Ms Elaine Heng was appointed Head of Global Commercial Banking on 1 October 2025, where she has global responsibility for the banks' commercial banking business, serving start-ups, SMEs and mid-cap corporates. Elaine joined OCBC in April 2024 and was formerly the Group Chief Strategy and Transformation Officer. She was pivotal in driving the Group's long-term strategic roadmap, focused on future-proofing the Group's businesses and identifying new growth engines. Elaine led the strategic review of envisioning the future of banking, setting the Group's change ambition and defining key strategic pillars.
Prior to joining OCBC, Elaine Heng was both Chief Executive Officer for Retail Business and Deputy Group Chief Executive Officer at FairPrice Group (FPG). FPG comprised of NTUC FairPrice, NTUC Foodfare, Kopitiam, and NTUC Link. FPG has a footprint of close to 570 touchpoints, employs over 14,000 staff and has an annual turnover of $4.5 billion. In her role as CEO of Retail Business, Elaine was responsible for the overall strategy, products procurement, operations and management of the Co-operative's business comprising FairPrice supermarkets, hypermarkets, online, pharmacies and convenience stores across the banners.
In addition, Elaine led the milestone project on behalf of FPG and NTUC Enterprise to launch digital banking (Trust Bank, a joint venture with Standard Chartered Bank) into the suite of offerings for the group. For her contributions to the industry over the last few years, Elaine was named CEO of the Year (Asia Pacific) 2023 by Retail Asia and Retail Leader of the Year 2023 by The Singapore Retailers Association.
Elaine spent close to 20 years in banking before joining FairPrice Group, of which 15 years were at Standard Chartered Bank. She worked closely with the Group CEO in London in managing the business across 70 countries during the global financial crisis. Elaine has in-depth banking knowledge and experiences gained from managing different client segments and businesses spanning across consumer & International banking, SME banking, digital banking, strategy and talent management in the region.
