DBS bank partners with The Sandbox to enters the Metaverse
The partnership with The Sandbox makes DBS the first bank in Singapore to make a foray into the metaverse.
DBS announced on Friday a partnership with the largest virtual gaming platform The Sandbox to create an interactive metaverse project called DBS BetterWorld.
The partnership makes DBS the first bank in Singapore to make a foray into the metaverse. Under the partnership, DBS will acquire a 3x3 plot of LAND – a unit of virtual real estate in The Sandbox metaverse – which will be developed with immersive elements.
DBS aims at building “an interactive metaverse experience showcasing the importance of building a better, more sustainable world, and inviting others to come alongside” and explore the potential of Web 3.0 opportunities to benefit its customers and the broader community. The bank will also use the platform to profile social entrepreneurs in Asia who have been driving positive impact through innovative business models. DBS will partner The Sandbox to purchase carbon offsets such that the land and production on DBS BetterWorld will be carbon neutral.
“Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities,” said DBS's CEO Piyush Gupta. “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. We also look forward to harnessing it 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.”
Banking involvement in the metaverse is growing as it creates new products and business models. JP Morgan and Standard Chartered and Spanish bank Caixa acquired commercial spaces on Decentraland, while HSBC and Siam Commercial Bank (SCB) has plot of land on The Sandbox.