Thailand’s SCB Takes On Metaverse
SCB 10X, the venture arm of Thailand’s Siam Commercial Bank (SCB), has unveiled its virtual headquarters in The Sandbox.
“SCB 10X continues our mission to achieve exponential growth through venture building and investing in disruptive technology startups worldwide. Financial technologies of the future, such as Blockchain, Digital Asset, DeFi and Metaverse, are core areas of interest for us to explore”, SCB 10X chief venture and investment officer Mukaya (Tai) Panich said in a statement.
“We believe that Metaverse will play an important role, enabling infinite creations in a digital world, shaping new frontiers for the economy of the future”, he added.
The next frontier for banking?
The metaverse represents a large and untapped market for the banking sector, and traditional banks are increasing their presence in the virtual world to increase their visibility and better serve customers who are spending much of their time there.
PwC estimates that the global metaverse will reach $1.5 trillion in 2030, while Goldman Sachs sees a $12.5 trillion opportunity, based on an estimate of one-third of the digital economy shifting to the metaverse and 25% market expansion. Morgan Stanley claims a $8 trillion metaverse opportunity in China alone.
Last month, JP Morgan became the first bank to enter the metaverse after it opened a virtual lounge in Decentraland.
While SCB claimed that it’s “the first banking group entity globally to develop the headquarter in The Sandbox” in the March 2 press release, a medium article by The Sandbox announcing a partnership with HSBC on March 16 stated that the British bank is the first global financial services provider to enter The Sandbox.
The digital rendered branch of SCB has been actively available on the Sandbox metaverse since March 11.