OCBC Launches Virtual Branch on Metaverse Platform Decentraland

OCBC Launches Virtual Branch on Metaverse Platform Decentraland

by April 5, 2023

OCBC Bank has set up a virtual branch OCBCx65Chulia on the metaverse platform Decentraland which is named after its headquarters on Chulia Street, Singapore.

The virtual branch OCBCx65Chulia allows visitors to learn about OCBC’s historical milestones along with the latest banking products and services.

They can open a bank account and apply for a credit card through instant access to the bank’s website from the metaverse platform.

Occupying nine plots of virtual land, the futuristic-looking spherical design of OCBCx65Chulia is modelled after OCBC Bank’s red logo.

To build the bank’s presence on Decentraland, the in-house technology team collaborated with homegrown Web3 firm Memotics, which specialises in creating emotive and social spaces through digital architectural design.

The next phase of OCBCx65Chulia is projected to be ready in Q3 2023 and will involve gamification to enhance the experience further.

This enhancement will come from the winning ideas of a group of Nanyang Polytechnic (NYP) Diploma in Interaction Design students.

In a hackathon held over two weeks in February 2023, 10 student teams from NYP’s School of Design & Media presented gamification ideas. The top two teams walked away with prizes sponsored by OCBC Bank.

You can visit the OCBCx65Chulia branch here.

Peter Koh

Peter Koh

Peter Koh, Head of Group Technology Architecture at OCBC Bank said,

“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. At the same time, through experimentation and collaborating with an industry player, our younger colleagues can learn and develop themselves.”

Alan Kueh

Alan Kueh

Alan Kueh, Founder of Memotics and Director of AK+ said,

“We saw this as a great opportunity to work with OCBC Bank to create a new design language for them in a digital space. By integrating contents of heritage with Web3 elements, we hope to inspire the next generation in an engaging way.

 

Our vision at Memotics has always been to empower creative minds of future generations to express themselves and break free from traditional limitations, co-create the future through the use of Web3 technology and non-linear learning.”