OCBC created a new division for group strategy, innovation and sustainability, to solidify the bank’s strategic focus and generate growth into the future, according to a media statement released Tuesday.
The announcement is the latest in a concerted series of moves to drive the Group’s Corporate Strategy. Singapore-based banking group OCBC has renewed its leadership team, refreshed its brand and reframed its purpose.
It has also made strategic acquisitions in ASEAN. OCBC recently appointed its Chief Sustainability Officer, Mike Ng, to pursue an ambitious sustainability agenda, as finews.asia also reported.
Spearheading Innovative Practices
The new division to be set up on 22 April 2024 will lead the charge in holistically realizing and maximizing the potential new business growth engines and emerging trends, in addition to sustainability. The unit will be led by Elaine Heng who has achieved a solid track record of spearheading innovative practices and business transformation to drive growth in a disruptive environment.
Heng has redefined customer experiences by reimagining retail with unique new concepts as the CEO of Retail Business and the Deputy Group CEO at Singapore’s FairPrice Group. The FairPrice Group comprises the NTUC FairPrice chain of supermarkets, NTUC Foodfare and Kopitiam chain of food and beverage outlets as well as NTUC Link, one of Singapore’s largest rewards programs.
CEO of the Year
Under her leadership, grocery shopping was transformed from a day-to-day necessity purchase to an integrated shopping, dining and experiential destination. Heng has championed several pioneering digital and community initiatives including FairPrice on Wheels, out of a conviction to support the vulnerable segments of Singapore’s society.
For her contributions to the retail industry, Heng was named CEO of the Year (Asia Pacific) in 2023 by Retail Asia and, most recently, was named Retail Leader of the Year (2023) by the Singapore Retailers’ Association.
Almost 20 Years in Banking
Before joining the Fairprice Group, Heng spent close to 20 years in banking, 15 of which were at Standard Chartered Bank. Ms Heng was based in the bank’s head office in London for three years. She worked closely with the Group CEO in managing the global financial crisis for the bank globally.
She has in-depth banking knowledge and experiences gained from driving different businesses and managing different functions in the region. These included consumer banking, SME banking, digital banking, strategic planning and talent development.
