The largest bank in Southeast Asia, DBS, disclosed a cooperation with The Sandbox on Friday. The Sandbox is a virtual environment where users can create, control, and make money from their game experiences using the Ethereum blockchain. DBS claims to be “Singapore’s first bank to enter into the metaverse.” “The metaverse presents great prospects to alter how we live, work, and engage with each other,” a DBS executive said.
Sebastian Paredes, CEO of DBS Hong Kong, stated that “the metaverse gives tremendous prospects to alter how we live, work, and engage with one another.” Our very own young technologists have been given the flexibility to create experimental concepts in the metaverse as we’ve been dipping our toes in this field. The partnership’s goal, according to the statement, is “to create DBS Better Society, an interactive metaverse experience emphasising the necessity of building a better, more sustainable world, and inviting others to participate alongside.”
With this alliance, DBS becomes the first Singaporean business to collaborate with The Sandbox and the country’s first bank to enter the metaverse. According to the agreement, DBS will purchase a 3 by 3 piece of LAND, a type of virtual property in The Sandbox metaverse, which will be created with immersive features.
The biggest developments in the financial sector over the past ten years have been sparked by technological advancements, according to DBS CEO Piyush Gupta. These changes could become much more significant in the upcoming decade, driven by emerging technologies like blockchain and artificial intelligence. He stated that while yet in its infancy, metaverse technology has the potential to dramatically alter how banks engage with their clients and communities.
The volume of cryptocurrency trading on DBS’s digital asset exchange has increased, the company reported last month. When it comes to accessing the digital asset market, “investors who believe in the long-term possibilities of digital assets are leaning towards trusted and regulated platforms,” the bank said.
Standard Chartered Bank, JPMorgan, and Fidelity Investments are other banks and investment companies that have a presence in the metaverse. The Bank of England’s researchers predicted in August that cryptographic assets would play significant roles in the metaverse. Goldman Sachs predicted that the metaverse might represent a $8 trillion potential earlier this year. By 2030, McKinsey & Company projects that the metaverse will generate $5 trillion. According to Citi, the metaverse economy might reach between $8 trillion and $13 trillion in value by 2030.
