DBS, Southeast Asia’s largest bank, says it is “the first bank in Singapore to foray into the metaverse”. A DBS executive explained that “the metaverse presents exciting opportunities to redefine the way we live, work, and interact with each other.”
DBS entering the metaverse
Southeast Asia’s largest bank, DBS, on Friday announced a partnership with The Sandbox, a virtual world where gamers can build, own and monetize their gaming experiences on the Ethereum blockchain.
The goal of the partnership is to “create DBS Better World, an interactive metaverse experience showing the importance of building a better, more sustainable world and inviting others to join us,” the announcement describes, adding:
This partnership makes DBS the first Singaporean company to partner with The Sandbox and the first Singaporean bank to foray into the metaverse.
“As part of this partnership, DBS will acquire a 3×3 piece of land from LAND – a unit of virtual real estate in The Sandbox metaverse – which will be developed with immersive elements,” the bank detailed.
“The metaverse presents exciting opportunities to redefine the way we live, work and interact with each other,” said Sebastian Paredes, CEO of DBS Hong Kong. “We got our feet wet in this space, and our own young technologists were given the freedom to develop experimental concepts in the metaverse.”
DBS CEO Piyush Gupta said, “Over the past decade, the biggest changes in the world of finance have been catalyzed by digital advancements. Over the next decade, driven by new technologies such as artificial intelligence and blockchain, these changes could be even more profound. He issued the following opinion:
Metaverse technology, while evolving, could also fundamentally change the way banks interact with customers and communities.
DBS said last month that crypto trading volumes on its digital asset exchange had skyrocketed. “Investors who believe in the long-term prospects of digital assets are turning to trusted and regulated platforms to access the digital asset market,” the bank explained.
Other banks and investment firms that have established a presence in the metaverse include Standard Chartered Bank, JPMorgan, and Fidelity Investments.
In August, analysts at the Bank of England said that crypto assets could play an important role within the metaverse. Earlier this year, Goldman Sachs said the Metaverse could be an $8 trillion opportunity. McKinsey & Company expects the Metaverse to generate $5 trillion by 2030. Meanwhile, Citi has predicted the Metaverse economy could grow to between $8 trillion and $13 trillion by 2030 .
What do you think of Southeast Asia’s largest bank, DBS, entering the metaverse? Let us know in the comments section below.
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