As cross-border capital flows continue to accelerate, North Asia remains one of the most exciting markets in the asset servicing industry. Chinese asset managers are expanding their global footprint, Asean investors are deepening their exposure to onshore China, and institutional capital is rushing into Seoul and Taipei in pursuit of AI and semiconductor opportunities. As these frenzied activities take place, the demands placed on custodian banks and fund administrators have shifted from operational support to strategic navigation. The distinction between a service provider and a market-access partner has never been more consequential.

The Asset is pleased to announce the winners of the Asset Servicing Awards 2026 for North Asia, part of The Asset Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers 2026.

This year’s awards reflect the region's evolving architecture. To mirror market development, The Asset has introduced a new category: Best in Asset Servicing, China Onshore, Cross-border Schemes. This award recognizes service providers with a strong onshore presence and significant market share in meeting domestic clients' global asset allocation needs and supporting clients' access to China.

The cross-border imperative is perhaps most visible in China, where regulatory headwinds and investor appetite are colliding. Chinese retail and institutional investors continue to demonstrate robust demand for global asset allocation, yet channels such as QDII face quota restrictions, while regulations around QDLP and QFLP structures have tightened.

Against this backdrop, Chinese asset managers with overseas ambitions require what the market has come to call accompaniment-style asset servicing – service providers who can walk with them as they navigate unfamiliar regulatory terrain, operational frameworks, and investor expectations in foreign markets.

At the same time, the onshore China market is undergoing an ETF revolution that is transforming the custody landscape. By the end of 2025, the total scale of domestic ETFs had surpassed 6 trillion yuan (US$880 billion) for the first time, marking a 62% annual increase and lifting ETF assets to 6.1% of the A-share market capitalization.

Broad-based ETFs continued to expand, with several products crossing the 100-billion-yuan threshold. Thematic ETFs, spurred by AI and technology-sector momentum, grew by about 80%. Bond ETFs, including innovative instruments such as science and technology innovation bond ETFs, expanded nearly fourfold. Commodity and cross-border ETFs both doubled in size. The market has also entered a low-fee era, enhancing investor experience and cementing ETFs as a cornerstone of household wealth management.

The ETF market continues to be serviced by banks and securities firms in China. Long-standing ETF custody providers among the banks deliver high-quality services and distribution support, while securities firms work aggressively, offering total solutions to ETF sponsors under compressed timelines. First-mover advantage has proven decisive. Service providers who can support clients and deliver innovative products within tight timelines stand out in this competitive landscape. The competition between bank and broker-dealer models is intensifying, and the winners are those who can combine operational precision with speed-to-market capability.

Meanwhile, the Asean-China corridor is emerging as one of the region's most active capital pathways. Chinese corporates expanding overseas have increasingly selected Asean markets as their operational beachheads, while Chinese asset managers have established offices in Singapore to anchor their regional strategies.

Conversely, Asean asset managers are deploying capital into China through cross-border schemes such as QFI. In these multi-directional flows, asset servicing providers capable of offering total solutions across multiple markets – seamless custody, fund administration, and regulatory coordination spanning onshore China, Singapore, and the broader Asean region – are distinguishing themselves from single-market competitors.

In South Korea, market dynamics have taken on a distinctly technological character. Fuelled by AI development and memory-chip shortages that have supercharged the semiconductor sector, the Kospi index has entered what local market participants call the 7000-point era, having breached the threshold for the first time.

Despite foreign investors recording cumulative net sales exceeding 91 trillion won (US$60 billion) this year, foreign ownership by market capitalization has paradoxically risen. Analysts attribute this to a selective strategy: foreign institutions are retaining core positions in AI and semiconductor leaders while divesting non-dominant sectors.

For global custodian banks, this creates a pivotal role. They are increasingly facilitating access to South Korea's AI and semiconductor opportunities, providing clients with the settlement, custody, and cross-border infrastructure necessary to navigate one of Asia's most retail-driven and volatile markets.

Taiwan tells a complementary story. As a critical semiconductor hub, the island's equity market has also surged. Yet the regulatory evolution around active ETFs has added a new dimension.

Meanwhile, with Taiwanese regulators permitting active ETF structures, foreign asset managers have entered the market as ETF providers, bringing new product complexity and cross-border distribution requirements. Although most ETFs are serviced by local custodian banks, global custodian banks find themselves with an expanded mandate, especially as foreign asset managers initiate ETF businesses in Taiwan or local ETF providers explore product lines investing in overseas markets. 

