Singapore-based banking group DBS, Southeast Asia’s largest lender by assets, has teamed up with The Sandbox, a blockchain-based Metaverse gaming platform, to develop new services for customers in the three-dimensional virtual environment which includes digital avatars. The Sandbox, a division of Hong Kong-based Animoca Brands, is a virtual world where players can construct, own and monetise their Ethereum blockchain-based gaming experiences. It is among the most popular of the much-hyped Metaverse environments that are sprouting these days. The aim of the partnership is “to create an interactive Metaverse experience showcasing the importance of building a better, more sustainable world, and…
Singapore-based banking group DBS, Southeast Asia’s largest lender by assets, has teamed up with The Sandbox, a blockchain-based Metaverse gaming platform, to develop new services for customers in the three-dimensional virtual environment which includes digital avatars.
The Sandbox, a division of Hong Kong-based Animoca Brands, is a virtual world where players can construct, own and monetise their Ethereum blockchain-based gaming experiences. It is among the most popular of the much-hyped Metaverse environments that are sprouting these days.
The aim of the partnership is “to create an interactive Metaverse experience showcasing the importance of building a better, more sustainable world, and inviting others to come alongside,” DBS said in an announcement, noting that it is the first bank in Singapore to make a foray into the Metaverse.
Virtual land plot
DBS will acquire a plot of “land” – a unit of virtual real estate in The Sandbox – which will be developed with immersive elements, the bank noted.
DBS’ Metaverse aspirations have a lot to do with a vivid crypto scene in the city state. The bank said that in August, crypto trading volumes on its digital asset exchange has soared.
“Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market,” the bank said.
“Over the last decade, the biggest changes in the world of finance have been catalysed by digital advancements. In the coming decade, driven by new technologies such as artificial intelligence and blockchain, these shifts have the potential to be even more profound,” DBS CEO Piyush Gupta added in the statement.
Prominent names join the virtual worlds
DBS joins other prominent global banks in the Metaverse. In February this year, US financial service group JP Morgan became the first bank in the world to invest in the Metaverse as it set up its shop in the Metajuku mall on Decentraland. Following the Wall Street bank’s steps, HSBC launched a Metaverse portfolio in early April for its high value clients in Singapore and Hong Kong.
By the end of April, Standard Chartered Bank too had announced its partnership with The Sandbox for its Metaverse venture.
Within Southeast Asia, Siam Commercial Bank, Thailand’s largest lender, opened a branch in The Sandbox earlier this year.
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