Standard Chartered Bank becomes the latest major bank to enter metaverse

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 decentralized 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, fintech 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.

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 thai year, and Fidelity Investments launched multi-level learning centers in Decentraland.

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