efficiency, and strong client servicing. Its reliable local expertise, digital innovation, and consistent performance stands out among domestic players.

Best Subcustodian

Standard Chartered – Winner

Standard Chartered grabs the award for Best Subcustodian in Malaysia through its unmatched local expertise, pioneering Islamic securities settlement via Bursa Malaysia, superior operational efficiency, and innovative post-trade solutions. Backed by exceptional client feedback, near-perfect relationship management scores, and robust regulatory compliance, the bank continues to set the benchmark for reliability and service excellence.

Deutsche Bank - Highly commended

Deutsche Bank is Highly Commended as Subcustodian in Malaysia for its exceptional cross-border custody capabilities, seamless integration with global clients, and reliable performance in the dynamic market. Despite strong local competition, its advanced technology, operational excellence, and dedicated local expertise earns high recognition alongside its Best Domestic Custodian award.

Best Fund Administrator, Retail Funds

Deutsche Bank - Winner

Deutsche Bank wins Best Fund Administrator – Retail Funds in Malaysia for its superior fund accounting, NAV calculation accuracy, and investor servicing excellence. Leveraging advanced technology platforms, strong regulatory compliance, and seamless operational efficiency, the bank delivered outstanding support to retail fund managers in a growing and competitive market.

HSBC - Highly commended

HSBC is Highly Commended as Fund Administrator for Retail Funds in Malaysia. It continues to deliver reliable NAV calculation, robust compliance support, efficient transfer agency services, and strong technology platforms. Facing heightened competition, HSBC maintains excellent operational standards and dedicated client service for Malaysian retail fund managers.

PHILIPPINES

Best Domestic Custodian

Citi – Winner

Citi is recognized as Best Domestic Custodian as it continues to excel through its robust client servicing, secure infrastructure, seamless settlement, and innovative solutions that drive efficiency and reliability for institutional investors in a dynamic market.

Deutsche Bank - Highly Commended

Deutsche Bank is Highly Commended as Domestic Custodian in the Philippines for its client-centric focus, advanced technology platforms, and strong market share gains among leading asset managers. It delivers reliable custody solutions and operational excellence amid evolving market demands.

Best Subcustodian

Standard Chartered

Standard Chartered is Best Sub-Custodian in the Philippines. Its deep local expertise, robust infrastructure, seamless cross-border connectivity across Asia, and client-focused innovation deliver superior asset safety, operational efficiency, and market access for global investors.

Best Fund Administrator, Retail Funds

HSBC

HSBC is Best Fund Administrator, Retail Funds, for its renowned operational excellence, seamless digital platforms, and unwavering regulatory complianc. The bank delivers secure, efficient administration services that empower retail investors with transparency and reliability. Its strong regional expertise continues to set the benchmark for fund servicing excellence.

SINGAPORE

Best Domestic Custodian

DBS

DBS is Best Domestic Custodian in Singapore as it continues to set the benchmark for domestic custody with trusted expertise and innovative solutions that safeguard client assets in Singapore’s dynamic financial landscape.

DBS is also recognized for its renown robust asset safety, advanced risk management, and seamless servicing.

Best Subcustodian

DBS

DBS Bank is recognized as Best Subcustodian in Singapore. Leveraging its deep local expertise, extensive regional network, and cutting-edge technology, DBS delivers reliable cross-border asset servicing, efficient settlement, and superior client support, reinforcing its position as a trusted partner for global investors in a vibrant financial hub.

Best Fund Administrator, Retail Funds

HSBC

HSBC is Best Fund Administrator for Retail Funds in the Philippines as it delivers secure, efficient administration services that empower retail investors with transparency and reliability. The bank's strong regional expertise continues to set the benchmark for fund servicing excellence.

Best Prime Broker

Maybank Securities Singapore

Maybank Securities Singapore stands as the Best Prime Broker in Singapore. As the only locally based investment bank offering prime services, it delivers exceptional growth in traded value and hedge fund activity. Backed by Maybank’s robust platform, it provides unmatched access, financing, and client-centric solutions for hedge funds and institutions seeking reliability and innovation in Asia.

Best Custody Specialist, Digital Assets

DBS wins Best Custody Specialist, Digital Assets leveraging institutional-grade security, integrating seamlessly with its digital exchange, offering secure, regulated storage for cryptocurrencies and tokenized assets, bridging traditional finance with the expanding digital ecosystem.

Best Custody Specialist, Insurance

DBS

DBS Bank is recognized as Best Custody Specialist, Insurance, in Singapore  with its specialized expertise in insurance asset custody, seamless fund administration, and robust risk frameworks. DBS provides tailored solutions that ensure asset safety, regulatory compliance, and operational efficiency for insurers navigating Singapore’s sophisticated financial ecosystem.

