Singapore’s OCBC Bank Launches Banking Services in Metaverse

Oversea-Chinese Banking Corporation (OCBC) Bank of Singapore announced the launch of its services in the metaverse to become the first local bank to offer a virtual banking experience.

OCBC in the metaverse, OCBCx65Chulia, named after the bank headquarters’ location, is established in an area of nine plots of virtual land. OCBC clients and non-OCBC customers are allowed to visit the bank in the virtual space to get acquainted with the bank’s services and products, according to The Straits Times.

Users can access to OCBCx65Chulia through Decentraland after signing in as guests at play.decentraland.org.

The bank in the metaverse includes a red-themed virtual banking lobby and heritage museum. It plans to launch gaming experiences to help users learn more about the bank and personal finance. They are expected to be launched by the third quarter of this year.

In this regard, Peter Koh, the head of group technology architecture at OCBC, said that the virtual banking experience is an additional touchpoint to make the bank reach the younger audience, noting that he looks forward that the banks would work a bridge between the virtual and physical worlds to help make banking services more accessible.

“Many have doubted the purpose of the metaverse. Though a nascent and evolving space that we are still working to understand, the metaverse remains one of the newer ways to make a connection. We are ready to tap these (platforms) as they emerge to reach a larger audience,” Koh pointed out.

OCBC is not the only bank in Singapore to tap into the metaverse. In September 2022, DBS Bank collaborated with The Sandbox to create an immersive metaverse experience showcasing the importance of building a more sustainable world.