Thailand’s Siam Commercial Bank enters metaverse, sets up headquarters in The Sandbox

Thailand’s largest bank Siam Commercial Bank (SCB) has officially announced that it shall be launching its first metaverse headquarters in The Sandbox metaverse. It will do so through the SCB 10X, which is the venture investment and building arm of the SCB.

SCB has become the second financial institution after JP Morgan to establish a footing in the virtual world and coincidentally the two have chosen The Sandbox metaverse.

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The Thai bank is hosting its “Open House in the Metaverse” today to showcase its virtual headquarters, where it shall host discussions and workshops.

The SCB headquarters shall be designed to reflect the past, present, and future of Thailand’s culture.

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

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

Mukaya further added that the metaverse shall play a very important role in enabling infinite creations within the digital world as it shapes new frontiers for the economy of the future.

In the SCB metaverse headquarters in The Sandbox, users shall be able to engage with participants from around the globe, join product demonstrations, explore three well-designed environments, and share a working space.

The bank hopes that the launch will accelerate Thailand’s presence in the metaverse.

Besides, being the largest bank in Thailand, Siam Commercial Bank (SCB) is also the oldest bank in Thailand. It was established in 1906 and it operated as the only bank in the country for quite some time. Therefore, its venturing into the digital world will likely serve as an inspiration to many other financial institutions in Thailand and especially those sitting on the fence about metaverse and crypto as a whole.