By Alicia Maher
Singapore-based banking firm, DBS, has entered a new partnership with The Sandbox, a popular metaverse platform. The latest collaboration aims to develop new services for bank customers in the metaverse.
DBS To Build DBS BetterWorld On The Sandbox
The Singaporean bank said it would buy a 3×3 plot on The Sandbox to develop a metaverse property, DBS BetterWorld. This digital space will display the impedance of having a sustainable world.
Also, all production and land activities on the BetterWorld platform would be carbon neutral. The company is working with its new partner to buy carbon offsets.
Meanwhile, DBS is the first banking firm in Singapore to collaborate with The Sandbox. DBS is also the first to enter the virtual world.
In addition, the latest announcement is a turning point for the company as it explores various web3 opportunities. Piyush Gupta, the DBS CEO, stated that digital advancements have helped to skyrocket the finance sector.
According to Gupta, new technologies such as blockchain and AI (artificial intelligence) have great potential. This potential can help to develop the banking sector, its operations, and customer service delivery.
Gupta added that the metaverse is a sector with great potential that can change the way companies interact with customers. DBS Hong Kong CEO, Sebastian Paredes, said the bank is experimenting with the various aspects of the digital space.
Also, Sebastien Borge, the co-founder of The Sandbox, welcomed the bank to the metaverse. It applauded the bank for taking the step to develop the country’s metaverse sector.
Banking Firms Explore The Metaverse
The SingaporeVerse is an effort to incorporate Singaporean culture into the virtual world. It will be an entertaining, democratic, and inclusive community that is accessible to all while adhering to the country’s way of life.
DBS’s latest partnership is coming after the firm recently expanded its cryptocurrency offerings. The firm joins other banking institutions that are exploring the metaverse space.
In February, the banking giant, JP Morgan, launched a virtual lounge on Decentraland. This made it the first banking firm to enter the virtual space.
Also, HSBC followed the footstep of JP Morgan and entered The Sandbox to interact with sports lovers and gamers. Additionally, India’s Union Bank has launched a digital lounge, “Uni-Verse.”
Bank customers can interact in the virtual lounge and learn more about banking products such as loans. Meanwhile, banks are not the only ones heading into the digital world.
The metaverse industry continues to attract attention from various sectors. Colleges and university institutions have also launched learning platforms in the metaverse.