Southeast Asia’s Largest Bank DBS Enters the Metaverse

DBS is the largest bank in Southeast Asia and says it is the "first bank in Singapore to venture into the metaverse."

DBS enters the Metaverse

DBS, the largest bank in Southeast Asia, announced Friday that it has partnered with The Sandbox. The Sandbox is a virtual world where players have the opportunity to create, own and monetize their gaming experiences using Ethereum blockchain.

The partnership's goal is to "create DBS Better World," an interactive metaverse experience that demonstrates the importance of creating a better, more sustainable planet and inviting others to join us," according to the announcement.

DBS is now the first Singapore bank to enter the metaverse and has signed a partnership agreement with The Sandbox.

The bank explained that DBS would acquire a 3×3 parcel of LAND — a unit in virtual real estate in The Sandbox metaverse — under the partnership. This will allow DBS to develop immersive elements.

Sebastian Paredes CEO of DBS Hong Kong, stated that "the metaverse offers exciting opportunities to redefine the way we live, work, and interact with one another." "We have been experimenting in this space and our young technologists have been allowed to explore the metaverse."

Piyush Gupta, CEO of DBS, stated that the digital revolution has facilitated the most significant changes in finance over the past decade. These shifts will be more profound in the next decade thanks to new technologies like artificial intelligence and blockchain."

While Metaverse technology is still in its infancy, it could fundamentally alter the way banks interact and communicate with their customers and communities.

DBS stated last month that crypto trading volumes on its digital assets exchange had increased by a significant amount. The bank stated that investors who believe in long-term digital asset prospects are turning to trusted, regulated platforms to access digital assets.

Other investment banks and firms have also established a presence on the metaverse, including JPMorgan and Standard Chartered Bank.

According to Bank of England analysts, crypto assets could play an important role in the metaverse. Goldman Sachs stated earlier this year that the metaverse could offer $8 trillion in potential revenue. McKinsey & Company predicts that the metaverse will generate $5 trillion by 2030. Citi predicts that the metaverse's economy will grow to $8 trillion to $13 trillion by 2030.

What do you think of DBS, the largest bank in Southeast Asia, entering the metaverse. Please leave your comments below.

By: Kevin Helms
Title: Southeast Asia’s Largest Bank DBS Enters the Metaverse
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Published Date: Sun, 11 Sep 2022 05:30:15 +0000

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