DBS, the largest bank in Southeast Asia, says it is “the first bank in Singapore to make a foray into the metaverse.” A DBS executive explained that “The metaverse presents exciting opportunities to redefine how we live, work and engage with each other.”
DBS Entering the Metaverse
Southeast Asia’s largest bank, DBS, announced Friday a partnership with The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain.
The aim of the partnership is “to create DBS Better World, an interactive metaverse experience showcasing the importance of building a better, more sustainable world, and inviting others to come alongside,” the announcement describes, adding:
The partnership makes DBS the first Singapore company to seal a partnership with The Sandbox and the first bank in Singapore to make a foray into the metaverse.
“Under the partnership, DBS will acquire a 3×3 plot of 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 how we live, work and engage with each other,” said Sebastian Paredes, CEO of DBS Hong Kong. “We have been getting our feet wet in this space, and our very own young technologists have been given the freedom to develop experimental concepts in the metaverse.”
DBS CEO Piyush Gupta commented: “Over the last decade, the biggest changes in the world of finance have been catalyzed 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.” He opined:
Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities.
DBS said last month that the crypto trading volumes on its digital asset exchange had soared. “Investors who believe in the long-term prospects of digital assets are gravitating towards 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, Bank of England’s analysts said crypto assets could have important roles 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 that the metaverse economy could grow to between $8 trillion and $13 trillion by 2030.
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