Best ETF Custodian

DBS

DBS Bank is recognized as Best ETF Custodian in Singapore. Its state-of-the-art ETF servicing platform, seamless creation/redemption processes, real-time reporting, and robust compliance frameworks deliver exceptional efficiency and security. This enables fund managers and investors to navigate Singapore’s growing ETF market with confidence and operational excellence.

THAILAND

Best Domestic Custodian

Standard Chartered

Standard Chartered wins as Best Domestic Custodian in Thailand as its award-winning platform offers unmatched local market expertise, advanced technology, seamless settlement, and robust risk management. Clients benefit from superior asset protection, operational excellence, and strong connectivity for both domestic and international investors in Thailand’s dynamic market.

Best Subcustodian

HSBC – Winner

HSBC is named Best Subcustodian in Thailand for its market-leading expertise, advanced custody solutions, and seamless cross-border settlement capabilities. The bank provides institutional investors with unmatched security, operational efficiency, and local insights. Its commitment to innovation and regulatory excellence reinforces its position as the trusted partner in Thailand’s evolving financial landscape.

Standard Chartered – Highly Commended

Standard Chartered is Highly Commended as Subcustodian in Thailand in recognition of its strong local capabilities, reliable infrastructure, efficient cross-border linkages, and dedicated client service. The bank continues to deliver high standards of asset safety, operational excellence, and market insight, supporting international investors in Thailand’s growing financial landscape.

Best Fund Administrator, Retail Funds

Standard Chartered

Standard Chartered is named Best Fund Administrator for Retail Funds in Thailand, with its platform delivering exceptional NAV calculation, investor servicing, compliance expertise, and advanced technology solutions. Clients benefit from seamless operations, high accuracy, strong regulatory adherence, and superior support, making it the trusted partner for retail fund management in Thailand’s expanding market.

VIETNAM

Best Domestic Custodian

Standard Chartered

Standard Chartered is recognized as Vietnam’s Best Domestic Custodian, reflecting its strong governance, seamless client servicing, and innovative custody solutions. The award highlights its leadership in safeguarding assets, ensuring compliance, and supporting Vietnam’s growing capital markets with trusted expertise.

Best Subcustodian

HSBC

HSBC is Vietnam’s Best Subcustodian. Its unmatched client servicing, robust governance, and market-leading infrastructure highlights the bank’s commitment to operational excellence, risk management, and innovation in Vietnam’s evolving financial landscape.

Best Fund Administrator, Retail Funds

Standard Chartered

Standard Chartered is recognized as Vietnam's Best Fund Administrator for Retail Funds, underscoring its advanced digital infrastructure and localized expertise that continue to drive the growth of the country's retail asset management sector.

Best Custody Specialist, Insurance

Standard Chartered

Standard Chartered grabs the award for Best Custody Specialist, Insurance in Vietnam, highlighting its superior asset servicing and regulatory compliance. The bank's bespoke solutions and robust risk management effectively support the complex, long-term investment portfolios of local insurers.

SOUTH ASIA

Bangladesh

Best Domestic Custodian

Standard Chartered

Standard Chartered wins as Best Domestic Custodian in Bangladesh for its deep local market expertise, robust infrastructure, and reliable safekeeping and settlement services.

Best Subcustodian

Standard Chartered

Standard Chartered is recognized as Best Subcustodian in Bangladesh, highlighting its exceptional custody infrastructure, operational excellence, and dominant role in providing top-tier securities services to foreign institutional investors.

INDIA

Best Domestic Custodian

Deutsche Bank

Deutsche is honoured as Best Domestic Custodian in India, highlighting its advanced technology infrastructure and deep regulatory expertise. The bank provides seamless clearing, settlement, and custody solutions, optimizing operational efficiency in the domestic financial market.

Best Subcustodian

HSBC – Winner

Recognized as India’s Best Subcustodian, HSBC continues to dominate the market by delivering premier post-trade and securities services. Leveraging deep local expertise alongside an extensive global network, the bank seamlessly manages cross-border assets for institutional clients, ensuring top-tier operational excellence.

Deutsche Bank – Highly Commended

Deutsche Bank India is  Highly Commended as Subcustodian in recognition of its robust cross-border clearing, strong regulatory adherence, and exceptional trade settlement services for global institutional investors navigating India's complex capital markets.

Best Fund Administrator, Retail Funds

HSBC

HSBC is Best Fund Administrator, Retail Funds, reflecting its exceptional operational framework and market-leading technology. HSBC excels in managing complex domestic regulatory requirements while delivering seamless, scalable valuation and accounting solutions for asset managers.

