DBS Is The First Singapore Bank To Enter The Metaverse In Collaboration With The Sandbox

The creation of “DBS BetterWorld” was announced today as the result of a cooperation between DBS Group Holdings and The Sandbox, a blockchain-based metaverse game platform.

It is a participatory experience in the metaverse that emphasizes the significance of making the world a better and more sustainable place, and it extends an invitation to others to assist in this endeavor.

DBS was the first corporation in Singapore to sign a collaboration with The Sandbox, and it was also the first bank in Singapore to enter the metaverse, according to a statement released by DBS on Friday. The partnership makes DBS the first company in Singapore to enter into the virtual world (9 September).

This also marks a new milestone in the path that DBS is on to continually explore the potential of Web 3.0 opportunities to benefit both its customers and the community as a whole.

In accordance with the terms of the collaboration, DBS will be given the opportunity to purchase a 3×3 plot of LAND, also known as a unit of virtual real estate within The Sandbox metaverse, which will thereafter be populated with immersive features.

The chief executive officer of DBS stated that while metaverse technology is still in the process of developing, it has the potential to radically revolutionize the way banks interact with their clients and the communities they serve.

“Given the speed of change, experimentation and learning-by-doing enable us to best test the possibilities of new technologies,” Gupta said. “[T]hese are two of the finest ways for us to learn.”

Advertisement

According to him, the most significant shifts in the world of finance have occurred over the course of the past decade as a direct result of the development of digital technologies. He also stated that in the coming decade, these shifts have the potential to be even more profound because they will be driven by new technologies such as artificial intelligence and blockchain.

According to what he mentioned, DBS BetterWorld is going to be an additional platform that the bank may use to talk about significant environmental, social, or governance (ESG) challenges and cast a focus on communities and partners that are working to solve these problems.
For instance, DBS will utilize the platform to profile social entrepreneurs in Asia who have been creating positive impact through creative business models. These entrepreneurs have been profiled as being featured on the platform. Since 2014, DBS and the DBS Foundation have assisted over 800 social companies across the region in growing their businesses, and they have granted over S$10 million to close to 100 social enterprises as part of their grant programs.

In addition, DBS will collaborate with partners and collaborators from the government, community, industry, and technology sectors to develop significant concepts for the purpose of enhancing the DBS BetterWorld experience.
DBS will also investigate possible avenues for showcasing DBS BetterWorld with LiveBetter, an all-in-one digital platform that was introduced by the bank in October 2021 with the intention of encouraging its clients to lead more environmentally responsible lifestyles. Customers are granted access to a variety of resources, such as advice on how to live a more environmentally responsible lifestyle, pathways to make charitable contributions, and possibilities to invest in funds with a focus on sustainability.
Additionally, DBS will work along with The Sandbox to buy carbon offsets in order to make the land and production on DBS BetterWorld carbon neutral.
The Sandbox, a division of Animoca Brands based in Hong Kong, has announced that it welcomes DBS as the first bank in Singapore to step into the open metaverse and join their efforts to create the SingaporeVerse, a neighborhood on its virtual map that will bring the culture of the country to life within the metaverse. DBS is the first bank in Singapore to take this step.
“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,” said Sebastien Borget, a co-founder of The Sandbox and its chief operations officer. “We are excited to collaborate 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