Singapore’s OCBC investing US$192 million in Hong Kong, Macau to support business growth, CEO Helen Wong says
- OCBC will spend HK$1 billion (US$128 million) on technology upgrades and another HK$500 million to spruce up its offices and branches in Hong Kong and Macau
- The lender’s digital banking capability will increase substantially and lead to greater use of AI and machine learning in its products and services, CEO says
Singaporean banking giant OCBC Group plans to invest HK$1.5 billion (US$192 million) in Hong Kong and Macau to upgrade its digital platform and offices to target growing banking and wealth management opportunities, its CEO said on Wednesday.
Technology upgrades to OCBC’s core banking system in Hong Kong and Macau will see an outlay of HK$1 billion up to 2026. This will result in greater use of artificial intelligence (AI) and machine learning and lead to more products and services online.
Another HK$500 million will be used to upgrade the bank’s offices and to improve the branch network in the two cities.
“After these technology and digital developments are completed, our digital banking capability will increase substantially,” group CEO Helen Wong said at a media briefing in Hong Kong on Wednesday. “This will allow our customers to conduct online banking and trading in a quicker and more efficient manner.”
As part of the investments, OCBC in March leased 54,800 sq ft in Airside, a mixed-use development by Nan Fung Group in Kai Tak, Hong Kong, for its new office, according to Cushman & Wakefield.
“It is important to upgrade our facilities to attract talent and new customers,” Wong said.
