Oei Hong Leong setting up US$5 bil data centre firm; IPC to acquire stake in AI business

SINGAPORE (Sept 18): Billionaire businessman Oei Hong Leong is upping the ante with plans of a US$5 billion ($6.7 billion) data centre business to propel Singapore forward as a new information technology and investment centre.

“Over the past decade, in the field of artificial intelligence, electronic payment and other high-tech areas, Singapore is not really in the leading position,” Oei says in a statement on Monday. “Now in the big data age, to catch up and to lead is imperative.”

To achieve his goal, Oei last Friday incorporated a new company, One Belt One Net. The name mirrors China’s ambitious One Belt One Road initiative, a massive infrastructure programme that will stretch across more than 60 countries along the ancient Silk Road.

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