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DBS Bank Partners with The Sandbox to Enter the Metaverse

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Pavan A Follow

INDIA

Sep, 12 2022

Sep, 12 2022

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The largest bank in Southeast Asia, DBS says it's partnering with blockchain-based metaverse gaming platform The Sandbox to offer digital avatar-based services to clients. 


DBS also celebrates this milestone as it explores a range of Web 3.0 opportunities for its customers and community. DBS is the first Singaporean bank to venture into the metaverse. 


Moreover, the company stated that it will be developing the virtual world, known as “DBS BetterWorld” in the Sandbox so that customers can take advantage of Web3. 


In a statement, Piyush Gupta, DBS' chief executive officer, explained, “Over the last decade, the biggest changes in the world of finance have been catalyzed by digital advancements." 


He adds, “In the coming decade, driven by new technologies, such as artificial intelligence and blockchain, these shifts have the potential to be even more profound. Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities.” 


As part of the statement, the bank further explained it will also purchase carbon offsets to achieve carbon neutrality for the land and production of DBS Better World. 


Sebastian Paredes, CEO of DBS Hong Kong, expressed excitement about the vast possibilities of interacting, working, and living in the metaverse. 


“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.” 


There has been an increase in interest among banks in the metaverse. HSBC is engaging with sports and gaming fans through The Sandbox metaverse. JP Morgan announced it had opened a bank lounge in Decentraland in February. 


With assets amounting to $501 billion as of December 2019, DBS Bank is one of the largest banks in Southeast Asia, offering a variety of services to clients. The firm has grown to be one of the leading Asian financial institutions. 

 


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Pavan A

CBW - External Analyst

INDIA

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