In Singapore’s Punggol Digital District (PDD), UOB will invest S$500 million to create a new global technology and innovation centre.
As a result of the commitment, UOB, which is currently the largest commercial investor in PDD, is the first local bank to establish a presence in Singapore’s first smart and sustainable business district.
The 300,000 square foot facility, which is expected to be finished by the end of 2026, will house about 3,000 employees working in technology, innovation, and digital roles. In keeping with the district’s commitment to sustainability, the new centre will provide high-performance workspaces and be equipped with energy-saving features.
In order to double the number of retail customers it serves digitally to more than seven million customers throughout Asean by 2026, UOB announced plans to invest up to $500 million in digital innovation initiatives in 2021. This required the combination of its mobile app UOB Mighty’s scale and product depth with its Thailand-based digital bank TMRW on a single platform. It now asserts that it is the only bank in Singapore to have standardised its Asean-wide regional technology platform.
UOB and the Singapore Institute of Technology (SIT) have signed a memorandum of understanding (MOU) to establish a fintech innovation lab as part of the new investment programme. This collaborative lab, which will be located on SIT’s future Punggol campus, will enable SIT academic staff, UOB students, and employees of UOB to engage in fintech innovation, training, and development projects.
In order to promote closer collaborations with tech partners, start-ups, and small- and medium-sized enterprises (SMEs), the bank will also house its innovation accelerator, The FinLab, at PDD. Since its launch in 2015, the FinLab has assisted more than 20,000 businesses.