Singapore’s OCBC will form a new innovation lab which will become the bank’s second largest premise in the city-state outside of its head office.
OCBC will invest about S$500 million ($385 million) in an innovation lab and strategic partnership with Singapore Institute of Technology (SIT), according to a statement.
The lab, called «OCBC Punggol», will be located in the northeastern district of Punggol in Singapore and occupy about 430,000 square feet of space across eight floors. It will house up to 4,000 employees, mostly from the bank’s tech workforce, particularly those working on emerging technologies like quantum computing and mixed reality.
OCBC Punggol is expected to be completed in the first quarter of 2027.
SIT Partnership
The partnership with SIT will aim to drive innovation and talent development in fintech through the establishment of a learning lab, also in Punggol, as well as scholarships.
The lab will provide hands-on experience with financial analysis tools and cutting-edge technologies for students, faculty and industry partners. Five SIT undergraduate students will also be awarded bond-free scholarships annually valued at S$11,000 per year with internship opportunities at OCBC.
Seven-Year Roadmap
The latest initiatives are part of a seven-year digital core roadmap to modernize OCBC's technology architecture since 2019. Over S$250 million was invested in the first phase from 2019 to 2022 to refresh the bank’s key channel systems across markets. Another S$300 million will be invested from 2023 to 2025 with customer-led design and development as the focus.
«I am excited to share the two important projects in Punggol Digital District,» said Helen Wong, group CEO of OCBC. «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. I am confident our partnerships will chart new frontiers and create long-term value for everyone – for now and beyond.»
