Asia Banking Giant DBS Joins The Sandbox Metaverse

“In the coming decade, driven by new technologies, such as artificial intelligence and blockchain, these shifts have the potential to be even more profound. Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities,” he added. 

DBS joins other banks exploring business opportunities in the metaverse. In February, JP Morgan said it was the first bank in the virtual world and opened a lounge in Decentraland. A month later, HSBC joined The Sandbox metaverse to engage with sports and gaming fans. 

Elsewhere in Asia, Union Bank of India launched the “Uni-Verse,” its metaverse virtual lounge, in which customers can get details on loans and other banking products.

DBS said it will acquire a 3×3 plot of land, or a unit of virtual real estate in The Sandbox metaverse. The bank said it would partner with The Sandbox to purchase carbon offsets so that the land and production on DBS BetterWorld will be carbon neutral.

“We welcome DBS to The Sandbox as the first bank in Singapore to step into the open metaverse and join our efforts to create the SingaporeVerse, a neighborhood on our virtual map that will bring the culture of Singapore to life in the metaverse,” said Sebastien Borget, Co-founder of The Sandbox and Chief Operations Officer.