The latest lender looking to capitalize on the metaverse
Thailand’s largest lender by market capitalization has become the latest to cash in on the metaverse craze, announcing intentions to set up shop in a still-developing version of the internet.
The first financial group organization in the world to create a headquarters in The Sandbox, a blockchain-based virtual platform, will be SCB 10X Co., which controls Siam Commercial Bank’s investments in digital start-ups.
The virtual space will be ready for visiting in the fourth quarter
Siam Commercial, a Bangkok-based lender whose largest shareholder is Thailand’s King Maha, is following HSBC Holdings Plc. and JPMorgan Chase & Co. in forays into the metaverse.
However, it’s unclear what actual benefits would accrue from operating a business in the metaverse, which proponents describe as a more immersive version of the Internet accessible via virtual or augmented reality glasses.
The SCB 10X Virtual Headquarters will include three service areas: one for business partners for cooperation and projects, another for local artists through a non-fungible token market and a gallery, and a third for business partners for collaboration and projects.
Siam Commercial 10X was formed by Siam Commercial in 2020 with a self-guided objective to generate growth through technological innovation and investment.