Best Fund Administrator, Alternatives

Standard Chartered

Standard Chartered secures distinction as India’s Best Fund Administrator for Alternatives. Leveraging robust domestic infrastructure and cross-border expertise, the bank seamlessly manages complex private equity, venture capital, and hedge fund structures, delivering institutional-grade custody, reporting, and operational excellence.

Best Custody Specialist, GIFT City

Standard Chartered

Standard Chartered is recognized as India's Best Custody Specialist, GIFT City. Operating a leading foreign bank branch at India’s first operational smart city and only International Financial Services Centre (IFSC), Standard Chartered delivers seamless cross-border clearing, settlement, and institutional custody solutions, actively propelling the financial hub’s global asset management growth.

PAKISTAN

Best Subcustodian

Standard Chartered

Standard Chartered reaffirms its dominance as Pakistan’s Best Subcustodian, delivering top-tier post-trade services. Combining deep local market knowledge with international compliance standards, the bank provides global institutional investors with seamless custody, settlement, and regulatory reporting excellence.

SRI LANKA

Best Domestic Custodian

Best Fund Administrator, Retail Funds

Deutsche Bank

Deutsche Bank is recognized as Best Domestic Custodian. As the only foreign bank in the country offering domestic custody, fund administration, and trustee services on a single platform, it delivers unmatched operational efficiency.

Best Subcustodian

Standard Chartered

Standard Chartered is honoured as Sri Lanka’s Best Subcustodian, mirroring its regional dominance. Leveraging its deep local footprint and advanced clearing capabilities, the bank provides global institutional clients with seamless post-trade operations, navigation of complex regulations, and reliable subcustody services.

MIDDLE EAST 

Bahrain

Best Subcustodian

HSBC

HSBC continues to dominate Bahrain’s securities services landscape, earning recognition as the Best Subcustodian. Leveraging its deep local expertise and advanced digital platform, HSBCnet, the bank excels in safeguarding regional institutional assets and driving innovative post-trade solutions.

EGYPT

Best Subcustodian

HSBC

HSBC is recognized as Egypt's leading sub-custodian for its exceptional market navigation and robust risk management. Through seamless digital integration, the bank consistently provides global institutional clients with unparalleled execution, liquidity management, and post-trade reliability.

KUWAIT

Best Subcustodian

HSBC

HSBC remains the premier sub-custodian in Kuwait, delivering exceptional post-trade infrastructure and local expertise. The bank provides institutional clients with seamless asset servicing, robust regulatory compliance, and unparalleled market connectivity through its advanced digital platforms.

OMAN 

Best Subcustodian

Standard Chartered

Standard Chartered wins as Oman’s Best Subcustodian, reflecting its deep regional commitment. Leveraging its advanced global custody platform, the bank delivers robust market infrastructure, exceptional asset-servicing efficiency, and premier digital solutions to support cross-border institutional investors.

QATAR

Best Domestic Custodian

Best Subcustodian

Best Fund Administrator, Retail Funds

HSBC

HSBC achieved a historic sweep in Qatar for 2025, earning top honours as the market’s Best Domestic Custodian, Best Subcustodian, and Best Fund Administrator for Retail Funds. The bank’s sophisticated post-trade infrastructure and seamless local execution provide institutional clients with unparalleled market connectivity. By leveraging its advanced digital ecosystem, HSBC delivers robust asset servicing, exceptional regulatory navigation, and highly accurate fund administration, cementing its undisputed leadership in driving Qatar’s investment management and capital market growth.

SAUDI ARABIA

Best Domestic Custodian

Best Subcustodian

Best Fund Administrator, Retail Funds

HSBC

HSBC solidified its securities services leadership in Saudi Arabia, sweeping Best Domestic Custodian, Best Subcustodian, and Best Fund Administrator, Retail Funds during the awards period, highlighting its exceptional operational infrastructure, local expertise, and leading asset servicing solutions.

UNITED ARAB EMIRATES

Best Subcustodian

HSBC – Winner

HSBC is honoured as the UAE’s leading sub-custodian for its advanced digital ecosystem and local expertise. The bank provides global institutional clients with seamless asset servicing, robust regulatory compliance, and unparalleled post-trade infrastructure across the UAE markets.

Standard Chartered – Highly Commended

Standard Chartered is Highly Commended for UAE subcustody, validating its resilient market infrastructure and strong regulatory alignment. The bank remains a key post-trade player, offering institutional clients high-touch service, efficient settlement, and sophisticated digital clearing solutions. 

Best Custody Speclist, Digital Assets 

Standard Chartered 

Standard Chartered is recognized as Best Custody Specialist, Digital Assets for its pioneering digital asset servicing solutions in this market.

To view the full list of winners this year, please click here.

To learn more about these awards, please go here.

To join the in-person annual celebratory dinner in Hong Kong on June 30, 2026, please contact us at celebrate@theasset.com.