OCBC enters metaverse with shoutout to Chulia Street HQ

OCBC bank has launched a new banking experience on metaverse platform Decentraland. Titled OCBCx65Chulia, the experience leverages its in-house technology team in collaboration with homegrown Web3 firm Memotics to build the bank’s presence in Decentraland and to allow consumers to enjoy the bank's services in a new way. 

Named after the address of the bank’s headquarters on Chulia Street, Singapore, OCBCx65Chulia allows visitors to learn about OCBC’s historical milestones along with the latest banking products and services, according to a statement by the bank. Consumers 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 iconic red logo – a nod to the bank’s heritage. 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. 

Don't miss: H&M taps into metaverse with immersive Roblox experience

The next phase of OCBCx65Chulia, projected to be ready in Q3 2023, 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, according to OCBC. In a hackathon held over two weeks in February 2023, 10 student teams from NYP’s school of design and media presented gamification ideas. The top two teams walked away with prizes sponsored by OCBC Bank.

The collaboration with Memotics and NYP reaffirms the bank’s commitment to nurture a pipeline of design and tech talent and to contribute to Singapore’s talent pool by offering opportunities for young design and tech talent to develop their skills.

The idea for OCBCx65Chulia also arose from a ground-up initiative by staff during an internal innovation sprint as part of the bank’s digitalisation and transformation efforts, said OCBC. 

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," he said before adding that at the same time, through experimentation and collaborating with an industry player, younger colleagues can learn and develop themselves.

“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," said Alan Kueh, founder of Memotics and director of AK+.

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

MARKETING-INTERACTIVE has reached out to OCBC for more information.

In January, fashion brand H&M launched an immersive 3D gaming experience, “H&M Loooptopia” on Roblox to allow players to experiment with materials and patterns in a playful way, creating the next virtual garment and wardrobe for their avatar.

Partnering with metaverse studio Dubit, H&M's new interactive online experience also puts circular actions at the heart of the fun, with social interaction, engaging environments, mini-games, styling sessions, alternate worlds, events and more.

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