Siam Commercial Bank, Thailand’s largest bank by market capitalization and fourth-largest by assets, will be the first bank in the world to open a virtual branch in the sandbox, one of today’s thriving virtual world environments. Backed by well-known investors such as Japan’s SoftBank, Sandbox is a virtual platform based on the Ethereum blockchain, where users can set up or participate in non-linear games to create their own “universe” by creating a virtual economy, buying virtual land, and trading virtual reality. ” creations including non-fungible tokens or NFTs. It is widely seen as an example of the integration between virtual and physical spaces…
Siam Commercial Bank, Thailand’s largest bank by market capitalization and fourth-largest by assets, will be the first bank in the world to open a virtual branch in the sandbox, one of today’s thriving virtual world environments.
Backed by well-known investors such as Japan’s SoftBank, Sandbox is a virtual platform based on the Ethereum blockchain, where users can set up or participate in non-linear games to create their own “universe” by creating a virtual economy, buying virtual land, and trading virtual reality. ” creations including non-fungible tokens or NFTs. It is widely seen as an example of the integration between virtual and physical spaces and the virtual economy.
Siam Commercial Bank has announced that SCB 10X, its arm overseeing the bank’s investments in “disruptive” technology startups, will create a virtual headquarters to be ready for “public access” by the fourth quarter of this year.
Virtual meeting area for business partners and artists
The bank said SCB 10X’s virtual headquarters will include three utility areas, including a space for business partners to collaborate on events and projects, and a center to support local artists through NFT marketplaces and galleries.
“SCB 10X aims to play a meaningful role in building a solid foundation for the Metaverse ecosystem together with our global partners, and to grow the Metaverse community in Thailand and the region by stimulating collaboration, development and exchange of ideas,” said SCB 10X Chief said venture capitalist and investment officer Mukaya Panich.
However, the bank did not elaborate on the tangible benefits of opening a store in a virtual world, or how it would monetize its virtual presence.
Metaverse is seen as a further evolution of the internet, where users (primarily through their avatars) can interact more directly in 3D environments using tools such as augmented reality headsets and other virtual accessories. In addition to gaming, proposed applications of Metaverse technology include e-commerce and virtual commerce, interactive learning, productivity enhancement, real estate and fashion.
