DBS, the largest bank in Southeast Asia, is “the first bank in Singapore to expand into the Metaverse. “DBS executives said, “The Metaverse redefines how we live, work and interact. It offers exciting opportunities,” he explained.
DBS’ entry into the Metaverse
DBS, Southeast Asia’s largest bank, on Friday announced a partnership with The Sandbox, a virtual world where players can build, own, and monetize gaming experiences on the Ethereum blockchain.
The purpose 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 join,” the announcement explained, adding.
With this partnership, DBS becomes the first Singaporean company to enter into a partnership with The Sandbox and the first Singapore bank to enter the Metaverse.
“Under the partnership, DBS will acquire a 3×3 parcel of LAND (a unit of virtual real estate in The Sandbox metaverse) to be developed with immersive elements,” the bank detailed.
Sebastian Paredes, CEO of DBS Hong Kong, said, “The Metaverse offers an exciting opportunity to redefine the way we live, work and interact.” We are stepping into this space, and it is precisely our young technologists who are given the freedom to develop experimental concepts in the Metaverse.”
Piyush Gupta, CEO of DBS, commented. “Over the past decade, the biggest changes in the financial world have been brought about by digital advances. In the coming decade, these changes have the potential to be even greater with new technologies such as artificial intelligence and blockchain.” He opined.
Metaverse technologies, while still evolving, could fundamentally change the way banks interact with their customers and communities.
DBS said last month that crypto trading volume on its digital asset exchange is surging. The bank explained that “investors who believe in the long-term prospects of digital assets are drawn to trusted, regulated platforms to access digital asset markets.”
Other banks and investment firms with a presence in the metaverse include Standard Chartered Bank, JP Morgan, and Fidelity Investments.
In August, analysts at the Bank of England said crypto assets could have an important role within the metaverse. Earlier this year, Goldman Sachs said the metaverse could be an $8 trillion opportunity. McKinsey&said the firm expects the metaverse to generate $5 trillion by 2030. Citi, on the other hand, predicts that the Metaverse economy could grow to between $8 trillion and $13 trillion by 2030.
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