OCBC Bank announced an investment of S$500 million in Punggol Digital District (PDD).
This investment includes a new 430,000 square-foot innovation hub, OCBC Punggol, and a multi-million-dollar strategic partnership with the Singapore Institute of Technology (SIT).
OCBC Punggol, slated for completion in the first quarter of 2027, will house up to 4,000 employees, primarily from the bank’s technology workforce, focusing on emerging technologies like quantum computing and mixed reality.
The hub will feature high-tech amenities, energy-efficient systems, and renewable energy sources, building on the bank’s digital core roadmap.
Over S$250 million was invested in Phase 1 from 2019 to 2022 to enhance key channel systems, enabling faster rollouts of digital features and improving personalization through machine learning and AI.
An additional S$300 million is being invested from 2023 to 2025, with a focus on customer-led design and development.
As part of the strategic partnership, the Analytics and Innovation Lab will be established at SIT’s Punggol campus, serving as a hub for coding, financial analytics, and fintech AI applications.
The lab will provide hands-on experience with more than 30 financial analysis terminals, allowing students and industry partners to engage with cutting-edge technologies.
Additionally, workshops on financial literacy, financial planning, and retirement planning will be part of OCBC’s and SIT’s engagement with the local community.
OCBC will also award bond-free scholarships to five SIT undergraduate students annually, offering internship opportunities and fostering future talent.
Additionally, both institutions plan to share facilities and expertise, promoting knowledge exchange and collaboration.
Helen Wong, Group CEO, OCBC, said,
“I am excited to share the two important projects in Punggol Digital District. One, OCBC’s latest and second largest office premises of 430,000 sq ft in Singapore.
The largest is our head office at Chulia Street. Two, OCBC’s partnership with Singapore’s first University of Applied Learning, developing future-ready graduates and innovating with industries.”
Featured image: (From left to right) Tan Boon Khai, Chief Executive, JTC; Helen Wong, Group CEO, OCBC and Professor Chua Kee Chaing, President, SIT in front of the OCBC Punggol building at Punggol Digital District
