Singapore Tycoon Oei Hong Leong to Invest $5 Billion in Storage

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Singapore tycoon to invest $5 billion in storage
Oei Hong Leong hopes to capitalize on data demand from digital payments, cryptocurrency businesses
Local tycoon Oei Hong Leong has made a rare announcement of his next investment target: data centers in Singapore. The second son of the founder of Indonesian conglomerate Sinar Mas Group said he had set up a company to invest $5 billion in the sector, as he believed Singapore was strategically located to take on the role of Asia’s storage center, and that it was already backed by a well-established financial industry.