DBS, in collaboration with The Sandbox, is the first Singaporean bank to enter the metaverse

In order to establish “DBS BetterWorld,” DBS Group Holdings today announced a cooperation with The Sandbox, a blockchain-based metaverse game platform.

It’s a participatory metaverse experience that highlights the significance of creating a better, more sustainable world and invites others to join you.

According to a statement released by DBS on Friday, the agreement makes it the first Singaporean business to work with The Sandbox and the country’s first bank to participate in the metaverse (9 September).

This also represents a significant turning point in DBS’ efforts to consistently investigate the possibility of Web 3.0 opportunities to help its clients and the larger society.

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

According to him, digital innovations have been the main catalyst for change in the financial sector during the past 10 years, and these changes could become even more significant in the upcoming ten years as a result of emerging technologies like artificial intelligence and blockchain.

According to him, DBS BetterWorld would give the bank another platform to discuss significant environmental, social, and governance (ESG) concerns and highlight the partners and communities doing the work to address them.

promoting ESG

DBS will utilize the platform, for instance, to highlight social entrepreneurs in Asia who are generating positive social change through creative business strategies.

Since 2014, DBS and the DBS Foundation have given close to 100 social enterprises awards totaling more than S$10 million and assisted over 800 social companies in the region in growing their businesses.

Additionally, DBS will collaborate with partners and collaborators from the business, technology, community, and government sectors to create significant ideas that will enhance the DBS BetterWorld experience.

In order to encourage its customers to live more sustainably, DBS introduced LiveBetter, a one-stop digital platform, in October 2021. DBS will also look for ways to use LiveBetter to highlight DBS BetterWorld.Customers of LiveBetter have access to resources like advice on sustainable living, ways to donate to charities, and chances to invest in funds with a sustainability focus.

In order to achieve carbon neutrality for the land and production on DBS BetterWorld, DBS will also work with The Sandbox to buy carbon offsets.

The Singaporean bank DBS is the first to enter the open metaverse and join efforts to build the SingaporeVerse, a neighborhood on its virtual map that will bring the nation’s culture to life in the metaverse, according to The Sandbox, a division of Hong Kong-based Animoca Brands.

“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,” Sebastien Borget, a co-founder of The Sandbox and its chief operations officer, said.

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