- Singapore’s DBS strikes partnership with The Sandbox to create a metaverse experience.
- DBS will buy a 3×3 piece of Sandbox’s Land.
- The bank will work with public, private, nonprofit, and business partners to enhance BetterWorld.
Development Bank of Singapore (DBS), a financial services provider based in Singapore, made the announcement on Friday that it had formed a partnership with The Sandbox, a decentralized gaming virtual world based in Hong Kong and a subsidiary of Animoca Brands.
The partnership will result in the creation of DBS BetterWorld, an interactive metaverse experience that highlights the significance of constructing a better and more sustainable world and invites others to assist in this endeavor.
DBS will purchase a 3×3 piece of Land, which is a unit of virtual real estate located inside The Sandbox metaverse. This plot of land will be created with immersive components like buildings, plants, and animals.
DBS chief executive officer, Piyush Gupta, stated:
Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities.
Experimenting with new technologies and gaining knowledge via hands-on experience are the most effective ways for DBS to evaluate the possibilities offered by different kinds of software and hardware. According to Gupta, the relationship with The Sandbox and Animoca Brands signals the beginning of an exciting cooperation as we push the limits of what is possible in the metaverse.
He added: “This also contributes to our ongoing efforts to groom the next generation of tech talent who will eventually lead DBS in tapping new and emerging technologies to usher in the future of banking.”
The bank said that it would collaborate with partners in the public, private, nonprofit, and corporate sectors on ideas to improve the BetterWorld experience.