Published on: 12/09/2022
Banking giant DBS joins The Sandbox metaverse
Singapore-based banking giant DBS has partnered with The Sandbox metaverse to create an interactive metaverse experience called DBS BetterWorld to advance its environmental, social and governance goals.
This will be The Sandbox’s first partnership with a Singaporean company and bank. It also marks one of DBS’ first forays into the Web3 metaverse ecosystem. DBS will also be working with The Sandbox to create the SingaporeVerse, a project that aims to introduce Singaporean culture to the metaverse.
“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 in a very engaging, equitable, inclusive way that is open to all,” said Sebastien Borget, the chief operating officer and co-founder of The Sandbox, as quoted by MSN.
“ESG issues are important to us, and we look forward to collaborating on an experience that invites our audience to make a positive global impact, to discover the creative possibilities of our platform, and maybe to find their next life-changing opportunity in the metaverse.”
DBS also created a digital exchange arm called DDEx back in 2021, which deals with digital assets such as security tokens and cryptocurrency. DDEx allowed more investors, including individuals, financial institutions and family offices, to get involved with cryptocurrency safely and securely during a time when the industry was much newer.
“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,” said DBS chief executive officer Piyush Gupta, as per NFTGators.
Promoting agendas, featuring profiles
DBS will use a 3×3 plot of LAND — virtual real estate in The Sandbox — to create a facility where visitors can learn more about its ESG goals and objectives. This venture into The Sandbox’s ecosystem is a continuation of DBS’ sustainability agenda that focuses on three main concepts: responsible banking, responsible business practices and impact beyond banking.
DBS BetterWorld will also be used to feature Asian social entrepreneurs who are creating business models that have a positive impact on the ecosystem and community.
“The metaverse presents exciting opportunities to redefine how we live, work and engage with each other. We have been getting our feet wet in this space, and our very own young technologists have been given the freedom to develop experimental concepts in the metaverse,” said DBS Hong Kong chief executive officer Sebastian Paredes.
“With today’s partnership, we have an excellent opportunity for our young talent to be deeply involved in developing a compelling and meaningful use case in The Sandbox. This also contributes to our ongoing efforts to groom the next generation of tech talent who will eventually lead DBS in tapping new and emerging technologies to usher in the future of banking.”