In recent years, many corporations have been working towards preparing for a more digital landscape.
United Overseas Bank (UOB) is no exception, as they recently poured over S$500 million into a new building at JTC’s Punggol Digital District (PDD).
This building will be the bank’s global technology and innovation centre.
Additionally, the investment makes UOB the largest commercial investor in PDD to date.
In a statement on Tuesday (18 Apr), UOB shared that they are the first local bank to establish its presence in PDD with its whopping S$500 million investment.
PDD is the country’s first smart and sustainable business district. It is centred around innovation, the digital landscape, and sustainability.
On top of boasting qualities like energy efficiency and wastage minimisation, PDD is also dubbed as a “technological showcase for a smart nation”.
The 300,000 sq ft UOB building, set to be complete by end-2026, will contribute to this landscape. It will be one of five initial block towers in PDD.
UOB said in its statement that it will house around 3,000 talents in the digital department to “further the Bank’s digital ambitions”.
Deputy Chairman and Chief Executive Officer, Mr Wee Ee Cheong, noted, “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.”
The bank added that the new global design and developmental hub will enhance its digital capabilities to drive and scale innovation.
In its statement, UOB also divulged PDD will house The FinLab, the bank’s innovation accelerator.
The FinLab has supported over 20,000 businesses since it was established in 2015.
With its new location in PDD, The FinLab can foster closer collaborations with technology partners, start-ups, as well as small and medium-sized enterprises.
Source: The Business Times
Furthermore, UOB added that it plans to further nurture tech talent in PDD.
The bank aims to support local industrialists in embracing and jumpstarting their sustainability journeys. This will be achieved through capabilities building and financing programmes.
It also intends to grow a world-class tech team locally and ensure employees are future-ready through upskilling and reskilling.
In line with this, UOB signed a memorandum of understanding with the Singapore Institute of Technology (SIT) to establish a Fintech Innovation Lab on the school’s Punggol campus.
UOB employees, SIT staff, and students can tap into the joint lab for fintech innovation, training, research, and development.
This is not UOB’s first collaboration with SIT. They also support a Work-Study Degree programme where some SIT students can complete work attachments with the bank.
In turn, UOB employees can undergo training workshops by SIT to upskill with relevant digital and fintech skills.
The bank will also collaborate with JTC in a decarbonisation drive. This is part of its efforts in forging a sustainable future.
The two corporations will conduct joint outreach workshops in the second half of 2023. These workshops will support businesses and aid them in advancing in their sustainability journeys.
In addition, UOB shared that its new centre will incorporate green building features and technologies to drive energy efficiency.
These green features include rooftop solar panels, smart LED lighting systems, and environmentally friendly air-conditioning systems, amongst others.
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Featured image adapted from The Business Times.
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