Quick take:
- DBS will acquire a 3×3 plot of LAND in The Sandbox.
- The banking giant will be advancing its sustainability agenda through the metaverse.
- The bank aims for DBS BetterWorld to be an additional engagement platform for visitors to learn more about its environmental, social, and governance concerns.
Asia’s banking giant, DBS, today announced that it has partnered with virtual gaming platform, The Sandbox, to create DBS BetterWorld, an interactive metaverse experience to advance its environmental, social, and governance (ESG) agenda.
The partnership makes DBS the first company in Singapore to partner with The Sandbox and the first bank in Singapore to enter the metaverse. This marks a new milestone for DBS in its Web3 journey as it explores more opportunities in the space for its customers.
DBS has a digital exchange arm called DDEx, which operates members-only exchanges, where it offers participants (including accredited investors, financial institutions and family offices) access to digital assets that are security tokens and cryptocurrencies.
Under the partnership with The Sandbox, DBS will acquire a 3×3 plot of LAND – a unit of virtual real estate in The Sandbox metaverse – which will be developed with immersive elements.
Over the past few years, DBS has been advancing its sustainability agenda across three sustainability pillars: responsible banking, responsible business practices, and impact beyond banking.
The bank has been actively embedding ESG considerations into its business operations. DBS has set a target of achieving net zero operational carbon by the end of 2022 and has committed 100% of its new suppliers to the bank’s Sustainable Sourcing Principles.
The bank aims for DBS BetterWorld to be an additional engagement platform for visitors to learn more about its ESG concerns. DBS will also use the platform to profile social entrepreneurs in Asia who have been driving positive impact through innovative business models.
“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. Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities,” said Piyush Gupta, CEO of DBS.
DBS will also join The Sandbox in creating SingaporeVerse, a virtual neighbourhood that will bring the culture of Singapore to life in the metaverse. Additionally, DBS will work with partners and collaborators from the Government, community, business, and technology sectors to develop meaningful concepts to enrich the DBS BetterWorld experience.
The Sandbox has been welcoming banks across Asia to its virtual world over the past few months, including HSBC, Standard Chartered, KEB Hana Bank, while European and American banks such as JP Morgan and Sygnum have opened a virtual lounge and a metaverse hub respectively, in Decentraland.
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