Standard Chartered Bank became the most recent major bank to enter metaverse. The bank has acquired “virtual land at The Sandbox metaverse’s Mega City district, a culture hub based on or inspired by Hong Kong talents.”
Standard Chartered Bank forays into the Metaverse
Standard Chartered Bank announced Tuesday that its subsidiary, Standard Chartered Bank (Hong Kong) Ltd. (SCBHK), has partnered with The Sandbox, a popular blockchain virtual gaming platform, “to create [a] metaverse experience.”
Standard Chartered Bank is a world-leading bank that employs 85,000 professionals and serves customers in over 150 locations around the globe. There are 776 locations worldwide.
The bank explained that it is the first bank to acquire “virtual land at The Sandbox metaverse’s Mega City district, a culture hub based on or inspired by Hong Kong talents.” The initiative is led by SC Ventures, Standard Chartered Group’s innovation, fintech investment, and ventures arm.
Here are the details of the announcement
SCBHK is committed to actively engaging its customers, employees, partners and tech community in order to discover co-creation possibilities within this exciting new space.
The bank aims to experiment and build new experiences for clients, as well as bring “the local sports and art communities into the metaverse,” the announcement adds.
Alex Manson, head of Standard Chartered’s SC Ventures, commented:
Since the early 2000s, we’ve been creating business models using crypto- and digital assets. We see the rise in the metaverse to be a significant milestone in Web3.0 development.
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. JPMorgan and Fidelity chose Decentraland.
Expect a significant increase in the number of users to the metaverse. Citi forecasted last month that the metaverse would be worth $13 trillion and have 5 billion users by 2030. Both Morgan Stanley and Goldman Sachs, global investment banks, believe the metaverse may be an $8 trillion business opportunity.
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