Group Strategy, Innovation and Sustainability will be helmed by Ms Elaine Heng, who innovates with purpose as CEO of Retail Business and Deputy Group CEO at Singapore’s Fairprice Group.

Singapore, 27 February 2024 – OCBC today announced the creation of a new division, Group Strategy, Innovation and Sustainability, to solidify the bank’s strategic focus and generate growth into the future. The announcement is the latest in a concerted series of moves to drive the Group’s Corporate Strategy. OCBC has renewed its leadership team, refreshed its brand and reframed its Purpose. It has also made strategic acquisitions in ASEAN. OCBC recently appointed its Chief Sustainability Officer to pursue an ambitious sustainability agenda. The new division to be set up on 22 April 2024 will lead the charge in holistically realising and maximising the potential new business growth engines and emerging trends, in addition to sustainability.

This new unit will be led by Elaine Heng who has achieved a solid track record of spearheading innovative practices and business transformation to drive growth in a disruptive environment.

Ms Heng has redefined customer experiences by reimagining retail with unique new concepts as the CEO of Retail Business and the Deputy Group CEO at Singapore’s FairPrice Group. The FairPrice Group comprises the NTUC FairPrice chain of supermarkets, NTUC Foodfare and Kopitiam chain of food and beverage outlets as well as NTUC Link, one of Singapore’s largest rewards programmes. Under her leadership, grocery shopping was transformed from a day-to-day necessity purchase to an integrated shopping, dining and experiential destination. Ms Heng has championed several pioneering digital and community initiatives including FairPrice on Wheels, out of a conviction to support the vulnerable segments of Singapore’s society. For her contributions to the retail industry, Ms Heng was named CEO of the Year (Asia Pacific) 2023 by Retail Asia and, most recently, was named Retail Leader of the Year (2023) by the Singapore Retailers’ Association.

Before joining the Fairprice Group, Ms Heng spent close to 20 years in banking, 15 of which were at Standard Chartered Bank. Ms Heng was based in the bank’s head office in London for three years. She worked closely with the Group CEO in managing the global financial crisis for the bank globally. She has in-depth banking knowledge and experiences gained from driving different businesses and managing different functions in the region. These included consumer banking, SME banking, digital banking, strategic planning and talent development.

Ms Helen Wong, Group CEO of OCBC said, “The formation of Group Strategy, Innovation and Sustainability is another key milestone in our transformation journey. We are pleased that Elaine will join us on 22 April to head this new unit. Having managed different banking functions across the region and run the largest retail group in Singapore, she brings a unique perspective to OCBC. Her keen sense of business challenges and realities, as well as her forward-looking mindset and strategic acumen, will complement our innovative culture at OCBC. In the area of sustainability, Mike as our Chief Sustainability Officer will work closely with Elaine to drive and deepen the integrated components of our agenda.

“As our business, operations, technology and transformation teams continue to drive product and service innovation, technological advancement and operational excellence, the new unit will add value by helping to future-proof our businesses, bring to fruition cutting-edge business ideas and models across the Group, and identify and develop new business growth engines. I am confident that Elaine will be a valuable contributor to the Senior Management team.”