OCBC will invest about S$500 million into building its new innovation hub in the Punggol Digital District.
The amount will also go towards funding a learning lab in the Singapore Institute of Technology’s (SIT) campus there, among other initiatives, to further its transformation ambitions.
The bank expects to house up to 4,000 employees – mostly from tech – in OCBC Punggol, which will be the bank’s second-largest office space after its Chulia Street head office.
The 430,000 square feet (sq ft) innovation hub is targeted for completion in the first quarter of 2027, said OCBC group chief executive Helen Wong at the district on Wednesday (Sep 18).
The bank will occupy the fourth to 11th floors of a 12-storey mixed-use tower, one of eight in the sustainable business district in the nation’s east. The first three floors will comprise retail shops. The tower will also be integrated with a 200-room hotel and other dining outlets.
Some 65 per cent of the space in the district’s eight towers have been taken up so far, said JTC, which master-planned and developed the 50-hectare district.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Other tenants previously announced by JTC include private and public sector players such as UOB, GovTech, Cybersecurity Agency of Singapore, dConstruct Technologies, Delteq and Wanxiang Singapore.
“JTC’s vision for Punggol Digital District – to nurture an ecosystem that fosters collaborative partnerships and innovation – resonates with us most,” said Wong.
OCBC Punggol will be fitted with high-tech features powered by audio-visual, biometric access, and mobile applications, said the bank. Energy-efficient building services systems, green technologies and renewable energy sources will also be deployed.
SIT partnership
The bank’s innovation hub will also be directly connected to the SIT campus, where the upcoming Punggol Coast MRT station is being built.
OCBC’s multimillion-dollar investment also funds the expansion of an existing learning lab in the Singapore university’s Punggol campus.
Its analytics and innovation lab is primarily used by business students currently, but will be able to cater to computing students with the expansion, said SIT president Chua Kee Chaing.
“OCBC’s endowed donation to SIT will go towards the provision of authentic, real-world experiences for our students to thrive in the dynamic financial industry and nurture a stream of ready talent pool to drive Singapore’s economy,” said Prof Chua.
From next year on, OCBC also intends to award bond-free scholarships – each valued at S$11,000 per year – to five SIT undergraduate students annually for the duration of their studies for up to four years.
Internship opportunities at the bank will be offered to the recipients as well.
Wong said in her opening remarks: “OCBC is always on the look-out for talent… Someone with a combination of business and technology knowledge will always have an edge.”
OCBC’s digital core roadmap
The establishment of the innovation hub builds on the bank’s investments in its seven-year digital core roadmap to modernise its technology architecture and develop more innovative solutions, said OCBC.
The bank had separately invested more than S$250 million to refresh its key channel systems across its markets under the first phase from 2019 to 2022, and will pump in another S$300 million from 2023 to 2025 for customer-led design and development efforts.
In April last year, UOB had announced an investment of more than S$500 million in a 300,000 sq ft global technology and innovation centre in the district that is targeted for completion in 2026, and expected to house around 3,000 staff.
