Fortune’s list of Asia’s Most Powerful Women 2025 includes CFOs from Huawei, ByteDance, Sony, and Temasek.

Asia’s most powerful woman in business this year DBS CEO Tan Su Chanwho took over the leadership of Southeast Asia’s largest bank in March. Since taking office, she has weathered renewed trade tensions and the resurgence of alternative financial products, including cryptocurrencies.

Chosen by luck Editors for their measurable impact, strategy, and ability to shape the future, Something MBO 2025 Includes founders, CEOs, and other C-suite leaders whose influence transcends borders and industries.
The list is topped by executives from the finance and technology sectors. Meet the nine CFOs luck The editors selected for this year’s list:

—Meng Wanzhou (Sabrina Meng), Vice President, Rotating President, and CFO, Huawei

Meng Wanzhou, the daughter of company founder Ren Zhengfei, is the chief financial officer of chipmaker Huawei, working alongside Vice President Eric Xu, one of its rotating chairs. Meng is now back as president for a six-month term ending in March. Huawei It is now part of China’s chip plans. Nvidia Huawei is considered a “strategic competitor.” Huawei reported revenue of $118 billion for 2024, which is close to 2020’s record.

—Z. Julie Gao, CFO, BYTEDANCE, Hong Kong

As ByteDance reaches a deal to keep TikTok operating in the US, CFO Julie Gao is keeping an eye on the Chinese startup’s massive finances and corporate structure. The company is already working to build its business outside the US, expanding its e-commerce and social media offerings throughout Asia, Latin America and Europe. ByteDance is one of the most valuable startups on the planet, with a recent employee stock buyback reportedly valuing the company at $330 billion.

—Png Chen Yee, CFO, Temasek, Singapore

For its most recent full fiscal year, which ended in March 2024, Temasek increased its net portfolio value to $301 billion. Png Chin Yee, Temasek’s chief financial officer, is set to expand her role as Singapore’s massive state investment firm undergoes an ambitious restructuring. From next April, Png will also look after Temasek’s portfolio of Singaporean companies, such as DBS, Singapore Airlines and Singtel.

—Lin Tao, CFO and CEO of Sony Group, Japan

In March, Lin Tao made history as Sony’s first CFO, managing finance, strategy, corporate planning and investor relations for the global entertainment giant. She joined Sony in 2000 and progressed through roles in the PlayStation and smartphone divisions, eventually becoming vice president of finance and strategy at Sony Interactive Entertainment, Sony’s gaming division, in 2021.

—Fu Chen, CEO, Senior Vice President and CFO, Ping An, China

Fu Xin became the CFO of the company Ping An Insurance In March 2025, after holding previous positions as Chief Operating Officer and Deputy Chief Financial Officer. She joined Ping An in 2017 as Head of Planning, gaining fintech experience from her time at Roland Berger, a strategic consultancy. In the first half of 2025, Ping An reported operating profits of $10.9 billion, a jump of 3.7%; The value of new life and health businesses jumped nearly 40% to $3.1 billion.

—Fatpori Chinkolkitnevat, CFO and Senior Executive Vice President, Bangchak, Thailand

Phatpuree Chinkulkitnivat has been Bangchak’s CFO since 2022 and is the company’s first female CFO. Energy company Bangchak Corp produces oil, biofuels and renewable energy. Phatpuree played a key role in its acquisition of Esso’s operations in Thailand, which was completed in 2023. Before becoming group-level CFO, she was CFO at a subsidiary of Bangchak. Chinkulkitnivat has also worked in the banking industry and held leadership positions in several Thai banks.

—Arisara Sakulkarawik, CFO, Banpo, Thailand

Thailand’s Banpo is one of the largest energy producers and coal miners in Southeast Asia, with operations in Indonesia, Australia and China, and its finances are managed by CFO Arisara Sakulkarawik. She joined Banpu as Vice President of Accounting in 2011 and became Group CFO in 2019. Sakulkarawik is also a director in several subsidiaries of Banpu, which has been expanding into renewable and green energy technologies since 2014.

—Teh Mun Hwee, Chief Financial Officer, Capital, Malaysia

Teh Mun Hui has become CFO of Capital A, a Malaysian holding company that includes low-cost airline AirAsia among its investments. She previously served as CFO of AirAsia Aviation, as well as Head of Finance at RGB International, a Malaysian casino equipment supplier. Hui is now working to ensure Capital A’s regulatory compliance to support the company’s long-term growth, as the company also considers a secondary listing in Hong Kong.

—Joan Rodrigues, Group CFO, Affin Bank, Malaysia

Banking expert Joan Rodrigues has extensive experience from some of Malaysia’s leading financial institutions, including CIMB and AmBank. In 2020, she moved from her position as CFO of AmBank’s Wholesale Banking division to become CFO at Affin Bank, where she continues to shape the bank’s financial strategy and support its growth momentum. The Malaysian bank reported revenues of $515 million last year, reflecting a strong rebound from the previous year.

Cheryl Estrada
sheryl.estrada@fortune.com

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CFOs and senior financial leaders from across the DACH region will gather to discuss the topic: “The CFO Advantage in the Age of Agent AI.” Confirmed attendees include leaders from Merck, Marriott, Schneider Electric, Generali DE and Ttreatwell. You can learn more Information and application here.

Leaderboards

Stephen R. Scherger He was the executive vice president and chief financial officer of the company Amcor (NYSE: AMCR), a consumer packaging and distribution company, as of November 10. Scherger succeeds Michael Casamento, who, after 10 years as Amcor’s CFO, has decided to return home to Australia to be closer to his family on a full-time basis. Casamento will remain an advisor until June 30, 2026. Scherger has more than 30 years of experience. Most recently, he has served as Executive Vice President and CFO of Graphic Packaging since 2015.

Constance O’Brien He was appointed CFO of Heaven Eroticspecializes in the design and manufacture of hydrogen-powered heavy-lift drones. O’Brien has more than two decades of experience. Most recently, she served as Chief Operating Officer at Axiom Space. Prior to that, O’Brien served as CFO and Chief Operating Officer at IDS International.

Big deal

The number of US corporate bankruptcies in September fell to 59 from 76 in August, the first decline since April, according to data from Standard & Poor’s Global Market Intelligence. The data includes companies with public debt and assets or liabilities of at least $2 million, or private companies with assets or liabilities of at least $10 million at the time of filing.

However, year-to-date bankruptcy filings reached 581 by the end of September, the highest level during this period since 2010. Bankruptcies were concentrated in the industrial and consumer discretionary sectors. The US Federal Reserve issued its first interest rate cut of 2025 in September, which could provide relief to debt-laden companies struggling with high debt servicing costs, according to the report. The company expects this move to reduce yields on long-term US Treasury bonds, affecting corporate and consumer borrowing rates.

Go deeper

President Trump announced Friday that he will impose an additional 100% tariff on Chinese imports and limit U.S. software exports in response to China’s new restrictions on the export of rare earth metals, which are important components of the technology, automotive and defense industries. The outbreak of the trade war led to the S&P 500 index suffering its worst loss since April, and investors are looking forward to a stock market recovery.

I heard

“This is all a high-stakes game of poker taking place between the US and China in this AI revolution, where we are also seeing more scrutiny in Beijing over Nvidia’s ‘gold chips’.”

– Wedbush Securities analysts wrote in an industry note Sunday night regarding President Trump’s threat to increase tariffs on China. “Our view on technology stocks remains solidly bullish, but we will continue to see moments like this that create panic and tension among technology investors — and opportunities to buy into technology,” according to analysts.