TEMASEK Holdings chief executive Ho Ching and GGV Capital managing partner Jenny Lee are the two Singaporean women named in Forbes' annual list of the 100 most powerful women of 2016.
Ms Ho is in 30th place, up from 43th last year, while Ms Lee is in 100th place, down from 98th last year.
Ms Ho, who has been on the list every year since its inception in 2004, has helped guide the Singapore state-owned investment firm's portfolio to S$266 billion in 2015.
Ms Lee is one of the most respected investors in the Chinese tech scene, Forbes said. "Among her best investments was her 2010 backing of social platform YY, which went public in the US in 2012. Her current portfolio includes Yodo1, Chukong Technologies and China Talent Group."
GGV Capital is a venture capital firm focused on multi-stage investments in the US and China. A former jet and drone engineer, Ms Lee has spent the last 15 years in the China investment scene.
German Chancellor Angela Merkel, number one for six years running, continues to head the list, followed close behind, again, by presidential candidate Hillary Clinton; Federal Reserve chair Janet Yellen; philanthropist Melinda Gates; and General Motors CEO Mary Barra.
International Monetary Fund managing director Christine Lagarde retains her spot at number six, followed by Facebook COO Sheryl Sandberg and YouTube CEO Susan Wojcicki.
As with every year, four metrics were used in the ranking: money (either net worth, company revenues, or GDP); media presence; spheres of influence; and impact, analysed both within the context of each woman's field and outside of it.