The Hong Kong division of financial giant Standard Chartered has purchased a piece of virtual land in the metaverse The Sandbox to explore the possibilities of a new space.

According to the announcement, Standard Chartered Bank (Hong Kong) Limited (SCBHK) has become the first land-owned bank in the virtual world’s Mega City region. Second, it is positioned as a cultural hub based on or inspired by Hong Kong talent.

The financial institution, managed by venture capital firm SC Ventures, another subsidiary of the group, aims to attract clients and partners to experiment in a new field.

“The Metaverse is a vision of the next stage in the evolution of the Internet that opens up new opportunities and unique applications through the use of immersive technologies. Mary Huen, CEO of SCBHK, said that joining Metaverse requires us to rethink our approach to improving our relationship with existing and potential customers, as well as the interaction on the new platform. provides,” he said.

According to SC Ventures president Alex Manson, the company has been creating business models in the cryptocurrencies and digital assets space for the past few years. He also described the development of the metadata store as “an important milestone in the evolution of Web 3.0.”

Recall that in March, the largest British bank HSBC bought a piece of virtual land in the world of The Sandbox.