UOB (SGX: U11) will reportedly invest more than S$500 million “to build its new global technology and innovation center in JTC’s Punggol Digital District (PDD).”
With this investment, UOB claims it “becomes the first local bank to establish its presence in Singapore’s first smart and sustainable business district, and is the largest commercial investor in PDD to date.”
Targeted to “be completed by the end of 2026, the 300,000 square feet centre will house around 3,000 talents engaging in technology, innovation and digital roles to further the Bank’s digital ambitions.”
The new center will aim to “offer high-performance workplaces to foster higher employee performance and engagement.” It will also be “fitted with green features, in line with the sustainability nature of the district.”
Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, said:
“UOB is pleased to be part of this smart nation initiative as the first Singapore bank and the largest commercial investor in the PDD. Our investment here reinforces our commitment to grow our Singapore core, and to support our customers in Singapore and across ASEAN on their digital journey. We look forward to working with the vibrant ecosystem of partners here to accelerate innovation, talent building and sustainability.”
UOB claims it is “the only Singapore bank that has standardized its regional technology platform across ASEAN and its digital initiatives throughout the region have been raising the bar for digital banking, cross-border payments and financial advisory services.”
This new global design and developmental hub “will further enhance the Bank’s digital capabilities to drive and scale innovation to advance UOB to be the most preferred bank for both consumers and businesses in ASEAN.”
The Bank is also “looking to further its commitment in nurturing the next generation of tech talent in PDD.” Working closely with JTC, UOB will “support local industrialists in PDD and beyond in embracing and jumpstarting their sustainability journey through capabilities building and financing programs”.
Building the future of banking at PDD
Leveraging capabilities and expertise of different partners within PDD, UOB strives to build the future of banking for ASEAN “by redefining customer experience in financial services through innovations, testing and developing progressive and personalised solutions for customers.”
To grow and to contribute to the digital ecosystem at PDD, UOB will also be housing its innovation accelerator, The FinLab, at PDD “to foster closer collaborations with tech partners, start-ups and small- and medium-sized enterprises (SMEs).”
From accelerating early-stage fintechs to scale, to helping SMEs transform digitally and sustainably across the region, The FinLab has “supported more than 20,000 businesses since its inception in 2015.”
The FinLab also “launched the Sustainability Innovation Programme and The Greentech Accelerator in 2021 and 2022 respectively to drive green capabilities and connect SMEs with green solution providers.”
Nurturing future generations of tech talent
UOB recognizes “the importance of nurturing its future generations of talent, and the value of continual upskilling and reskilling to keep current and future employees future ready. ”
As one of the first, and handful, of local enterprises with a global tech centre based in Singapore, UOB’s investment in PDD signifies its commitment to grow a tech team locally. UOB has “in place a wide range of meaningfully-designed training programs and collaborates with leading academic and industry partners to hone the digital skills of its workforce.”
As part of expanding its people and development capabilities, UOB today “signed a memorandum of understanding (MOU) with the Singapore Institute of Technology (SIT) to set up a Fintech Innovation Lab.”
Housed in SIT’s upcoming Punggol campus, this joint lab will “allow UOB’s employees and SIT’s academic staff and students to undertake fintech innovation, training, and development, and to participate in applied research and innovation to deliver integrated solutions that address real business challenges.”
For more details, check here.