Singtel chief executive officer Chua Sock Koong and Temasek Holdings executive director and CEO Ho Ching have been ranked fourth and eighth in a list of the world's 50 most powerful businesswomen outside of the US.
The list by Fortune magazine is topped by Ms Ana Botin, executive chairman of Banco Santander, the euro zone's largest bank by market value.
At No. 2 is State Bank of India chairman Arundhati Bhattacharya.
Fortune said that Singtel, with Ms Chua at its helm, grew in a decade to become South-east Asia's largest telecommunications company, boasting US$51 billion (S$69.5 billion) in market capitalisation, and earnings of US$2.79 billion last year - 70 per cent of which came from overseas operations.
Calling the 58-year-old an "astute technocrat", the magazine said that under her watch, Singtel's sizeable investments in cybersecurity are paying off.
Ms Ho, 63, is credited for her leadership of Singapore's state investment firm whose US$180 billion portfolio posted an annual shareholder return of 6 per cent over the past decade.
Also in the top 10 are France's Engie CEO Isabelle Kocher (third), India's ICICI Bank CEO Chanda Kochhar (fifth), Britain's Imperial Brands CEO Alison Cooper (sixth), Turkey's Sabanci Holding chairman Guler Sabanci (seventh), Sweden's SEB Group CEO and president Annika Falkengren (ninth), and Britain's Walgreens Boots Alliance co-chief operating officer Ornella Barra.
The list, which sees 19 countries represented, is dominated by Chinese women. The highest-ranked Chinese woman is Ms Dong Mingzhu, the CEO of China's largest air-conditioning manufacturer Gree Electric Appliances. She is 11th on the list.