Singaporean banking group DBS, the largest bank by assets in Southeast Asia, has partnered with blockchain-based Metaverse gaming platform The Sandbox to develop new services for clients in a three-dimensional virtual environment including digital avatars. The Sandbox, a division of Hong Kong-based Animoca Brands, is a virtual world where players can build, own and monetize gaming experiences based on the Ethereum blockchain. It’s one of the most popular of the much-hyped Metaverse environments that have sprung up recently. The aim of the collaboration is to “create an interactive Metaverse experience that demonstrates the importance of building a better, more sustainable world, and…
Singaporean banking group DBS, the largest bank by assets in Southeast Asia, has partnered with blockchain-based Metaverse gaming platform The Sandbox to develop new services for clients in a three-dimensional virtual environment including digital avatars.
The Sandbox, a division of Hong Kong-based Animoca Brands, is a virtual world where players can build, own and monetize gaming experiences based on the Ethereum blockchain. It’s one of the most popular of the much-hyped Metaverse environments that have sprung up recently.
DBS said in a statement that the partnership aims to “create an interactive Metaverse experience that demonstrates the importance of building a better, more sustainable world and invites others to join in,” The Star said. Development Bank said in a statement, noting that it is the first in Singapore to foray into the Metaverse.
virtual plot
The bank noted that DBS will acquire a “land” – a virtual real estate unit in a sandbox virtual world – that will be developed with immersive elements.
DBS’s metaverse aspirations have a lot to do with the city-state’s vivid crypto scene. The bank said that cryptocurrency trading volumes on its digital asset exchange surged in August.
“Investors who believe in the long-term prospects of digital assets are gravitating towards using trusted and regulated platforms to enter the digital asset market,” the bank said.
great potential
“Digital advancements have driven the biggest changes in the financial world over the past decade. In the next decade, these shifts have the potential to become even more profound, driven by new technologies such as artificial intelligence and blockchain,” said DBS chief executive. Executive Officer Piyush Gupta commented in the statement.
DBS joins other prominent global banks in Metaverse. In February this year, US financial services group JPMorgan Chase opened a store in Decentraland’s Metajuku shopping mall, becoming the first bank in the world to invest in the Metaverse. Following Wall Street banks, HSBC launched the Metaverse portfolio in early April for its high-value clients in Singapore and Hong Kong.
By the end of April, Standard Chartered also announced a Metaverse joint venture with Sandbox.
In Southeast Asia, Thailand’s largest bank Siam Commercial Bank, opened a branch In the sandbox earlier this year.
