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UOB to invest S$500 million to build global technology and innovation centre

UOB to invest S$500 million to build global technology and innovation centre

UOB is to invest S$500 million to build a new global technology and innovation centre in Singapore's Punggol Digital District (PDD)

Under the commitment, UOB 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 staff engaging in technology, innovation and digital roles. The new centre will offer high-performance workplaces and will be fitted with energy-saving features, in line with the sustainability nature of the district.

UOB in 2021 announced plans to invest up to $500 million in digital innovation initiatives as it seeks to double the retail customers it serves digitally to more than seven million customers across Asean by 2026. This entailed the combination of its  Thailand-based digital bank TMRW with the scale and product depth of its mobile app UOB Mighty on one platform. It now lays claim to being the only Singapore bank that has standardised its regional technology platform across Asean.

As part of the new investment programme, UOB has 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 initiatives.

The bank 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). The FinLab has supported more than 20,000 businesses since its inception in 2015.

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