Popular financial services provider in Asia, DBS has entered into a partnership agreement with The Sandbox, a subsidiary of Animoca brand and leading decentralized virtual gaming protocol. The banking leader revealed this development in its Friday blog post. DBS’s partnership with The Sandbox will birth an interactive metaverse project, DBS BetterWorld.
The banking firm hinted that the BetterWorld project will highlight the notable “importance of building a better, more sustainable world, and inviting others to come alongside.” Occasioned by the partnership, DBS intends to obtain a 3×3 plot of LAND in The Sandbox metaverse to develop the project. The firm says it will use immersive elements to develop the LAND.
DBS is the first bank in Singapore to venture into the booming metaverse sphere, just as it is the first within the country to collaborate with The Sandbox. As revealed by the banking leader, this feat illustrates its commitment to continuously harnessing the prospects attached to Web 3.0 technologies. DBS is optimistic that such exploration offers numerous opportunities to benefit its customers.
Metaverse to alter the mode of interaction between banks and customers – Gupta
Reacting to the development, the CEO of DBS, Piyush Gupta, said, “over the last decade, the biggest changes in the world of finance have been catalyzed by digital advancements.” Gupta added that the next decade, occasioned by new technologies, including artificial intelligence and blockchain, has “the potential to be even more profound.”
The CEO feels metaverse technology is evolving and possesses the capacity to fully alter the mode of interactions between banks and their customers. He says, “given the speed of change, experimenting and learning-by-doing enable us to best test the potential of various technologies.”
He remarked that DBS’ collaboration with The Sandbox “marks the start of an exciting collaboration as we push the boundaries of what is possible in the metaverse.” Gupta says DBS looks forward to harnessing the partnership as an “additional innovative platform to spread the word on important ESG issues and to shine a spotlight on communities and partners doing good work to address them.”
Sebastian Paredes, CEO of DBS Hong Kong, praises the potential of the evolving metaverse industry. According to him, the metaverse avails fascinating opportunities capable of redefining “how we live, work and engage with each other.” He added that the partnership with The Sandbox avails the young technologists of DBS with the freedom to develop experimental concepts in the metaverse will eventually lead DBS to tap new and emerging technologies to usher in the future of banking.”
Meanwhile, Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, averred that DBS Bank is renowned for being among the most innovative banks globally. Siu feels the banking leader usually executes excellent digital initiatives and explores emerging technologies. He expressed the delight of his team to partner with DBS, saying it helps to aid the future of an open metaverse.
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