Singapore OCBC to Invest $387 Million to Setup New Innovation Hub in Punggol Digital District (PDD) Partnering with Singapore Institute of Technology (SIT), Target Completion in 2027 Q1
20th September 2024 | Hong Kong
Singapore banking group OCBC has announced to invest $387 million (S$500 million) to setup a new innovation hub in Punggol Digital District (PDD) partnering with Singapore Institute of Technology (SIT), with target completion in 2027 Q1. OCBC (18/9/24): “OCBC announced today that it will invest about $500 million in Punggol Digital District (PDD) with the set-up of its new innovation hub and a strategic partnership with Singapore Institute of Technology (SIT). The investment symbolises the convergence of industry, academia, and government within a unified ecosystem. The newest Innovation Hub – OCBC Punggol – OCBC Punggol will play a pivotal role in continuing the Bank’s transformation efforts when completed in 1st quarter of 2027. The multi million-dollar partnership with SIT is aimed at driving innovation and talent development in fintech, through the establishment of a learning lab and scholarships. OCBC Punggol, which is located at 98 Punggol Way, is directly connected to SIT’s Chua Thian Poh Discovery Hub via a red link bridge on the Collaboration Loop. OCBC Punggol is also connected to SIT via a large canopy along the Campus Boulevard, an 800-m long walkway connecting the whole district. Both the red link bridge and the canopy serve as a physical metaphor for the close collaboration between the two institutions. OCBC Punggol will occupy about 430,000 square feet of space, equivalent to about seven football fields, across eight floors of a 12-storey mixed-use tower. The tower is integrated with amenities for the district, including a 200-room hotel, retail shops and dining outlets. When completed, OCBC Punggol will be the largest OCBC office premises outside of the central business district and the second largest after the Bank’s head office at Chulia Street. OCBC Punggol will house up to 4,000 employees. Most of them will be from the Bank’s technology workforce, especially those working on emerging technologies such as quantum computing and mixed reality. The innovation hub will be infused with high tech features powered by audio-visual, biometric access, mobile applications and other advanced workspace tools. Energy-efficient building services systems, innovative green technologies and renewable energy sources will be deployed, in line with the sustainability nature of the district. The establishment of OCBC Punggol builds on the Bank’s investments in its seven-year digital core roadmap to modernise its technology architecture since 2019, paving the way for the development of more innovative solutions. Over $250 million was invested in Phase 1 (2019 to 2022) to refresh the Bank’s key channel systems across its markets. This enabled quicker roll out of digital features and sharpened personalisation capabilities via machine learning and AI. Another $300 million will be invested from 2023 to 2025, with customer-led design and development as the focus. Many first-to-market innovations have been rolled out over the years to create a strong competitive edge in customer experience and digital banking. These include enabling customers to scan and pay at Alipay+ merchants globally using OCBC Digital app and Singapore’s first AI powered stock picker.”
“ Singapore OCBC to Invest $387 Million to Setup New Innovation Hub in Punggol Digital District (PDD) Partnering with Singapore Institute of Technology (SIT), Target Completion in 2027 Q1 “
Multi-million Dollar Strategic Partnership with SIT
- 1. The Analytics and Innovation Lab – OCBC is funding the establishment of SIT’s state-of-the-art learning lab at SIT Punggol campus. The state-of-the-art Lab is designed to be able to have up to 100 Bloomberg terminals in it, making it one of the biggest labs in any higher learning institute in Singapore. The Lab will provide hands on experience on financial analysis tools, as well as cutting-edge technologies for students, faculty and industry partners. Currently, there are more than 30 of such terminals in the Lab. The Analytics and Innovation Lab will serve as a hub for coding and development activities focused on financial analytics and creating fintech AI applications. Through practical applications and experimentation, students can apply theoretical knowledge to real-world scenarios, fostering innovation and skill development. Educational outreach, such as workshops on financial literacy, financial planning, and retirement planning will be conducted in the Lab as part of OCBC’s and SIT’s engagement with the residents in Punggol and overall community development efforts.
- 2. New Bond-Free Scholarships to SIT undergraduates – In addition to partnering SIT in its unique Integrated Work Study Programme, OCBC will award bond-free scholarships to five SIT undergraduate students annually for the duration of their studies, starting from next year onwards. Each scholarship is valued at $11,000 per year and recipients will be supported for up to four years, depending on the length of the degree programme. These students will also be given internship opportunities in OCBC. This comes on top of the bond-free scholarships that OCBC has been awarding since the 1950s. OCBC remains one of the very few in the private sector to offer bond-free scholarships to help outstanding individuals pursue their dreams, with over 600 recipients so far.
- 3. Access to Facilities and Exchanges – The strategic partnership with SIT is a holistic one. SIT will work towards making available some of its facilities, such as multi-purpose sports halls and auditorium for the Bank’s corporate activities when OCBC Punggol is completed in 2027. On the other hand, SIT students will have opportunities to be exposed to OCBC’s work environment and experts in various fields.
Ms 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. JTC’s vision for Punggol Digital District – to nurture an ecosystem that fosters collaborative partnerships and innovation – resonates with us most. Collaboration and innovation are critical to the success of a company and the community at large. These traits have anchored OCBC’s 92-year journey. I am confident our partnerships will chart new frontiers and create long-term value for everyone – for now and beyond.”
Prof Chua Kee Chaing, SIT President, said: “We are delighted to strengthen our partnership with OCBC, and witness the vision of the SIT Punggol Campus becoming interconnected with industry come alive. Our utmost appreciation to OCBC, a strategic partner of SIT since 2018, in enhancing the education and career readiness of our students. 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.”
Mr Tan Boon Khai, Chief Executive, JTC, said, “At PDD, JTC is cultivating dynamic ecosystems that drive innovation and industry growth, through bringing multiple stakeholders together to collaborate in a smart and sustainable environment. As one of Singapore’s key local banks, OCBC’s entry into PDD reinforces this value proposition, as it leverages PDD as a launchpad for new technologies development and capabilities building in the region. The PDD Living Lab Programme has facilitated a new partnership between two key ecosystem partners to develop future ready tech talents and provide opportunities for co-innovation and test bedding, and we believe more of such partnerships will continue with new anchors coming on stream at PDD.”
Singapore OCBC to Invest $387 Million to Setup New Innovation Hub in Punggol Digital District (PDD) Partnering with Singapore Institute of Technology (SIT), Target Completion in 2027 Q1
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