Siam Commercial Bank’s subsidiary SCB 10X, which manages the Pcl’s investment in technology startups, plans to become the world’s first bank to establish a virtual headquarters in the metaverse platform The Sandbox.
The move from the bank is significant in the blockchain space as Thailand’s King Maha Vajiralongkorn is the largest stakeholder in the bank.
The firm claimed that the virtual headquarters will be developed by the fourth quarter of this year, and the public can visit the virtual space. The physical headquarter of the bank is situated in Bangkok.
Despite the news of the metaverse foray, the bank has yet not revealed pivotal details about how it will gain profit from the shop in the metaverse.
SCB 10X’s virtual headquarters will incorporate three utility zones, including a space for business partners to unite on activities and projects, and a hub for supporting local artists through a non-fungible token marketplace and gallery.
However, this is not the first time when a major Bank falls into a rapidly emerging metaverse space. Two giant financial institutions HSBC Holdings and JPMorgan Chase & Co already announced their foray into metaverse with different projects.
Last Month, JPMorgan inaugurated a virtual lounge for a “$1 Trillion opportunity” on the Decentraland, which is the metaverse platform. On the other hand, a few days ago HSBC joined hands with The Sandbox to create innovative brand experiences for new and existing customers.
