The subsidiary of British multinational banking and financial services company, Standard Chartered Bank Hong Kong (SCBHK) recently became the latest major bank to embrace the technology of metaverse. The bank has partnered with decentralised virtual gaming company Sandbox for creating metaverse experiences. SCBHK acquired virtual land at the Sandbox metaverse's Mega City district, a culture hub based on or inspired by Hong Kong talents. The bank announced the partnership on its website on April 25.
The announcement laid open the following information about the recent metaverse deal of SCBHK:
SCBHK aims to experiment and build new experiences for clients besides bringing the local sports and art communities into the metaverse through its partnership with Sandbox
It will be supervised by SC Ventures, Standard Chartered Group's innovation, finch investment and ventures arm to engage actively with its clients, partners, staff, and the tech community.
SCBHK, along with SC ventures, will search for co-creation opportunities in metaverse
SC Ventures has been investing in disruptive financial technology and exploring alternative business models for the Bank
The announcement confirmed that SCBHK is the first bank to acquire virtual land at The Sandbox metaverse's Mega City district.
Mary Huen, Chief Executive of Standard Chartered, Hong Kong said:
"The metaverse is a vision for the next phase in the internet's evolution, bringing new possibilities and unique experiences through the use of immersive technologies. Our involvement in the metaverse allows us to reimagine our relationship with existing and potential clients on this new platform and our approach to enhance client journeys. Having acquired virtual land in Mega City, a natural choice for the Bank given its distinctive Hong Kong theme, perfectly fits with our promise of strengthening our continued presence in Hong Kong, whether physical or virtual."
Alex Manson, Head of SC Ventures, Standard Chartered, said:
"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 Web 3.0 evolution. We are excited for this opportunity to explore and innovate in partnership with The Sandbox, but also with our clients and partners who will play a crucial role in how this space develops."
HSBC was the first financial services holding company to partner with The Sandbox in March 2022. Other major global banking entities that followed the trend were JPMorgan and Fidelity Investments. JP Morgan opened a lounge in the blockchain-based virtual world, Decentraland in February this year, and Fidelity Investments launched multi-level learning centres in Decentraland.