Singapore’s Leading Consumer Bank, DBS appears on The SandBox Metaverse
Asia's largest lender, DBS Bank Ltd, set to purchase a portion of land in The SandBox Metaverse, aims to build a virtual community called “DBS BetterWorld”.
DBS Bank Ltd, has announced its recent partnership with popular blockchain-based metaverse gaming platform, The SandBox. The partnership will create new services for clients in the 3D virtual world using digital avatars. The bank is the first financial institution to sign a metaverse partnership deal with The SandBox in the city-state. The bank has disclosed that the “DBS BetterWorld” will serve as a beneficial opportunity for customers to explore Web3.
The Chief Executive Officer of DBS, Piyush Gupta commented,
“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. Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities”
Financial institutions in the metaverse
The Singapore-based bank has joined other reputable banks in exploring business opportunities in the metaverse. In February, JP Morgan became the first bank in the virtual world after opening a lounge in Decentraland. HSBC has joined hands with The SandBox to engage with sports and gaming fans. Union Bank of India has launched “Uni-Verse”, a metaverse virtual lounge where customers can get details on loans and other banking products.
DBS will acquire a 3x3 plot of land or a unit of virtual real estate in The SandBox metaverse. The duo will purchase carbon offsets which would provide a carbon neutral atmosphere for the land and production on DBS BetterWorld.
Sebastien Borget, co-founder and COO of The SandBox has stated,
“We welcome DBS to The Sandbox as the first bank in Singapore to step into the open metaverse and join our efforts to create the SingaporeVerse, a neighborhood on our virtual map that will bring the culture of Singapore to life in the metaverse”