A DBS official noted that “The metaverse gives tremendous prospects to rethink how we live, work, and engage with one other.” DBS is the largest bank in Southeast Asia, and it claims that it is “the first bank in Singapore to make a foray into the metaverse.”
DBS Making Its Debut in the Metaverse
DBS, the largest bank in Southeast Asia, made the announcement on Friday that it has formed a collaboration with The Sandbox, a virtual environment that allows users to construct, control, and monetize their own game experiences using the Ethereum blockchain.
According to the statement, the purpose of the partnership is “to create DBS Better World, an interactive metaverse experience emphasizing the necessity of constructing a better, more sustainable world, and inviting others to come alongside.” In addition, the following is included:
DBS is the first corporation in Singapore to form a collaboration with The Sandbox, and it is also the first bank in Singapore to make an entrance into the metaverse as a result of this partnership.
According to the bank’s description, “Under the terms of the agreement, DBS will purchase a 3×3 piece of LAND, which is a unit of virtual real estate in The Sandbox metaverse. This plot of land will be created with immersive aspects.”
Sebastian Paredes, the Chief Executive Officer of DBS Hong Kong, was recently quoted as saying, “The metaverse gives tremendous prospects to alter how we live, work, and engage with one other.” “We have been getting our feet wet in this domain, and our very own young technologists have been given the flexibility to build experimental concepts in the metaverse,” the author writes. “We are excited to see where this leads us.”
The Chief Executive Officer of DBS, Piyush Gupta, stated that “during the past decade, the most significant shifts in the world of finance have been driven by advancements in digital technology.” These developments have the potential to become even more profound in the future decade, which will be driven by emerging technologies such as artificial intelligence and blockchain. His opinion is as follows:
The metaverse technology, despite the fact that it is still undergoing development, has the potential to radically alter the way banks interact with their customers and the communities they serve.
The previous month, DBS announced that the trading volumes of cryptocurrencies on its digital asset market had skyrocketed. According to the explanation provided by the bank, “Investors who believe in the long-term possibilities of digital assets are migrating towards trusted and regulated platforms in order to access the digital asset market.”
Standard Chartered Bank, JPMorgan, and Fidelity Investments are some examples of other financial institutions and investment companies that have already developed a presence in the metaverse.
In August, analysts from the Bank of England speculated that crypto assets might play significant roles within the metaverse. Earlier this year, Goldman Sachs projected that the metaverse might represent a market potential of $8 trillion. According to McKinsey & Company’s projections, the metaverse will bring in $5 trillion by the year 2030. In the meanwhile, Citigroup has projected that the economy of the metaverse might expand to anywhere between $8 trillion and $13 trillion by the year 2030.