OCBC Bank will invest S$500 million in the Punggol Digital District (PDD) to establish a new state-of-the-art facility, OCBC Punggol, and form a “multi-million dollar” partnership with the Singapore Institute of Technology (SIT), according to a media statement released on 18 September 2024.
Background
OCBC Punggol will span approximately 430,000 square feet across eight floors of a 12-storey mixed-use tower, making it the bank’s second-largest office after its head office on Chulia Street. The facility, located near Punggol Coast MRT, is expected to be completed in the first quarter of 2027 and will house up to 4,000 employees. The tower will also feature a 200-room hotel, retail shops, and dining outlets, providing amenities for the public.
Sit-OCBC partnership to encourage undergraduates to explore fintech
The partnership between SIT and OCBC aims to encourage undergraduates to delve into the fintech industry. One of the two campus plots in SIT’s new centralised campus in PDD opened this month, with the other set to be ready by early 2025. The new campus, covering 91,000 square meters, will accommodate 12,000 SIT undergraduates.
Analytics and innovation lab
OCBC will sponsor the Analytics and Innovation Lab at the SIT Punggol campus, focusing on coding, financial analytics, and fintech AI applications. The lab will house up to 100 Bloomberg terminals, making it one of the largest labs in any higher learning institute in Singapore. Punggol residents can also attend workshops on financial literacy and retirement planning in the lab.
New bond-free scholarships
Starting next year, OCBC will offer five bond-free scholarships valued at S$11,000 annually for up to four years to SIT undergraduate students. These scholarships come with internship opportunities at OCBC, adding to the bank’s existing bond-free scholarships.
Symbolic link bridge
A red link bridge will connect OCBC Punggol directly to SIT’s Chua Thian Poh Discovery Hub, alongside an 800-metre walkway and a large canopy along SIT’s Campus Boulevard. OCBC’s corporate activities may also be conducted in SIT facilities, providing students with exposure to the bank’s work environment and experts.
A state-industry-academic partnership
PDD, conceptualised by JTC, is designed to be Singapore’s largest mixed-use smart business park district with an urban district-level smart energy grid. OCBC Group CEO Helen Wong stated that JTC’s vision for PDD aligns with the company’s goals. SIT President Chua Kee Chaing expressed gratitude for the partnership, highlighting its role in enhancing students’ education and career readiness. JTC Chief Executive Tan Boon Khai emphasised the development of “future-ready tech talents” and the opportunities for “co-innovation and test-bedding” that the partnership will provide.
Related stories
For more information, visit the following links:
- OCBC makes S$500 million bet on Punggol Digital District innovation hub and SIT partnership
- OCBC’s S$500 million plans for Punggol Digital District: 12-storey tower, partnership with SIT
- OCBC’s S$500 million plans for Punggol Digital District: 8-storey office, partnership with SIT
