United Overseas Bank (UOB) is “making steady progress” in its plan to jointly set up a Fintech Innovation Lab with the Singapore Institute of Technology (SIT) at the latter's campus in Punggol Digital District (PDD), say representatives.
The two parties aim to launch the lab in 2025, according to a joint statement by Bryan Lim, head of talent and development at UOB; and Bernard Nee, deputy president (industry and community) at SIT.
UOB announced in April 2023 that it would invest more than $500 million to build its new global technology and innovation centre in JTC’s 50ha PDD. Targeted to be completed by the end of 2026, UOB said then that the 300,000 sq ft centre would house around 3,000 staff.
UOB also announced then that it had signed a memorandum of understanding (MOU) with SIT to set up a Fintech Innovation Lab. To be housed in SIT’s Punggol campus, the joint lab would allow UOB’s employees and SIT’s academic staff and students to collaborate.
More than a year on, however, works have yet to begin on the Fintech Innovation Lab, according to SIT president Prof Chua Kee Chaing.
Speaking at a Sept 18 briefing about Oversea-Chinese Banking Corporation’s (OCBC) own $500 million investment, announced that same day, Chua says: “It’s still in progress; we currently don’t have a lab with UOB… [It is] still in discussions.”
See also: OCBC to invest some $500 mil in Punggol Digital District, sets up SIT learning lab
In response to The Edge Singapore's queries on Sept 18, Lim and Nee say UOB and SIT are “finalising the finer details of the lab”.
They add: “Aligned with our initial commitment, this joint lab will provide training and development on key areas such as fintech innovation, artificial intelligence, cybersecurity and anti-financial crime, and to allow users to participate in applied research and innovation to deliver integrated solutions that address real business challenges.”
JTC is the master planner and developer of PDD, a 50ha district that contains eight towers. According to JTC, 65% of space across these towers have been pre-committed, and first-movers include UOB, Government Technology Agency (GovTech) and Cybersecurity Agency of Singapore.
See also: Banks in Singapore can withstand multiple shocks: MAS
OCBC's investment
OCBC’s $500 million investment includes the “acquisition cost” of the upcoming 430,000 sq ft OCBC Punggol, says OCBC group CEO Helen Wong, who declined to provide a further breakdown of the sum on Sept 18.
When completed in 1Q2027, OCBC Punggol will become the bank’s second-largest office premises after its head office in Chulia Street. Up to 4,000 OCBC employees — mostly tech staff — will be housed across eight floors of a 12-storey mixed-use tower, which will also include a 200-room hotel, retail shops and dining outlets.
OCBC is also funding the establishment of a new 440-sqm learning lab at SIT’s Punggol campus.
Already in use, the finance-focused Analytics and Innovation Lab is currently equipped with more than 30 Bloomberg Terminals. According to OCBC and SIT, the lab can house up to 100 terminals and host a maximum of 100 students at a time.
Shares in OCBC closed 6 cents higher, or 0.39% up, at $15.34; while shares in UOB closed flat at $32.55 on Sept 18.