As North Asia's capital markets continue to fragment and reassemble along new geographic and product lines, the winners of this year's Best Asset Servicing Awards demonstrate a common thread. They are the providers who have invested early in cross-border infrastructure, who can pivot between ETF innovation and traditional custody with equal fluency, and who understand that in markets defined by regulatory complexity and technological disruption, access is the ultimate service.

NORTH ASIA WINNERS

CHINA ONSHORE

ICBC

Best Bank in Asset Servicing, Winner

Best Custodian, Insurance

Best Custodian, Pension Funds

Best Custodian, Mutual Funds, Winner

ICBC continues to consolidate its absolute market leadership by expanding its assets under custody (AUC) in the high double digits despite its large base. The bank has ranked first by market share for 27 consecutive years. Among banks based in mainland China, ICBC boasts the longest history, the most diverse product offerings, and the largest market share of custody services. Its AUC for products such as securities investment funds, insurance assets, and pension funds rank first among banking peers. It success in the field is also recognized by major Chinese mutual fund and ETF clients.

Agricultural Bank of China

Best Bank in Asset Servicing, Highly Commended

Over 20 years of business development, Agricultural Bank of China has grown into the second-largest custodian bank among the “Big Four” banks in China. In 2025, its AUC recorded steady growth. It provides a full range of custody services to clients from securities investment funds, special accounts, insurance assets, and cross-border schemes.

Bank of China

Best Bank in Asset Servicing, Cross-border Schemes

Best Custodian, QDII, Winner

With nearly 28 years of development, Bank of China has established a solid foundation for its custody business, providing comprehensive custody products and services in both domestic and overseas markets, in local and foreign currencies, and across capital and real economies. Its success is demonstrated by the number and significance of the mandates it won last year, while its professional services have garnered high praise from its cross-border clients.

Guotai Haitong

Best Securities Company in Asset Servicing, Winner

Best Custodian, Mutual Funds, Highly Commended

Best Custodian, ETFs, Highly Commended

Solid client testimonials and feedback support the success of Guotai Haitong, the leading player in custody and fund services among Chinese securities firms. Through client calls and surveys conducted by The Asset, clients attest to the reliability and consistent quality of the firm’s professional services. It has demonstrated strong capabilities in servicing both private funds and mutual funds, particularly equity ETF clients.

CITIC Securities

Best Securities Company in Asset Servicing, Highly Commended

Best Custodian, ETFs, Winner

Best Custodian, Private funds

Best Custodian, Private funds, Cross-border Schemes

CITIC Securities expanded its services to ETF clients last year, enabling clients to become market first in new product offerings. Amid a tightened environment for private funds, especially quant funds, CITIC Securities has been actively helping clients to transform their strategies. This is best exemplified by how it supported an overseas client in its initial operations in China, helping it grow the business within a short period of time.

Deutsche Bank

Best Custodian, QDII, Highly Commended

As a major service provider for cross-border schemes in China, Deutsche Bank has recorded major breakthroughs in servicing QDII clients, securing double-digit new mandates and achieving nearly 60% business growth.

CHINA OFFSHORE

HSBC

Best in Asset Servicing

Best Custodian, CIBM Direct

Best Custodian, QFI, Winner

Best Custodian, Bond Connect, Winner

Best Custodian, Stock Connect, Winner

HSBC continues to demonstrate strong capability in the China offshore market. To recognize the bank’s overall success, and to reflect the growing importance of China access cross-border schemes, The Asset bestows the Best in Asset Servicing, China Offshore award to HSBC.

The bank is the dominant market player in servicing clients investing through the Connect schemes. It further expanded the business by onboarding several significant mandates last year. HSBC also enabled investor clients to be the first to market when new products were launched. Its service quality has garnered strong commendations from clients through their comments and testimonials.

Deutsche Bank

Best Custodian, QFI, Highly Commended

Deutsche Bank has aggressively endeavoured to attract QFI clients from markets in Asean and Western Asia. As a result, AUC from QFI clients grew by a high single-digit percentage last year.

Standard Chartered Bank

Best Custodian, Stock Connect, Highly Commended

Best Custodian, Bond Connect, Highly Commended

As one of the leading players in Bond Connect and Stock Connect, Standard Chartered recorded high single-digit  growth in its Stock Connect business and double-digit growth in Bond Connect. The bank extended its Bond Connect capabilities to include offshore RMB repo and also played a key role in advocating for Stock Connect block trading, ensuring a smoother clearing and settlement environment for market participants.

