Standard Chartered Bank Buys Virtual Land in The Sandbox

With many financial institutions playing their metaverse cards, Standard Chartered has become one of the latest major banks to join the party. The bank declared on Tuesday that its subsidiary, Standard Chartered Bank (Hong Kong) Ltd. (SCBHK), had purchased land in the Mega City district of The Sandbox metaverse.

Standard Chartered is a leading global bank with over 760 branches globally. According to its website, it has 85,000 employees serving customers in around 150 markets.

The financial institution touts itself as the first bank to acquire “virtual land at The Sandbox metaverse’s Mega City district, a culture hub based on or inspired by Hong Kong talents.” The initiative is being led by SC Ventures, Standard Chartered Group’s innovation, fintech investment and ventures arm.

As per the announcement, SCBHK will interact with clients, partners, staff, and the tech community to “explore co-creation opportunities in this new and exciting space.” Notably, the bank wants to deploy new experiences for clients, as well as bring “the local sports and art communities into the metaverse.” Alex Manson, head of Standard Chartered’s SC Ventures, 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.”

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”

A handful of financial giants have jumped on the metaverse bandwagon. Earlier this year, JPMorgan opened a shop in Decentraland’s Metajuku Mall. Citibank predicts that the metaverse could grow to $13 trillion by 2030, accommodating up to 5 billion users worldwide. Other banks such as Goldman Sachs and Morgan Stanley have given a more modest estimate of roughly $8 trillion in the near future.