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The longest-established Singapore bank has announced a major SG$ 500 million investment in the Punggol Digital District (PDD), marking a pivotal step in its transformation journey. This significant move includes the establishment of a new innovation hub, OCBC Punggol, and a strategic partnership with the Singapore Institute of Technology (SIT). The investment represents a convergence of industry, academia, and government, aiming to create a unified ecosystem that fosters innovation and collaboration.
The hub is designed to accommodate up to 4,000 employees, with a focus on technology roles involved in emerging fields such as quantum computing and mixed reality. OCBC Punggol will be equipped with state-of-the-art technology, including advanced audiovisual systems, biometric access controls, and mobile applications. Energy-efficient building services and green technologies will be integral to the hub, aligning with the district’s commitment to sustainability.
Slated for completion in the first quarter of 2027, the hub will be a key component of the Bank’s ongoing modernisation efforts. This facility will be the largest bank office outside the central business district and the second largest overall, after the bank’s head office at Chulia Street.
The strategic partnership between the bank and SIT includes several initiatives aimed at driving fintech innovation and talent development:
Analytics and Innovation Lab: The bank is funding the creation of a cutting-edge learning lab at SIT’s Punggol campus. The lab will feature up to 100 Bloomberg terminals, making it one of the largest of its kind in Singapore. This facility will provide students, faculty, and industry partners with hands-on experience in financial analysis and advanced technologies. The lab will also host educational workshops on financial literacy, planning, and retirement as part of broader community engagement efforts.
Bond-Free Scholarships: Starting next year, the bank will award five bond-free scholarships annually to SIT undergraduate students. Each scholarship, valued at SG$ 11,000 per year, will support students for up to four years, depending on their degree program. Recipients will also have opportunities for internships at the bank. This initiative builds on the bank’s tradition of supporting education through bond-free scholarships, which have been awarded since the 1950s.
Access to Facilities and Exchanges: The partnership will also include access to SIT’s facilities, such as multi-purpose sports halls and auditoriums, for the bank’s corporate events. In exchange, SIT students will gain exposure to the bank’s work environment and industry experts, fostering practical experience and industry connections.
The Group CEO of the bank expressed her excitement about the dual projects in Punggol Digital District. She stressed the significance of the facility as the bank’s second-largest office in Singapore and highlighted the strategic partnership with SIT in developing future-ready graduates. Wong praised JTC’s vision for PDD, which focuses on nurturing an ecosystem that encourages collaboration and innovation. She is confident that these initiatives will generate long-term value for both the bank and the community.
Professor Chua Kee Chaing, President of SIT, welcomed the strengthened partnership with the bank, noting that it will enhance educational and career readiness for students. He expressed appreciation for the bank’s support, which will provide valuable real-world experiences and contribute to the development of a skilled talent pool for Singapore’s financial sector.
JTC Chief Executive Tan Boon Khai commended the bank’s involvement in PDD, underscoring how it reinforces the district’s value as a hub for technological innovation and collaborative growth. He anticipates that this partnership will lead to further collaborations and advancements, positioning PDD as a leader in technology and innovation.
With this significant investment and strategic collaboration, the bank is poised to play a crucial role in advancing fintech innovation and nurturing talent, contributing to Singapore’s evolving digital landscape.
