OCBC lines up new hub in Punggol Digital District that can house up to 4,000 employees
by Ng Hong Siang · CNA · JoinSINGAPORE: OCBC will invest about S$500 million (US$390 million) in the Punggol Digital District and house up to 4,000 workers there, the bank said on Wednesday (Sep 18).
It will set up an innovation hub and embark on a "strategic partnership" with the Singapore Institute of Technology (SIT), OCBC said in a joint press release with SIT and government industrial planner JTC.
The innovation hub, dubbed OCBC Punggol, is expected to be completed in the first quarter of 2027.
"The multimillion-dollar partnership with SIT is aimed at driving innovation and talent development in fintech, through the establishment of a learning lab and scholarships," OCBC, SIT and JTC said.
OCBC Punggol will be directly connected to SIT via a red link bridge. A large canopy along Campus Boulevard - an 800m walkway connecting the district - will serve as another connection.
The development will house up to 4,000 OCBC 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 occupy eight floors of a 12-storey mixed-use tower, which will have other amenities serving the district. These include a 200-room hotel, retail shops and dining outlets.
When completed, OCBC Punggol will be the bank's second largest office premises after its head office at Chulia Street.
"The investment symbolises the convergence of industry, academia, and government within a unified ecosystem," OCBC, SIT and JTC said.
ANALYTICS AND INNOVATION LAB
As part of its partnership with SIT, OCBC will fund the establishment of a learning lab on its Punggol campus.
It 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 also provide hands-on experience with financial analysis tools, as well as cutting-edge technologies for students, faculty and industry partners.
Educational outreach activities, such as workshops on financial literacy, financial planning, and retirement planning will also be conducted in the lab.
BOND-FREE SCHOLARSHIPS
In addition to partnering SIT in its integrated work-study programme, OCBC will also award bond-free scholarships to five SIT undergraduate students annually for the duration of their studies, starting from 2025.
Each scholarship is valued at S$11,000 per year and recipients will be supported for up to four years, depending on the length of the degree programme.
The scholarship recipients will also be given internship opportunities at OCBC.
This comes on top of the bond-free scholarships that OCBC has been awarding since the 1950s, the bank noted.
SIT will also make some of its facilities, such as its multi-purpose sports halls and auditorium, available for OCBC's corporate activities.
"JTC’s vision for Punggol Digital District – to nurture an ecosystem that fosters collaborative partnerships and innovation – resonates with us most," said OCBC Group CEO Helen Wong.
"Collaboration and innovation are critical to the success of a company and the community at large."
SIT president Professor Chua Kee Chaing 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."
Prof Chua noted that OCBC has been "a strategic partner" of SIT since 2018.
OCBC's entry into the Punggol Digital District "leverages (the district) as a launchpad for new technologies development and capabilities building in the region", said Mr Tan Boon Khai, chief executive of JTC.
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