DBS enters the metaverse through a partnership with The Sandbox

DBS Bank is developing a metaverse virtual environment that will let users participate in the construction of a more improved and sustainable world.

It will be known as DBS BetterWorld and will be open to everyone, including DBS subscribers, without charge.

The Sandbox, a decentralized virtual game environment built on Ethereum, and Singapore's largest bank are collaborating on this project.

DBS will purchase a 3x3 plot of land in The Sandbox metaverse, which will be built with realistic objects including structures, plants, and animals.

It will also buy carbon offsets so that the land and manufacturing on BetterWorld are carbon neutral, in addition to The Sandbox.

When The Sandbox completely releases its metaverse, perhaps next year, BetterWorld will be accessible.

With its third and largest season having just been launched last month, the blockchain gaming platform has so far offered three seasons—multi-week testing events that let Sandbox account users try out new features.

The metaverse, which enables users to connect through characters or avatars and purchase real estate or things using virtual currency, has been heralded as the Internet of the future.

Motion-sensing technology also contributes to the lifelike nature of these experiences, allowing users to interact with other avatars through touch and speech.

Tech-enabled largest financial developments

The largest developments in the financial sector, according to DBS Chief Executive Piyush Gupta, have been sparked by technological improvements during the past ten years.

"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. Given the speed of change, experimenting and learning-by-doing enable us to best test the potential of various technologies,” according to Gupta.

The bank will be able to share information on significant environmental, social, and governance (ESG) challenges and highlight partners and communities that are working to address them through DBS BetterWorld, according to Gupta.

Platform will be used to promote social entrepreneurs

The platform will be used, for instance, to showcase social entrepreneurs in Asia who are generating good social impact through creative business strategies.

Over 800 social companies in the region have received assistance from DBS and the DBS Foundation to expand their operations.

Nearly 100 social entrepreneurs have received funding totaling over $10 million.

The bank said that it will collaborate with partners in the public, private, nonprofit, and corporate sectors on ideas to improve the BetterWorld experience.

Additionally, it will look for ways to use its LiveBetter platform, which was introduced in October to promote eco-aware living among its consumers, to exhibit BetterWorld.

Customers of LiveBetter have access to resources for sustainable living, ways to give to charities, and chances to invest in funds with a sustainability focus.

DBS Bank is the first to enter the metaverse

DBS is the first local bank to enter the metaverse and the first Singaporean corporation to cooperate with The Sandbox.

In March, HSBC became the first international bank to collaborate with The Sandbox, a division of the Hong Kong-based game development and venture capital firm Animoca Brands.

Sebastien Borget, the co-founder of The Sandbox and its chief operating officer, said DBS joins the platform's initiatives to build the SingaporeVerse, a neighborhood on its virtual map that would bring the nation's culture to life in the metaverse.

"ESG issues are important to us, and we look forward to collaborating on an experience that invites our audience to make a positive global impact, to discover the creative possibilities of our platform, and maybe to find their next life-changing opportunity in the metaverse,” he said.