South East Asia’s second-largest bank, OCBC, has announced a $500 million investment in the Punggol Digital District (PDD). This includes the establishment of a new 430,000 sq ft innovation hub and a significant strategic partnership with the Singapore Institute of Technology (SIT).
The new innovation hub, named OCBC Punggol, is set to play a crucial role in the bank’s transformation efforts, with completion expected in the first quarter of 2027. The partnership with SIT aims to foster innovation and talent development in fintech by establishing a learning lab and providing scholarships.
OCBC Punggol will span approximately 430,000 square feet, equivalent to seven football fields, and accommodate up to 4,000 employees, primarily from the bank’s technology division, particularly those focused on emerging technologies like quantum computing and mixed reality.
This new hub is a part of the bank’s broader seven-year digital core roadmap aimed at modernizing its technology architecture, initiated in 2019. Over $250 million has already been invested in Phase 1 (2019 to 2022) to refresh key online and offline channel systems across various markets, with an additional $300 million allocated for 2023 to 2025, emphasizing customer-led design and development.
In conjunction with the innovation hub, OCBC is also supporting the creation of SIT’s cutting-edge learning lab at the Punggol campus. This lab will feature up to 100 Bloomberg terminals, offering students, faculty, and industry partners hands-on experience with financial analysis tools.
Additionally, an Analytics and Innovation Lab will focus on coding and development activities related to financial analytics and fintech AI applications. The lab will also host educational outreach programs, including workshops on financial literacy, financial planning, and retirement planning, enhancing OCBC’s engagement with the Punggol community and supporting broader community development efforts.