PUBLISHED ONSeptember 19, 2024 4:39 AMBySean LerOCBC will invest $500 million in the Punggol Digital District with the set-up of its new innovation hub and a strategic partnership with the Singapore Institute of Technology (SIT), the bank said in a joint statement with Jurong Town Corporation (JTC) and SIT on Wednesday (Sept 18).
When completed in the first quarter of 2027, the hub at 98 Punggol Way — dubbed OCBC Punggol — is expected to 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.
It will occupy about 430,000 sqft of space, across eight floors of a 12-storey mixed-used tower. The tower is integrated with amenities for the district, including a 200-room hotel and retail spaces.
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 is funding the establishment of SIT's Analytics and Innovation Lab.
The lab is designed for up to 100 Bloomberg terminals, making it one of the biggest labs in any higher learning institute in Singapore. It will serve as a hub for coding and development activities focused on financial analytics and creating fintech AI applications.
Students, faculty and industry partners can use the lab for hands-on experience on financial analysis tools and cutting-edge technologies.
OCBC and SIT will also conduct educational outreach, such as workshops on financial literacy and planning, and retirement planning in the lab for Punggol residents.
Each year, five SIT undergraduate students will also receive bond-free scholarships from OCBC.
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. The recipients will also be given internship opportunities in OCBC.
"JTC's vision for Punggol Digital District — to nurture an ecosystem that fosters collaborative partnerships and innovation — resonates with us most," said Group CEO of OCBC Helen Wong.
"Collaboration and innovation are critical to the success of a company and the community at large."
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