Singapore-based banking giant DBS has announced a partnership with the metaverse platform, The Sandbox. The strategic partnership intends to create new virtual world services for DBS customers. The bank will buy a three-by-three-foot patch of land to create DBS BetterWorld, an exclusive metaverse property. DBS BetterWorld will highlight the significance of creating a more improved and sustainable planet.
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, commented on the partnership saying,
“Over the last decade, the biggest changes in the world of finance have been catalyzed 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.”
Sebastien Borge, co-founder of The Sandbox, welcomed DBS to the metaverse and to their collaboration in building a SingaporeVerse. The SingaporeVerse is an effort to introduce Singaporean culture to the metaverse. It will be a neighborhood that adheres to the Singaporean way of life while being interesting, equitable, and inclusive.
DBS’s partnership with The Sandbox came days after it announced an expansion of its crypto offerings.
DBS joins other banks in looking into possible business opportunities in the metaverse. JP Morgan claimed to be the first bank in the virtual world when it opened a lounge in Decentraland in February. A month later, HSBC joined The Sandbox to engage with gamers and sports fans.