OCBC to grow tech capabilities, office space in Greater China

$260m investment to cater to businesses growing their footprint in South-east Asia

- Prisca Ang

OCBC Bank is ramping up its investments in Greater China as it caters to businesses that are rapidly growing their footprint in South-east Asia.

Singapore's second-largest bank will pump in HK$1.5 billion (S$260 million) to shore up its tech platforms and grow its office space over the next three years. It will also hire 300 software engineers in Greater China within the same timeframe.

Group chief executive Helen Wong said at a media briefing in Hong Kong on May 29 that the bank hopes to seize opportunities from companies such as big manufacturers, as well as e-commerce, e-sports and fintech firms that are increasingly looking to South-east Asia.

OCBC has 4,500 staff across 67 branches in 17 cities in Greater China mainland China, Hong Kong, Macau and Taiwan - complemented by its partnership with Bank of Ningbo.

The bank, which counts Singapore, Malaysia, Indonesia and Greater China as its key markets, saw a 45 per cent surge from 2022 to 2023 in the number of Greater China companies it serves in Asean.

China still presents vast opportunities despite the challenges it is facing, said Ms Wong. The world's second-biggest economy is dealing with uneven economic recovery amid a deep property slump and slowing consumer spending.

China's economy grew by a better-than-expected 5.3 per cent in the first quarter, and the country is setting its sights on 5 per cent growth for the whole of 2024.

That amount of growth in China's gross domestic product is a "very impressive volume of money", given the country's size, Ms Wong told reporters at Regent Hong Kong on May 29.