DBS, a Singapore based financial services company, has just partnered with Animoca Brands backed gaming virtual world, The Sandbox, to build a virtual world titled, “DBS BetterWorld”. The project is part of DBS’ vision to explore Web3 opportunities to benefit its customers.
Touted as “the next big thing”, metaverse is revolutionizing the tech space at an exponential rate. The concept of metaverse is blowing up across different sectors including, finance, gaming, banking, real estate among many others. Due to crippling inflation, distribution nightmares, and the rising costs of centralization control, many leading conglomerates are pushing the dire need for a decentralized architecture.
A Vitrual World to Benefit Customers
— DBS Bank (@dbsbank) September 9, 2022
Since the past few months, despite crumbling crypto prices, multi billion dollar banks across the globe have been tapping metaverse to explore practical uses. In the latest development, DBS Bank Ltd., the largest lender in Southeast Asia, has collaborated with The Sandbox, to build new services for clients in the virtual world that uses digital avatars.
According to the official blog post, the move will mark a new milestone in DBS’ journey to continually explore the potential of Web 3.0 opportunities to benefit its customers and the broader community. DBS will be the first company in Singapore to sign a partnership with The Sandbox becoming the first bank in the city-state to enter the metaverse.
As per the blog post, 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”. Piyush Gupta, CEO of DBS, said that the metaverse has opened up a vast array of opportunities in practically every other industry, expecially finance. People will increasingly use virtual technology in areas related to work, play, and social networking.
Metaverse Could Change the Banking System
He emphasized that the metaverse allow individuals to live a digital live alongside their real lives in connected, persistent virtual realities. Gupta explained that the scope of the metaverse in the banking industry could fundamentally change the way banks interact with customers and communities. He further added,
“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.”
Sebastien Borget, COO and Co-Founder of The Sandbox, reiterated enthusiastically,
“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.”