in Singapore to venture into the metaverse. According to a DBS executive, the metaverse offers tremendous prospects to alter how we live, work, and interact with one another.
DBS, Southeast Asia's largest bank, established a partnership with The Sandbox on Friday. The Sandbox is a virtual world on the ETH blockchain where gamers can create, control, and monetize their gaming experiences.
The partnership's aim is to develop DBS Better World, an interactive metaverse experience that emphasizes the necessity of building a better world. It also aspires for a more sustainable world and invites others to join it.
DBS bank is the first bank in Singapore institution to have a partnership with The Sandbox. Making it Singapore's first bank to venture into the metaverse.
Sebastian Paredes, CEO of DBS Hong Kong, said that "the metaverse offers tremendous prospects to alter how we live, work, and interact with one another. We've started dipping our toes in this pond, and our very own young technologists have been given the green light to play with concepts in the metaverse."
DBS CEO Piyush Gupta stated that digital innovations have triggered the most significant shifts in the world of finance over the last decade. These transformations have the potential to be much more dramatic in the future decade, driven by emerging technologies like AI and blockchain.
He says that “the Metaverse technology is still in its early stages. However, it has the potential to fundamentally revolutionize the way banks engage with their clients and communities.”
DBS said last month that crypto trading volumes on its digital asset exchange had increased significantly. According to the bank, investors who believe in the long-term possibilities of digital assets are migrating toward reputable and regulated platforms to gain access to the digital asset market.
Other banks and investment firms with a presence in the metaverse include Standard Chartered Bank, Fidelity Investments, and JP Morgan.
In August, analysts at the Bank of England stated that crypto assets might play a key role in the metaverse. Earlier this year, Goldman Sachs said that the metaverse may be a $8 trillion opportunity. According to McKinsey and Company, the metaverse will create $5T by 2030. Meanwhile, Citi predicts that the metaverse economy would be worth between $8 trillion and $13 trillion by 2030.
What are your thoughts on DBS, Southeast Asia's largest bank, entering the metaverse?