Standard Chartered Bank Hong Kong (SCBHK) has entered into a new partnership with The Sandbox, a decentralised virtual gaming world. Together, the two have announced their plans to create innovative experiences for clients and the wider Hong Kong community.
Led by SC Ventures, SCBHK, the innovation, fintech investment and ventures arm of Standard Chartered Group, will seek to actively engage its clients, partners, staff and the tech community, to explore co-creation opportunities within the virtual space, with the end goal of experimenting and building new experiences for its clients, as well as encouraging local sports and art communities to enter the metaverse.
“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,” explains Mary Huen, chief executive of SCBHK.
“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.”
In tandem with this partnership, SCBHK was the first bank to acquire virtual land at The Sandbox metaverse’s ‘Mega City‘ district; a culture hub inspired by Hong Kong talents.
Huen goes on to explain how this will bolster its newfound partnership with The Sandbox: “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.”
Alex Manson, head of SC Ventures for Standard Chartered, explains how this partnership will help generate new offerings through innovative technology: “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’re 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.”
SC Ventures has announced its intention to invest in disruptive financial technology and explore alternative business models for the Bank. The innovation arm intends to continue facilitating the Bank’s entrance into the metaverse and exploration of future Web 3.0 opportunities.