The bank acquired "virtual Land at The Sandbox metaverse’s Mega City District, a cultural hub inspired by or based on Hong Kong talents strong>
Standard Chartered Bank Ventures into the Metaverse
Standard Chartered Bank, Hong Kong, announced Tuesday that its subsidiary, Standard Chartered Bank Hong Kong (SCBHK), had partnered with The Sandbox to create a "metaverse experience."
Standard Chartered, a global bank leader with 85,000 employees, serves customers in over 150 countries. It has 776 branches worldwide.
The bank explained that it was the first bank to purchase "virtual property at The Sandbox metaverse’s Mega City district, a cultural hub based on or inspired from Hong Kong talents." SC Ventures, Standard Chartered Group’s innovation, fintech investments and ventures arm, is leading this initiative.
Details of the announcement:
SCBHK will engage its clients, employees, partners, and the tech community to explore co-creation possibilities in this exciting new space.
According to the announcement, the bank will experiment with new experiences and bring clients into the metaverse.
Alex Manson is the head of Standard Chartered's SC Ventures.
We have been developing business models in crypto and digital assets for the past several years. The metaverse is a significant milestone in the Web3.0 evolution.
Fidelity Investments, HSBC and JPMorgan are just a few of the major financial service and banks that have entered this metaverse. HSBC partnered with The Sandbox in order to enter the metaverse, while JPMorgan & Fidelity chose Decentraland.
It is expected that the metaverse will grow in importance. Citi forecast last month that the metaverse would be a $13 trillion business opportunity, with 5 billion users by 2030. Both Morgan Stanley and Goldman Sachs, global investment banks, believe that the metaverse may be an $8 trillion business opportunity.