UOB Invests S$500 Million to Build Innovation Center in Punggol Digital District

UOB Invests S$500 Million to Build Innovation Center in Punggol Digital District

by April 19, 2023

UOB will invest more than S$500 million to be the first local bank to establish a presence in JTC’s Punggol Digital District (PDD), Singapore’s first smart and sustainable business district.

The 300,000 square feet center is targeted to be completed by the end of 2026 and will house around 3,000 staff in technology, innovation and digital roles to further the bank’s digital ambitions.

UOB will also be housing its innovation accelerator, The FinLab, at PDD to foster closer collaborations with tech partners, startups and small- and medium-sized enterprises (SMEs).

The bank is also doubling down on its commitment to nurture digital talent through several initiatives including the MoU with the Singapore Institute of Technology (SIT) to set up a Fintech Innovation Lab that will be located at the SIT’s upcoming Punggol campus.

This joint lab will allow UOB’s employees and SIT’s academic staff and students to undertake fintech innovation, training, and development, and to participate in applied research and innovation to deliver integrated solutions that address real business challenges.

On top of that, UOB’s existing employees will also benefit from training workshops and seminars conducted by SIT to upskill themselves with relevant digital and fintech skills.

Lastly, UOB will work with JTC to nurture the next generation of tech talent in the PDD.

Wee Ee Cheong

Wee Ee Cheong

Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of UOB said,

“UOB is pleased to be part of this smart nation initiative as the first Singapore bank and the largest commercial investor in the PDD. Our investment here reinforces our commitment to grow our Singapore core, and to support our customers in Singapore and across ASEAN on their digital journey. We look forward to working with the vibrant ecosystem of partners here to accelerate innovation, talent building and sustainability.”