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.