UOB invests S$500 million in Punggol Digital District tech and innovation centre
UOB will invest over S$500 million to build its new global technology and innovation centre in Punggol Digital District (PDD), a smart business district in Punggol developed by JTC.
Targeted for completion in 2026, the 300,000 square foot (sq ft) centre is expected to house around 3,000 staff in technology, innovation and digital roles to further the bank’s digital ambitions, UOB said on Tuesday (Apr 18).
The bank is the largest commercial investor in PDD to date.
Its new centre will be fitted with green features, in line with the sustainability nature of the district, and offer high-performance workplaces to foster higher employee performance and engagement, the bank said.
UOB added that the new global design and developmental hub will further enhance its digital capabilities to drive and scale innovation.
At its new centre, UOB expects to house an innovation lab for its all-in-one app UOB TMRW, where new products and features will be ideated, developed, piloted and rolled out regionally.
UOB will also be housing its innovation accelerator, The FinLab, at PDD. The accelerator has helped digital and sustainability transformation efforts among small and medium-sized enterprises, as well as accelerated early-stage fintechs to scale.
Minister of Trade and Industry Gan Kim Yong (centre) with Senior Minister of State Janil Puthucheary (from left), Senior Minister Teo Chee Hean and Mr Wee Ee Cheong, UOB Deputy Chairman and Chief Executive Officer with Mr Shannon Lung, Head of The FinLab at UOB’s The Finlab showcase at PDD on 18 April 2023. (Photo courtesy of MCI)
Additionally, UOB signed a memorandum of understanding (MOU) with the Singapore Institute of Technology (SIT) to set up a Fintech Innovation Lab in SIT’s upcoming Punggol campus.
The 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, UOB said.
To build on its sustainability efforts, UOB also entered into a MOU with JTC to collaborate on the decarbonisation drive of Singapore businesses.
Under the partnership, UOB and JTC will jointly conduct outreach capacity-building workshops for local industrialists, within PDD and beyond, beginning in the later half of 2023.
Separately, JTC said it has activated phase two of PDD’s development, providing three new business park towers of 1.2 million sq ft comprising business park and commercial space.
JTC chief executive Tan Boon Khai noted that the new estate has seen “much interest” from companies as it is set to open progressively from next year. He expects the project will become the launchpad for new growth technologies and capabilities in the region.
Tan said: “PDD represents the new generation of industrial development which JTC is undertaking, beyond brick-and-mortar real estate solutions, for industrialists and partners alike.”