Standard Chartered Bank is the latest financial institution to join the Metaverse, buying a plot of land on The Sandbox.
Standard Chartered is the first bank to buy land on this The Sandbox, a virtual world. Other residents of the Metaverse include Warner Music Group, Adidas and Atari.
It will use this place to engage with clients, partners, staff and the tech community, as well as explore co-creation opportunities and more.
Standard Chartered announced their move with a document explaining what the Metaverse is, the opportunities it presents and the risks.
Standard Chartered Hong Kong CEO Mary Huen said, “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.”
JP Morgan became the first bank to join the Metaverse doing so in February 2022. It opened the Onyx Lounge on the Decentraland as it hopes to keep up with clients and emerging technologies, it stated.
Citi recently issued a report that predicted the Metaverse economy could be worth $13trn by 2030.
FinTech Global recently spoke to several experts in the financial sector about the rising trend of the Metaverse. An overwhelming majority said it was the natural expansion for the financial services space and more banks will be making the move into the virtual world.
Muinmos founder and CEO Remonda Kirketerp-Møller told FinTech Global at the time, “When clients were only in the physical world, so were banks. Now, when clients are spending hours a day online, banks are also online. If you have clients spending hours a day immersed in an alternate reality, that’s where the banks will go as well. After all, they have to be where their clients are.”
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