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Singapore magnate Oei Hong Leong announced that he had set up a company – called One Belt One Net – in Singapore to invest $5 billion in the data storage sector, reported Nikkei Asian Review.
This comes on the back of his belief that Singapore – which boasts of a well-established financial industry – would one day emerge as Asia’s data storage centre.
While he did not disclose how the $5 billion would be raised, Oei revealed that he intends to invest in physical data centre construction, cloud computing and software architecture, the procurement of equipment and machinery, and human resource development.
Expecting the data storage demand to come from neighbouring countries and emerging enterprises, the second son of Indonesian conglomerate Sinar Mas Group’s founder also hinted at cryptocurrency companies and digital payment service as potential customer targets.
He noted that pier-to-pier lending is starting to become “the core of emerging internet financial model. This (business) model will also be rapidly developed in Southeast Asia and South Asia.”
He expects the data storage business within the city-state to benefit from China’s Belt and Road Initiative, which promote infrastructure development across Asia, Europe and the Middle East.
Listed by Forbes as Singapore’s 25th richest man, Oei is the biggest shareholder of IPC Corp, whose core business is property investment.
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