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2024 was an exciting year for us on the technology front. It was a year of multiple first-to-market offerings, which we are proud of.

In June 2024, we launched A.I. Oscar, Singapore's first artificial intelligence (AI)-driven stock-picker tool powered by deep learning algorithm. A.I. Oscar generates hyper-personalised stock ideas for our OCBC Securities customers based on each customer's unique profile and trading history, amongst other factors. During the three months after its launch, we saw a 95% increase in trading accounts opened year-on-year.

We partnered with the Land Transport Authority of Singapore (LTA) to pilot a next-generation blockchain-based conditional payments solution. This solution allows LTA to disburse payments with greater transparency to its main contractors. Payments are disbursed only when the smart contracts verify that the intended conditions are met. There is still room for growth in this area and I am excited to see how we can help our stakeholders transform their businesses and decrease reliance on manual processes.

Our dedication did not go unnoticed. We earned numerous industry accolades and recognitions, including the Global Banking & Finance Awards for Best Retail Bank in Singapore and the OpenGov Asia's Recognition of Excellence Awards.

A dedication to innovation and learning

Even as we break new grounds in coming up with market-leading initiatives, we are preparing ourselves for the next frontier of technology. We keep a very close eye on new developments and trends that are set to disrupt the banking industry in the next decade. Our vision is a future where our people do not just work alongside emerging technologies – they lead with them.

True innovation is impossible without the right people. This is why we challenge our employees to innovate. Innovation brings new ideas. It does not matter whether these ideas are completely feasible or not. It is the spirit of innovation and the dedication to excellence that are important.

To this end, I am heartened to see the enthusiasm my colleagues show whenever we launch our quarterly innovation contests which we started in 2023. Dubbed “Deal or No Deal”, these contests are open to anyone in the bank, regardless of background and experience. To date, more than 60 new ideas have been contributed as a result of these quarterly competitions. Some of the ideas received include an automated portfolio review tool that can potentially save more than 80,000 man-hours a year, and smart lighting focused on cutting carbon emissions through Internet of Things-enabled devices.

Another initiative that I am pleased to share about is our monthly day-off for learning, which every employee in technology roles can use to pick up new skills. Technology is always evolving and to stay ahead of the curve, we recognise that technology employees must have dedicated time and space to learn. This empowers them to own their skills development while keeping them engaged and up to speed with various changes in technology – including its benefits, risks and industry-specific applications.

Quantum: Banking's next revolution

Quantum technology is an area that we have identified as potentially transformational. It may not be long till quantum computing becomes mainstream, marking a paradigm shift from classical or conventional computing.

The world also continued to be captivated by the rapidly evolving generative AI technology, which could be driven to new heights as quantum technology takes flight enabling better prediction accuracy and at a faster speed. Within the bank, we leveraged AI further, which you can read about in our “Creating Value through AI, Transforming for the Future” section.

To be ready to capitalise on these technological trends, we have been taking various steps and engaging in research to develop expertise and resilience.

For instance, we have an internal task force that focuses solely on quantum computing, collaborating with different organisations, the government and universities. We are working with the National Quantum Computing Hub to study how to utilise quantum algorithms in finance applications such as derivative pricing and portfolio optimisation, which will enable more accurate pricing strategies and maximise returns.

The Singapore government recognises the fast-developing quantum technologies and announced in 2024 that it will invest close to $300 million to fuel research and talent development in quantum technology, positioning Singapore as a leading hub in this area.

To ensure our workforce is ready for this quantum leap, around 100 of my colleagues will undergo specialised training from 2024 to 2026. In fact, as of 2024, more than 30 have already done so, deep diving into applications on quantum technology.

As we prepare for the next frontier of technology, we are also forming partnerships with like-minded organisations to create more impact in the ecosystem we operate in. This is all the more crucial given that the potential of such technologies could be twofold.

For instance, the superior computational power of quantum technology can enhance systems, but when placed in the wrong hands, the consequences would be catastrophic. Our current encryption methods and systems, which form the backbone of modern cybersecurity world, could possibly be defeated by the force of quantum decryption. If banks do not act now, we might as well leave the vault door wide open. This is why, together with the Monetary Authority of Singapore and industry partners, we are actively exploring solutions to defend against quantum-powered cyber threats and safeguard customer data.

Uplifting our capabilities

Having a skilled talent pool to effectively manage and leverage these frontier technologies is critical.

In 2024, we expanded our talent footprint across ASEAN and Greater China with the establishment of a regional engineering hub in Jakarta, which complements our existing hubs in Singapore, Kuala Lumpur, Shanghai, and Shenzhen. We will also be enlarging our bench strength of technology talents in China where an additional 300 highly skilled software engineers will be hired from 2024 to 2026.

Having multiple hubs in the region enhances our capabilities. We can effectively scale our resources to accommodate our accelerated growth in the ASEAN and Greater China region and tap into an expanded and diverse pool of engineering talent, which can enhance innovation and problem-solving. These enhanced tech capabilities will enable us to continuously deliver elevated and personalised services that better meet our customers' evolving needs.

An exciting outlook

The future holds a lot of promise, and we remain committed to invest in the right technologies and the right talent to empower our ambitions. We have an exciting pipeline of developments and partnerships lined up for the years ahead to strengthen our capabilities and deliver enduring value to our customers.

This includes our $500 million investment in the Punggol Digital District, which will consist of an innovation hub and a strategic partnership with the Singapore Institute of Technology. When completed in the first quarter of 2027, our innovation hub – OCBC Punggol – will play a pivotal role in continuing the bank's transformation efforts, enhancing our competitive advantage.

I am excited to see the collaboration opportunities that will be unlocked in Punggol Digital District, and beyond. Beyond that, I am confident that we have the technology, expertise, and local insights needed to help realise our regional aspirations.

Our innovation hub at the Punggol Digital District will occupy about 430,000 square feet of space, equivalent to about seven football fields.