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:
DBS becomes the first Singapore-based bank to sign a partnership deal with The Sandbox.
“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:
While Metaverse technology is still in its early stages, it could fundamentally alter the interaction between banks and customers.
DBS stated last month that crypto trading volume on its digital assets exchange has risen. “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.
JPMorgan, Standard Chartered Bank and Fidelity Investments are some other investment banks that have established a foothold in the metaverse.
In August, Bank of England’s analysts said crypto assets could have important roles within the metaverse. Goldman Sachs earlier in the year stated that metaverses could offer $8 trillion of potential. McKinsey & Company expects the metaverse to generate $5 trillion by 2030. Citi predicts that by 2030, the metaverse’s economy will grow between $8 trillion to $13 trillion.
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