DBS Becomes the First Singaporean Bank to Join the Metaverse With The Sandboxby Fintech News Singapore September 12, 2022
DBS announced the launch of DBS BetterWorld, a metaverse experience created in partnership with Animoca Brands’s decentralised gaming virtual world The Sandbox.
The partnership makes DBS the first bank in Singapore to make a foray into the metaverse.
Under the partnership, DBS will acquire a 3×3 plot of LAND – a unit of virtual real estate in The Sandbox metaverse – which will be developed with immersive elements.
The bank aims for DBS BetterWorld to be an additional engagement platform to advance its sustainability agenda by providing an avenue for visitors to learn more about prevailing ESG concerns.
DBS will also partner The Sandbox to purchase carbon offsets such that the land and production on DBS BetterWorld will be carbon neutral.
Piyush Gupta, CEO of DBS, said,
“Metaverse technology, while still evolving, could fundamentally change the way banks interact with customers and communities.
Given the speed of change, experimenting and learning-by-doing enable us to best test the potential of various technologies.”
Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, said,
“DBS has long been recognised as one of the most innovative banks across the world for its digital banking initiatives and the use of emerging technologies.
We are absolutely thrilled to co-create the future of an open metaverse with DBS through this collaboration with our subsidiary The Sandbox.”