DBS Bank Ltd (DBS), or bank in Asia, has partnered with The Sandbox, a leading virtual game company and subsidiary of Animoca Brands, to create DBS BetterWorld.
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| Bank DBS dan The Sandbox |
DBS BetterWorld is an metaverse that demonstrates the importance of building a better and more sustainable world in an effort to invite more people to participate.
This partnership makes DBS the first Singaporean company to partner with The Sandbox and the first bank in Singapore to enter the metaverse world. This move also marks a new milestone in the journey of DBS as it continues to explore the potential opportunities of Web 3.0 or third generation internet.
In this collaboration, DBS will acquire a 3x3 LAND virtual real estate unit in the metaverse of The Sandbox which will be developed with immersive elements.
DBS CEO Piyush Gupta said, "Over the past decade, the biggest changes in the financial services industry have been catalyzed by digital advances. In the next few decades, driven by new technologies such as artificial intelligence and blockchain , the change has the potential to be even greater.
“Like artificial intelligence and blockchain, those changes have the potential to be even bigger. Metaverse technology, which is still developing, can also fundamentally change the way banks interact with customers and the public," said Gupta in a written statement quoted on Wednesday (14/9/2022).
Metaverse Presents New Opportunities
DBS Hong Kong CEO Sebastian Paredes said: "The metaverse presents an exciting opportunity to update our lifestyle, work and interact with others.
“We started exploring this field and young technologists were given the freedom to develop experimental concepts in the metaverse world. Through this collaboration, opportunities are created for young talents to be further involved in developing the use of The Sandbox,” explained Paredes.
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The Co-Founder and Executive Chairman of Animoca Brands, Yat Siu added, "DBS Bank has long been recognized as one of the most innovative banks in the world through its digital banking transformation and use of new technology.
"We are very pleased to be able to jointly create an open metaverse with DBS Bank through this collaboration with our subsidiary, The Sandbox," he added.
In addition, COO and Co-Founder of The Sandbox, Sebastian Borget said: "We welcome DBS to explore The Sandbox as the first bank in Singapore to enter the open metaverse and participate in the effort to create the SingaporeVerse, an environment on a virtual map that will bring Singaporean culture into the world. metaverse.
DBBSBetterWorld Goals
DBS aims to make DBS BetterWorld a platform to increase customer engagement in achieving sustainability goals by providing an avenue for visitors to The Sandbox to learn more about ESG issues.
For example, DBS will use this platform to profile social entrepreneurs in Asia who are making a positive impact through innovative business models.
Since 2014, DBS and the DBS Foundation have assisted more than 800 social entrepreneurs across the region to scale their businesses and have provided grants of more than SGD 10 million to nearly 100 social entrepreneurs.
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