Standard Chartered Bank (Hong Kong) Ltd. (SCBHK), a subsidiary of Standard Chartered Bank, stated on Tuesday that it has teamed up with The Sandbox, a prominent blockchain virtual game platform, “to develop [a] metaverse experience.”
Standard Chartered is a leading global bank with more than 85,000 people serving customers in more than 150 countries. It has 776 locations around the world.
It is the first bank to acquire “virtual land at The Sandbox metaverse’s Mega City neighborhood, a culture centre based on or inspired by Hong Kong talents,” according to the bank. SC Ventures, the Standard Chartered Group’s innovation, fintech investment, and ventures arm, is leading the endeavor.
The announcement reads:
“SCBHK will actively engage its clients, partners, staff, and the tech community,”
” to explore co-creation opportunities in this new and exciting space.”
The bank wants to try new things and provide customers new experiences, as well as incorporate “local sports and art communities into the metaverse,” according to the release.
Alex Manson, head of Standard Chartered’s SC Ventures, says:
“For the past few years, we have been building business models in crypto, digital assets”
“and see the rise of the metaverse as a critical milestone in the Web3.0 evolution.”
JPMorgan Chase, HSBC, and Fidelity Investments are among the other large banks and financial services organizations that have entered the metaverse. JPMorgan and Fidelity chose Decentraland, while HSBC teamed with The Sandbox to enter the metaverse.
The metaverse is projected to expand greatly in the future. Citi forecasted last month that by 2030, the metaverse might be a $13 trillion opportunity with 5 billion users. Goldman Sachs and Morgan Stanley, two major investment institutions, believe the metaverse might be worth $8 trillion.
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