Singapore-based banking giant DBS has announced a partnership with the metaverse platform, The Sandbox. The partnership aims to build new services for DBS clients in the virtual world. The bank will purchase a plot of land (3×3) to build a metaverse exclusive property, named DBS BetterWorld. DBS BetterWorld will showcase the importance of building a better and more sustainable world.
Furthermore, the land and production on DBS BetterWorld will be carbon neutral thanks to a partnership between the bank and The Sandbox to purchase carbon offsets.
DBS is now the first corporation in Singapore to enter into a collaboration with The Sandbox. It is also Singapore’s first bank to venture into the metaverse. Additionally, this also represents a significant turning point in DBS’ efforts to consistently investigate the possibility of Web 3.0 opportunities to help its clients and the larger society.
Piyush Gupta, CEO of DBS, stated in the announcement
“Over the last decade, the biggest changes in the world of finance have been catalysed by digital advancements. In the coming decade, driven by new technologies such as artificial intelligence and blockchain, these shifts have the potential to be even more profound.”
Gupta further highlighted the potential of metaverse technology. He stated that, while it is still evolving, metaverse technology could change the way banks interact with their clients.
Sebastian Paredes, CEO of DBS Hong Kong, further iterated the opportunities available via the metaverse. He said,
“We have been getting our feet wet in this space, and our very own young technologists have been given the freedom to develop experimental concepts in the metaverse. With today’s partnership, we have an excellent opportunity for our young talent to be deeply involved in developing a compelling and meaningful use case in The Sandbox.”
The Sandbox co-founder, Sebastien Borge, welcomed DBS to the metaverse and in joining their efforts to create a SingaporeVerse. The SingaporeVerse is an attempt to bring the culture of Singapore into the metaverse. It will be a neighborhood that is engaging, equitable, inclusive way that is open to all while abiding by the Singaporean lifestyle.
Banks of the future are in a virtual world like The Sandbox?
DBS’s partnership with The Sandbox came days after it announced an expansion of its crypto offerings.
DBS joins other banks in investigating commercial prospects in the metaverse. When JP Morgan launched a lounge in Decentraland in February, it claimed to be the first bank in the virtual world. HSBC joined The Sandbox a month later to interact with gamers and sports lovers.
Union Bank of India introduced the “Uni-Verse,” a metaverse virtual lounge where consumers can learn more about loans and other banking products.
Moreover, it is not just banks that are headed to the metaverse. College campuses have also opened up in virtual spaces, and many businesses are already in line to do so in the near future.