Singaporean banking conglomerate, DBS, has announced a strategic partnership with The Sandbox. DBS is acquiring a 3×3 plot of virtual land on which DBS is going to build a platform to promote sustainable living. This move of DBS to create its interactive user experience, making it the first bank in Singapore to venture into the metaverse world.
DBS, one of the biggest banking sectors in Singapore, will embrace the metaverse as it looks to prepare for the future. Therefore, it is employing its own army of expert technologists to develop a highly immersive banking-themed experience, resulting in a brand-new way for it to engage with its clients in the medium of the virtual world.
Meanwhile, co-founder and chief operating officer of The Sandbox, Sebastian Borget, noted that the platform is creating a special plot of land dubbed the “SingaporeVerse” with the intention of fusing Singaporean culture into the platform.
DBS bank recently announced that it would expand cryptocurrency services to 300,000 wealthy Asians following approval from the Monetary Authority of Singapore to offer institutional and high net-worth individuals access to crypto through the DBS Digital Exchange.
According to the CEO of DBS Hong Kong, the partnership will help create a “compelling” use case for Sandbox while at the same time preparing a new generation of technologically-savvy staff to lead future endeavors.
Through the initiative, DBS has identified the metaverse as an innovative vehicle for interactive learning, using its gamification model to educate the next generation of investors. It is also pushing forward with a vital and wholesome message of sustainability as the world looks to heal its fractured ecosystem.
This move makes DBS join the number of fellow financial institutions looking to The Sandbox to help connect with its younger customer base, with the likes of HSBC and Korean banking giant KEB Hana already making waves in the virtual world. So, as The Sandbox continues to gather momentum, expect a wide range of traditional services to enter the fold.