DBS has partnered with decentralised gaming virtual world The Sandbox, a subsidiary of Animoca Brands, to create a metaverse platform dubbed DBS BetterWorld.
This makes DBS the first bank in Singapore to make a foray into the metaverse, also marking a new milestone in its journey to explore the potential of Web 3.0 opportunities.
“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 neighbourhood on our virtual map that will bring the culture of Singapore to life in the metaverse in a very engaging, equitable, inclusive way that is open to all,” says The Sandbox COO and co-founder Sebastien Borget.
DBS CEO Piyush Gupta says the bank will harness the metaverse as an additional platform to spread the word on important environmental, social and governance (ESG) issues as well as shining a spotlight on communities and partners addressing them.
For instance, DBS will use the platform to profile social entrepreneurs in Asia who have been driving positive impact through innovative business models.
DBS will also work with partners and collaborators from the government, community, business and technology sectors to further develop DBS BetterWorld.
See also: OCBC stepping into the metaverse for next-gen customers
Under the partnership, DBS will acquire a 3x3 plot of LAND — a unit of virtual real estate in The Sandbox metaverse — which will be developed with immersive elements. To ensure that the land and production on DBS BetterWorld would be carbon neutral, DBS will partner The Sandbox to purchase carbon offsets.
Although metaverse technology is still evolving, it has the potential to fundamentally change the way banks interact with customers and communities, says Gupta.
“Given the speed of change, experimenting and learning-by-doing enable us to best test the potential of various technologies. Our partnership with The Sandbox and Animoca Brands marks the start of an exciting collaboration as we push the boundaries of what is possible in the metaverse,” he adds.
