Leading Asian bank DBS is entering the metaverse to demonstrate how the virtual realm may be utilized for good. In partnership with The Sandbox, a subsidiary of Aninoca Brands, DBS will launch DBS BetterWorld.
DBS is a Singapore-based bank that operates in 18 different markets with a focus on Asia including greater China.
The Sandbox is a decentralized virtual world that has partnered with major brands including Warner Music Group, Ubisoft, The Walking Dead, Snoop Dogg, Adidas, Deadmau5, and more. The growth has been juiced by the rise in virtual real estate. The Sandbox is described as a decentralised gaming virtual world and DBS BetterWorld will become an “interactive metaverse experience showcasing the importance of building a better, more sustainable world, and inviting others to come alongside.”
This is the first bank in Southeast Asia to enter the metaverse in such a way, and perhaps the rest of the world (let us know if we are mistaken).
Piyush Gupta, CEO of DBS, said recently the biggest changes in the world of finance have been catalysed 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. Given the speed of change, experimenting and learning-by-doing enable us to best test the potential of various technologies. 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.”
Yat Siu, co-founder and Executive Chairman of Animoca Brands, said they are “thrilled to co-create the future of an open metaverse” with DBS Bank.
Sebastien Borget, COO and co-founder of The Sandbox, welcomed DBS in joining their efforts to create the SingaporeVerse that “will bring the culture of Singapore to life in the metaverse.”
“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.”
In October 2021, DBS became a signatory to the UN-affiliated Net-Zero Banking Alliance, committing to net-zero financed emissions by 2050 or earlier. DBS states that it has been actively embedding ESG considerations into its business operations.
The bank seeks to make DBS BetterWorld as an additional engagement platform for visitors to The Sandbox to learn more about prevailing ESG concerns. Additionally, DBS expects to work with partners and collaborators from the government, community, business, and technology sectors to develop concepts to enrich the DBS BetterWorld experience.