Thailand’s Siam Commercial Bank enters the metaverse
Thailand’s largest lender by market value and fourth-largest by assets, Siam Commercial Bank, will become the first bank globally to open a virtual branch in The Sandbox, one of the much-hyped metaverse environments that are sprouting these days.
The Sandbox, backed by prominent investors such as Japan’s Softbank, is an Ethereum blockchain-based virtual platform where users can set up or contribute to a nonlinear gameplay, crafting their own “universe“ by creating a virtual economy, buy virtual land and trade virtual creations including non-fungible tokens, or NFTs. It is widely seen as an example for integration between virtual and physical spaces and virtual economies.
Siam Commercial Bank announced that its unit SCB 10X, which oversees the bank’s investments in “disruptive” technology startups, would create a virtual head office in The Sandbox to be ready for ”public visits” by the fourth quarter of this year.
Virtual meeting zones for business partners and artists
SCB 10X’s virtual headquarters would comprise three utility zones, including a space for business partners to collaborate on activities and projects and a hub for supporting local artists through an NFT marketplace and gallery, the bank said.
“SCB 10X aims to play a meaningful role in building a strong foundation of the metaverse ecosystem alongside our global partners, as well as grow the metaverse community in Thailand and regionally, by inspiring collaboration, development and exchange of ideas,” SCB 10X chief venture and investment officer Mukaya Panich said.
However, the bank did not elaborate on what tangible benefits would come from setting up shop in the metaverse or how it would monetise the virtual presence.
Metaverses are seen as a further stage of the Internet where users – mostly through their avatars – can interact in a three-dimensional environment more directly, using tools such as augmented reality headsets and other virtual accessories. Proposed applications for metaverse technology, apart from gaming, include e-commerce and virtual trade, interactive learning, work productivity improvement, real estate and fashion.
Thailand’s largest lender by market value and fourth-largest by assets, Siam Commercial Bank, will become the first bank globally to open a virtual branch in The Sandbox, one of the much-hyped metaverse environments that are sprouting these days. The Sandbox, backed by prominent investors such as Japan’s Softbank, is an Ethereum blockchain-based virtual platform where users can set up or contribute to a nonlinear gameplay, crafting their own “universe“ by creating a virtual economy, buy virtual land and trade virtual creations including non-fungible tokens, or NFTs. It is widely seen as an example for integration between virtual and physical spaces...
Thailand’s largest lender by market value and fourth-largest by assets, Siam Commercial Bank, will become the first bank globally to open a virtual branch in The Sandbox, one of the much-hyped metaverse environments that are sprouting these days.
The Sandbox, backed by prominent investors such as Japan’s Softbank, is an Ethereum blockchain-based virtual platform where users can set up or contribute to a nonlinear gameplay, crafting their own “universe“ by creating a virtual economy, buy virtual land and trade virtual creations including non-fungible tokens, or NFTs. It is widely seen as an example for integration between virtual and physical spaces and virtual economies.
Siam Commercial Bank announced that its unit SCB 10X, which oversees the bank’s investments in “disruptive” technology startups, would create a virtual head office in The Sandbox to be ready for ”public visits” by the fourth quarter of this year.
Virtual meeting zones for business partners and artists
SCB 10X’s virtual headquarters would comprise three utility zones, including a space for business partners to collaborate on activities and projects and a hub for supporting local artists through an NFT marketplace and gallery, the bank said.
“SCB 10X aims to play a meaningful role in building a strong foundation of the metaverse ecosystem alongside our global partners, as well as grow the metaverse community in Thailand and regionally, by inspiring collaboration, development and exchange of ideas,” SCB 10X chief venture and investment officer Mukaya Panich said.
However, the bank did not elaborate on what tangible benefits would come from setting up shop in the metaverse or how it would monetise the virtual presence.
Metaverses are seen as a further stage of the Internet where users – mostly through their avatars – can interact in a three-dimensional environment more directly, using tools such as augmented reality headsets and other virtual accessories. Proposed applications for metaverse technology, apart from gaming, include e-commerce and virtual trade, interactive learning, work productivity improvement, real estate and fashion.
