June 21, 2023

HSBC Seeks To Provide Banking Services in Metaverse



The London-headquartered bank HSBC filed trademark applications to join the metaverse and non-fungible tokens (NFTs) sectors.

According to property attorney Mike Kondoudis, HSBC submitted trademark applications for the United States Patent and Trademark Office (USPTO) that included metaverse banking, consulting, financial services, virtual credit cards, NFTs, and NFT-backed media, Cointelegraph reported.

HSBC also applied for trademarks relating to online marketplaces, mainly related to the NFTs, in addition to a trademark to launch secure electronic payments in the virtual world. It seems that HSBC seeks to develop an application through which its clients can do banking services and transactions within the metaverse.

Moreover, the bank plans to launch process credit, debit, and prepaid digital transactions within the metaverse.

In December, the bank filed trademark applications for its name and logo related to the metaverse and NFTs products and services. It planned to develop virtual goods like bank cards, debit cards, cash cards, cheque cards, and more authenticated by NFT to be used in the virtual space.

It is worth mentioning that HSBC was the first global bank to enter The Sandbox Metaverse its announcement in March 2022 after buying a plot of land at the Sandbox Metaverse for gaming and e-sports.

Chief Marketing Officer at HSBC Asia-Pacific HSBC Suresh Balaji believes that the metaverse sees “great potential” in creating “new experiences through emerging platforms, noting: “The metaverse is how people will experience Web3, the next generation of the Internet – using immersive technologies like augmented reality, virtual reality, and extended reality. Through our partnership with The Sandbox, we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers.”

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