Singapore’s DBS Bank enters the Metaverse with Sandbox Partnership
DBS Bank will extend its banking experience into the metaverse following its partnership with Sandbox.
DBS announced that the deal will see to the creation of DBS BetterWorld on a 3×3 plot of LAND. The metaverse experience will be an additional engagement platform for customers visiting the Sandbox.
Sandbox Co-Founder Sebastien Borget said that the partnership will help recreate the culture of Singapore into the metaverse.
“We welcome DBS to The Sandbox as the first bank in Singapore to step into the open metaverse and join our efforts to create the SingaporeVerse, a neighbourhood on our virtual map that will bring the culture of Singapore to life in the metaverse in a very engaging, equitable, inclusive way that is open to all.”
DBS BetterWorld to be carbon-neutral
In addition to promoting its banking services, DBS added it will use the platform to spread awareness about sustainability.
Customers coming into the Sandbox can learn about ESG issues and entrepreneurs shaping the future of Asia through interactions with BetterWorld.
DBS will use the platform to profile social entrepreneurs in Asia who have been driving positive impact through innovative business models.
DBS added that it will introduce its LiveBetter initiative to the metaverse experience. Through LiveBetter, customers can access tools and resources to help them shift towards a more sustainable way of life.
DBS has a target of achieving net operational carbon by the end of 2022. As a result, it is working with Sandbox to purchase carbon offers such that its activities on DBS BetterWorld will be carbon neutral.
Crypto service coming to DBS customers
DBS has been open to implementing blockchain solutions to its services. It received approval from the Monetary Authority of Singapore in 2021 to offer crypt services to a limited number of clients.
According to DBS Bank CEO Piyush Gupta, over 300,000 accredited investors will soon be able to access its crypto services. The bank is working to comply with all regulatory guidelines to reduce the risk of loss for investors.