OCBC Bank has announced an investment of S$500 million in the Punggol Digital District (PDD).
The investment includes a new 430,000 sq ft innovation hub, OCBC Punggol, and a multi-million dollar strategic partnership with the Singapore University of Technology (SIT).
OCBC Punggol is due to be completed in the first quarter of 2027 and will be home to up to 4,000 employees, mainly from the bank’s technology workforce, and will focus on emerging technologies such as quantum computing and mixed reality.
The hub will feature high-tech equipment, energy-efficient systems and renewable energy sources, in line with the bank’s digital core roadmap.
More than S$250 million has been invested in Phase 1 between 2019 and 2022 to strengthen key channel systems, accelerate the rollout of digital capabilities, and improve personalisation through machine learning and AI.
A further S$300 million will be invested between 2023 and 2025, with a focus on customer-led design and development.
As part of the strategic partnership, an analytics and innovation lab will be established at SIT’s Punggol campus, which will act as a hub for coding, financial analytics and fintech AI applications.
The lab will provide hands-on experience with over 30 financial analysis terminals, exposing students and industry partners to cutting-edge technology.
Additionally, workshops on financial literacy, financial planning and retirement planning will be held. OCBCand SIT’s community engagement.
OCBC also awards free scholarships to five SIT undergraduate students every year, providing internship opportunities and nurturing future talent.
In addition, both institutions will share facilities and expertise, facilitating knowledge exchange and collaboration.
OCBC Group CEO Helen Wong said:
“We are pleased to announce two significant projects in Punggol Digital District: OCBC’s newest and second largest office facility in Singapore at 430,000 sq ft.
The biggest is our head office at Chulia Street. The second is that OCBC has partnered with Singapore’s first University of Applied Learning to develop future-ready graduates and collaborate with industry to innovate.”
Featured image: (L to R) JTC chief executive officer Tan Boon Kai, OCBC group CEO Helen Wong and SIT president Professor Chua Kee Cheang in front of the OCBC Punggol building in the Punggol Digital Precinct