CITIC Securities Fund Services (Asia)

Best Fund Administration Specialist, Private Funds

With a strong presence, especially among Chinese asset managers, CITIC Securities Fund Services (Asia) continues to deliver exceptional fund administration services to hedge funds, private equity funds, real estate investment trusts, funds of funds, and more.  It is recognized by fund managers for its efficiency and product designs.

China Central Depository & Clearing 

Best in Collateral Management, China

China Central Depository & Clearing continues to service onshore and global institutional clients with advanced systems and solutions. Its capability is recognized by global custodian banks. 

HONG KONG

HSBC

Best Subcustodian, Winner

Best Fund Administrator, Retail Funds, Winner

Best ETF Custodian

HSBC has maintained a steady two-digit growth in AUC and transaction volume, consolidating its leadership across subcustodian, ETF custodian, and fund administration for retail funds in the Hong Kong market. On ETF custody, the bank was awarded the mandate to serve Hong Kong’s largest ETF, showcasing its capabilities as an ETF custodian.  

Standard Chartered

Best Subcustodian, Highly Commended

Best Custody Specialist, Digital Assets

Standard Chartered maintains its edge in the subcustody space in Hong Kong with robust growth. The bank has also pivoted to the rising digital assets custody business, assisting a client in launching the first tokenized money market fund in the Asia-Pacific region.

BOCI Prudential

Best Fund Administrator, Retail Funds

Best Custody Specialist, Insurance, Highly Commended

BOCI achieved impressive results in both fund administration for retail funds and custody for insurance clients. In fund administration, it successfully onboarded a sovereign wealth fund, while its insurance AUC size continues to grow, serving many leading Chinese insurers in Hong Kong.

BNP Paribas

Best Fund Administrator, Alternatives

With its alternatives servicing platform scaling up across Asia-Pacific, BNP Paribas reinforced its leading position as a fund administrator in the alternative space, serving an increasing number of hedge fund and private fund managers with innovative and integrated solutions.

DBS

Best Custody Specialist, Insurance, Winner

DBS’s custody business for insurance clients has gained strong momentum, with AUC achieving a three-digit annual growth in 2025, driven by key mandates from large insurers in the Asia-Pacific region.  

JAPAN

HSBC

Best Subcustodian, Winner

HSBC continues to be the largest foreign custodian in Japan, serving a diversified group of clients. The bank achieved double-digit growth in AUC and single-digit growth in client accounts in 2025.

Citi

Best Subcustodian, Highly Commended

Citi remains a competitive subcustodian in Japan, with a comprehensive product suite, complete segment coverage, and dedicated local servicing teams.

SOUTH KOREA

HSBC

Best Domestic Custodian, Winner

Best Subcustodian

Throughout the year, HSBC saw solid growth in its domestic custodian and subcustodian businesses in Korea, combining scale, product innovation, and execution capability to support capital market participants in the country. With Korea’s ETF market rapidly growing, the bank has been winning mandates from asset managers.

Citi

Best Global Custodian

Citi demonstrates its outstanding capabilities in providing global custody services to domestic clients seeking to invest in overseas markets. In 2025, its AUC increased steadily, while its client base continued to diversify.

Standard Chartered

Best Custody Specialist, Insurance

Standard Chartered showcased its capability as a custody specialist for the insurance sector by winning multiple mandates from leading Korean insurers in 2025.

TAIWAN

Citi

Best Subcustodian, Winner

Best Global Custodian

Best Custody Specialist, Insurance

Citi continues to demonstrate its capabilities in Taiwan despite major changes in the competitive landscape. The bank has maintained its competitive edge in cross-border businesses, helping clients navigate the regulatory environment and growing the business despite its large base.

CTBC Bank

Best Domestic Custodian

CTBC Bank remains a key player in the domestic custodian space in Taiwan, demonstrating leadership through market advocacy and pro-client initiatives, leading to robust growth in AUC.

Standard Chartered

Best Subcustodian, Highly Commended

Standard Chartered expanded its business in Taiwan significantly in 2025, with its AUC witnessing a two-digit growth and the value of its mandates increasing by triple digits, thanks to its solid relationship with local regulators and deep local expertise.

HSBC

Best Fund Administrator, Retail Funds

HSBC offers end-to-end solutions for fund administration in Taiwan, covering ETFs and mutual funds. It serves the majority of global asset managers outsourcing fund services in Taiwan. 

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.