OCBC To Invest $387.64 Million In Punggol Digital District

The Overseas-Chinese Banking Corporation (OCBC) said that it will invest about $387.64 million in Singapore’s Punggol Digital District (PDD) with the set-up of a 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.

OCBC Punggol will play a pivotal role in continuing OCBC’s transformation efforts when completed in in the first 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 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 sq. ft of space 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 in Singapore.

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.

Holistic Partnership

OCBC is also 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.

This 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.

The strategic partnership with SIT is a holistic one and 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.

OCBC Group CEO Helen Wong said that the two important projects in Punggol Digital District include the Bank’s latest and second largest office premises of 430,000 sq ft in Singapore and its partnership with Singapore’s first University of Applied Learning, developing future-ready graduates and innovating with industries.

The vision of JTC (formerly Jurong Town Corporation) for Punggol Digital District is to nurture an ecosystem that fosters collaborative partnerships and innovation. 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.