Southeast Asia’s Largest Bank DBS Enters the Metaverse

Southeast Asia"s Largest Bank DBS Enters the Metaverse

DBS, the largest bank in Southeast Asia, says it is “the first bank in Singapore to make a foray into the metaverse.” A DBS executive explained that “The metaverse presents exciting opportunities to redefine how we live, work and engage with each other.” DBS Entering the Metaverse

Southeast Asia’s largest bank, DBS, announced Friday a partnership with The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain.

The aim of the partnership is “to create DBS Better World, an interactive metaverse experience showcasing the importance of building a better, more sustainable world, and inviting others to come alongside,” the announcement describes, adding: The partnership makes DBS the first Singapore company to seal a partnership with The Sandbox and the first bank in Singapore to make a foray into the metaverse.

“Under the partnership, 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,” the bank detailed.

“The metaverse presents exciting opportunities to redefine how we live, work and engage with each other,” said Sebastian Paredes, CEO of DBS Hong Kong. “We have been getting our feet wet in this space, and our very own young technologists have been given the freedom to develop experimental concepts in the metaverse.”

DBS CEO Piyush Gupta commented: “Over the last decade, the biggest changes in the world of finance have been catalyzed 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.” He opined: Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities.

DBS said last month that the crypto trading volumes on its digital asset exchange had soared. “Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market,” the bank explained.

Other banks and investment firms that have established a presence in the metaverse include Standard Chartered Bank, JPMorgan, and Fidelity Investments.

In August, Bank of England’s analysts said crypto assets could have important roles within the metaverse. Earlier this year, Goldman Sachs said the metaverse could be an $8 trillion opportunity. McKinsey & Company expects the metaverse to generate $5 trillion by 2030. Meanwhile, Citi has predicted that the metaverse economy could grow to between $8 trillion and $13 trillion by 2030. Tags in this story DBS, dbs better world, dbs betterworld, dbs entering metaverse, dbs land metaverse, DBS metaverse, dbs the sandbox, southeast asia Metaverse, southeast asia’s largest bank, The metaverse

What do you think about Southeast Asia’s largest bank, DBS, entering the metaverse? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Japanese Government Rewards Local Authorities With Non-Transferable NFTs METAVERSE | 2 days ago Meta & Qualcomm to Develop Metaverse Geared Silicon to Be Used in Next Gen Headsets METAVERSE | 5 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS SEC Sets Up Dedicated Office to Review Crypto Filings Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether