Asia's Largest Bank, DBS Entered The Sandbox Metaverse
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According to a statement from DBS, the bank is the first in Singapore to join the metaverse and the first corporate to collaborate with The Sandbox, a division of Animoca Brands in Hong Kong. To investigate the potential of Web3 for the benefit of consumers, it indicated that "DBS BetterWorld" will be developed in The Sandbox.
Piyush Gupta, CEO of DBS, stated that digital innovations sparked significant shifts in the finance world during the previous ten years. He stated,
"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."
Joining Other Banks To Explore Opportunities
DBS joins other banks in researching commercial prospects in the metaverse. When JP Morgan launched a lounge in Decentraland in February, it claimed to be the first bank in the digital world. HSBC joined The Sandbox a month later to interact with gamers and sports lovers.
In other parts of Asia, the Union Bank of India introduced the "Uni-Verse," a metaverse lounge where consumers could learn more about loans and other banking services.
DBS BetterWorld
In the Sandbox metaverse, DBS claimed it would purchase a 3x3 plot of land or a virtual piece of real estate. The property and manufacturing on DBS BetterWorld will be carbon neutral because of the partnership between the bank and The Sandbox to acquire carbon offsets.
Sebastien Borget, a co-founder of The Sandbox and its chief operations officer, 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."