Standard Chartered, one of the biggest banks in the UK, announced on Monday it had partnered with The Sandbox to develop a Metaverse for its banking clients and supporters.
The Sandbox, a widely-popular decentralised Metaverse platform, will host Standard Chartered’s virtual land at its Mega City district for its Hong Kong branch, the bank said in a statement.
Standard Chartered Groups investment and innovation division, SC Ventures, will lead engagement with company clients, staff, and the global tech industry to explore and launch creative projects.
The London-based bank’s aim is to experiment and develop immersive experiences for its customers and attract creatives and sports enthusiasts to the Metaverse, it added.
Mary Huen, Chief Executive of Standard Chartered in Hong Kong said in a statement her company’s involvement with the Metaverse would aim to enhance client journeys.
She explained further, stating,
“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 for Standard Chartered, added the banking institution had designed new business models for cryptocurrencies, digital assets, and 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”
Banks Backing the Metaverse
The news comes as several rival banking firms have begun adopting similar Metaverse platforms and snapped up virtual land parcels across The Sandbox, Decentraland, and others.
HSBC Holdings unveiled a Metaverse investment portfolio to attract high net worth clients in Hong Kong and Singapore and build infrastructure and solutions for the spatial communications platform, Reuters reported in April.
Banking giant JP Morgan also experimented with a Decentraland-based Metaverse platform, where visitors could explore the digital space to engage with the company brand as well as other clients.
Visa, arguably the largest debit and credit card payment platform in the world, also backed the Metaverse with added support for NFT creators, providing a massive boost for creative businesses.