DBS, the largest bank in Southeast Asia, says it is “the first bank in Singapore to foray into the metaverse.” A DBS executive explained that “The metaverse offers exciting opportunities to redefine how we live, work and interact.”
DBS Enters the Metaverse
Southeast Asia’s largest bank, DBS, on Friday announced a partnership with The Sandbox, a virtual world where players can build, own and monetize their gaming experiences on the Ethereum blockchain.
The goal of the partnership is “to create DBS Better World, an interactive metaverse experience that showcases the importance of building a better, more sustainable world and invites others to come along,” the announcement describes, adding :
The partnership makes DBS the first Singaporean company to partner with The Sandbox and the first bank in Singapore to 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 detailed.
“The metaverse offers exciting opportunities to redefine how we live, work and interact,” said Sebastian Paredes, CEO of DBS Hong Kong. “We got our feet wet in this space, and our own young technologists were given the freedom to develop experimental concepts in the metaverse.”
DBS CEO Piyush Gupta said: “Over the past decade, the biggest changes in the world of finance have been catalyzed by digital advances. In the coming decade, driven by new technologies such as artificial intelligence and blockchain, these shifts have the potential to be even more profound. He thought:
Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities.
DBS said last month that crypto trading volumes on its digital asset exchange had soared. “Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market,” the bank explained.
Other banks and investment firms that have established a presence in the metaverse include Standard Chartered Bank, JPMorgan and Fidelity Investments.
In August, Bank of England analysts said crypto-assets could play important roles within the metaverse. Earlier this year, Goldman Sachs said the metaverse could be an $8 trillion opportunity. McKinsey & Company expects the metaverse to generate $5 trillion by 2030. Meanwhile, Citi has predicted that the metaverse economy could grow to between $8 trillion and $13 trillion by 2030.
What do you think about Southeast Asia’s biggest bank, DBS, entering the metaverse? Let us know in the comments section below.
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