Standard Chartered has acquired a virtual plot of land at The Sandbox metaverse’s Mega City district, a culture hub inspired by Hong Kong creative artists.
Alex Manson, head of SC Ventures, Standard Chartered, says: “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.”
Standard Chartered joins HSBC, CaixaBank's Imagin, Siam Commercial Bank and JPMorgan in making an investment in the metaverse, a thriving virtual economy which Citibank analysts believe could be worth $13 trillion by 2030.
Mary Huen, chief executive of Standard Chartered, Hong Kong says: “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.”