Thai Bank Enters Metaverse; Builds Virtual Headquarters

Siam Commercial Bank (SCB) of Thailand has officially announced it will be launching its first metaverse headquarters in The Sandbox metaverse. This will be through the SCB 10X, the venture building and investment arm of SCB. Through this decision, the Thai Bank became the second major financial organization to find a footing in the virtual world; the first one being JP Morgan.

Also, the SCB said it will be hosting its “Open House In The Metaverse” on March 11 to showcase its virtual headquarters. This is where it plans to host workshops and discussions.

Mukaya Panich, Chief Investment Officer at SCB 10X, said:

Financial technologies of the future, such as blockchain, digital asset, DeFi and the metaverse are core areas of interest for us to explore.

Panich further stated that the metaverse will play an important role, enabling infinite creations in a digital world, while shaping new frontiers for the economy of the future. The bank also said that the headquarters will be designed to reflect the past, present and future of Thai culture. 

In the headquarters, users will be able to explore three well-designed environments, join product demonstrations, share a working space and engage with participants around the globe, said the bank’s officials. They are hoping this launch will increase Thailand’s presence in the metaverse. 

Apart from being the biggest, SCB is also the oldest  bank in Thailand. When it was established in 1906, SCB was the first bank in the country. Therefore, the venturing of an old bank into new digital spheres will likely serve as an inspiration to many financial institutions that are on the fence about crypto and the metaverse realm.