OCBC develops new Punggol Digital District hub, to base up to 4,000 staff there

SINGAPORE - OCBC Bank is developing a new innovation hub in the Punggol Digital District (PDD) as part of a $500 million investment.

The hub, named OCBC Punggol, is slated for completion in the first quarter of 2027. Up to 4,000 of the bank’s employees, mostly from its technology teams, will be based there, OCBC said in a statement on Sept 18.

It will occupy eight floors of a 12-storey integrated complex that will also house a 200-room hotel and retail spaces, and will be directly linked to the nearby Singapore Institute of Technology (SIT).

The investment will also see the bank partnering SIT to establish an Analytics and Innovation Lab, driving fintech innovation and developing future talent.

When completed, OCBC Punggol will be the largest OCBC office premises outside the Central Business District and the second-largest after the bank’s head office in Chulia Street, said OCBC group chief executive Helen Wong at the unveiling of OCBC Punggol on Sept 18.

“JTC’s vision for PDD – to nurture an ecosystem that fosters collaborative partnerships and innovation – resonates with us most,” she added, referring to JTC Corporation, the agency developing PDD.

Located at 98 Punggol Way, OCBC Punggol will be directly connected to SIT’s Chua Thian Poh Discovery Hub via a red link bridge. It will also be linked to the varsity via a large canopy along Campus Boulevard, an 800m-long walkway connecting the entire district.

The new facility, which will be linked to the upcoming Punggol Coast MRT station, spans about 430,000 sq ft of space, or around the size of seven football fields.

The 4,000 or so employees who will be based there will focus on emerging technologies such as quantum computing, said OCBC.

At present, the bank has more than 10,000 employees in Singapore. Ms Emily Teo, head of group property management at OCBC, said the bank plans to take over and retrofit the building in early 2026, subject to it obtaining a temporary occupation permit. Employees will move into their new offices in phases from the first quarter of 2027.

The innovation hub will be infused with high-tech features powered by audio-visual technology, biometric access, mobile applications and other advanced workspace tools. The building will also be energy-efficient and tap renewable energy sources.

Central to OCBC Punggol is its strategic partnership with SIT.

The SIT campus in Punggol will open progressively from September. More than 10,000 students are expected to use the campus once it is completed in 2025.

As part of the partnership, the Analytics and Innovation Lab at SIT will offer hands-on learning opportunities for students in financial analysis and fintech applications. It will serve as a hub for developing fintech innovations and artificial intelligence-driven applications, allowing students to apply their theoretical knowledge to real-world challenges.

Educational outreach, such as workshops on financial literacy, financial planning and retirement planning, will be done at the lab as part of OCBC and SIT’s engagement with Punggol residents and community development efforts.

OCBC will also offer five bond-free scholarships yearly to SIT undergraduates, each valued at $11,000, along with internships at the bank.

Professor Chua Kee Chaing, president of SIT, said: “OCBC’s endowed donation to SIT will go towards the provision of authentic, real-world experiences for our students to thrive in the dynamic financial industry and nurture a stream of ready talent to drive Singapore’s economy.”

Under the tie-up, SIT will also make available some of its facilities, such as multi-purpose sports halls, for OCBC’s corporate activities when the bank’s innovation hub is completed in 2027.

The development of OCBC Punggol builds on the bank’s ongoing seven-year “digital core road map”, aimed at modernising its technological architecture. The first phase from 2019 to 2022 saw an investment of more than $250 million to upgrade key systems, enabling faster roll-outs of digital features and improving personalisation through machine learning and AI.

OCBC is investing another $300 million for the period from 2023 to 2025, to grow its innovation and customer-led design.

Home-grown bank UOB, meanwhile, is investing $500 million to build a 300,000 sq ft centre in the PDD to hold around 3,000 staff in technology, innovation and digital roles. The facility is due to be completed in 2026.