- The investment arm of Thailand’s fourth largest bank has set up a virtual headquarters in The Sandbox
- It has become the second major financial institution to do so following JP Morgan’s foray into the virtual medium last month
The investment arm of Thailand’s fourth-largest bank by total assets has set up shop within the metaverse built by Animoca Brands’ subsidiary The Sandbox. SCB 10X of the Siam Commercial Bank has become the second major financial institution to establish itself within the virtual world, following JP Morgan’s lounge opening on Decentraland’s platform last month.
As part of the launch, SCB said it will be hosting its “Open House In The Metaverse” on March 11 to showcase its virtual headquarters where it will host workshops and discussions, according to a press release on Wednesday.
“Financial technologies of the future, such as blockchain, digital asset, DeFi and the metaverse are core areas of interest for us to explore,” SCB 10X’s chief investment officer Mukaya Panich said.
“We believe 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.”
Following the establishment of its foothold in the metaverse, SCB also said its headquarters will invite users to engage with a world “designed to reflect the past, present and future” of Thai culture.
Visitors will be able to navigate through three separately crafted environments to attend virtual events, join the investment arm’s product demonstrations, share a working space and interact with attendees from around the world, it said.
SCB is hoping its launch will inspire collaboration, development and the exchange of ideas amongst builders and community creators in a bid to accelerate innovation within the digital medium.
The collaboration between The Sandbox and SCB follows on from the investment arm’s participation in The Sandbox’s $93 million Series B funding round in November last year. SCB is now pursuing its metaverse ambitions as part of the deal, The Sandbox’s co-founder Sebastien Borget said.
“Their team is leading innovation in the digital assets space and we’re glad to see them exploring how a bank can grow a community in the open metaverse.”
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