OCBC Bank opens 'Metaverse branch' in Decentraland

It is named after its headquarters in Chulia Street, Singapore.

OCBC Bank has arrived in the Metaverse with the launch of OCBCx65Chulia. It occupies nine plots of virtual land in the platform, Decentraland.

From Decentraland, visitors can open a bank account and apply for a credit card through instant access to the bank's website. OCBCx65Chulia also allows them to see OCBC's banking products, services, and history.

OCBCx65Chulia got its name from its headquarters located at 65 Chulia St, OCBC Centre, Singapore. It is modelled after OCBC Bank’s red logo, "a nod to the bank’s rich heritage," OCBC noted.

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"With the Bank’s arrival in the Metaverse, customers gain an additional access point that also represents a new way to engage with the younger crowd," OCBC said.

READ MORE: 5 reasons that can drive consumers to enter the Metaverse

In the third quarter of 2023, OCBCx65Chulia will involve gamification based on the ideas of Nanyang Polytehnic (NYP) Diploma in Interaction Design students who won the hackathon held in February 2023.

Aside from NYP, OCBC also collaborated with Web3 firm Memotics, an expert in emotive and social spaces through digital architectural design.

“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 on these, as they emerge, to reach a larger audience," OCBC Bank Head of Group Technology Architecture Peter Koh said.