Standard Chartered Bank immerses in the Metaverse

    27 Apr 2022

    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 virtual land grab will allow the bank to engage clients and fans in a creative environment.

    Standard Chartered Bank has become the latest major bank to enter the metaverse, reported.

    The Sandbox, a popular decentralized 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 stated.

    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.

    “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,” she explained.

    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,” he stated.

    Other major banks and financial services firms that have entered the metaverse include JPMorgan, HSBC, and Fidelity Investments. HSBC also partnered with The Sandbox to step into the metaverse, while JPMorgan and Fidelity chose Decentraland.

    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.

    The metaverse is expected to grow significantly. Last month, Citi predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030. Global investment banks Goldman Sachs and Morgan Stanley both believe that the metaverse could be an $8 trillion opportunity.

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