DBS collaborates with The Sandbox to launch DBS BetterWorld
DBS Group Holdings Ltd
DBS, a leading Asian financial services group, announced a collaboration with The Sandbox, a leading decentralised gaming virtual world and a subsidiary of Animoca Brands, to create DBS BetterWorld, an interactive metaverse experience highlighting the importance of creating a better, more sustainable world and inviting others to join in.
DBS is the first Singapore company to form a collaboration with The Sandbox and the first Singapore bank to venture into the metaverse. This also represents a new milestone in DBS' journey to consistently explore the potential of Web 3.0 opportunities to benefit its customers and the broader community.
DBS will receive a 3x3 plot of LAND, a unit of virtual real estate in The Sandbox metaverse, as part of the agreement, which will be developed with immersive elements.
Piyush Gupta, CEO of DBS, said:
“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.
"Given the speed of change, experimenting and learning-by-doing enable us to best test the potential of various technologies. Our partnership with The Sandbox and Animoca Brands marks the start of an exciting collaboration as we push the boundaries of what is possible in the metaverse. We also look forward to harnessing it as an additional innovative platform to spread the word on important ESG issues and to shine a spotlight on communities and partners doing good work to address them.”
Sebastian Paredes, CEO of DBS Hong Kong, said:
“The metaverse presents exciting opportunities to redefine how we live, work, and engage with each other. 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. With today’s partnership, we have an excellent opportunity for our young talent to be deeply involved in developing a compelling and meaningful use case in The Sandbox. This also contributes to our ongoing efforts to groom the next generation of tech talent who will eventually lead DBS in tapping new and emerging technologies to usher in the future of banking.”
Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, said:
“DBS Bank has long been recognised as one of the most innovative banks across the world for its digital banking initiatives and the use of emerging technologies. We are absolutely thrilled to co-create the future of an open metaverse with DBS Bank through this collaboration with our subsidiary The Sandbox.”
Sebastien Borget, COO and Co-Founder of The Sandbox, said:
“We welcome DBS to The Sandbox as the first bank in Singapore to step into the open metaverse and join our efforts to create the SingaporeVerse, a neighbourhood on our virtual map that will bring the culture of Singapore to life in the metaverse in a very engaging, equitable, inclusive way that is open to all. 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.”
DBS BetterWorld is intended to be an additional engagement platform as the bank continues to advance these causes by allowing visitors to The Sandbox to learn more about current ESG challenges. DBS, for example, will utilise the platform to spotlight social entrepreneurs in Asia who are making a difference through creative business strategies.
Since 2014, DBS and the DBSF have assisted over 800 social companies in the region in scaling their operations and provided over SGD 10 million in grants to almost 100 social enterprises.
Furthermore, DBS will collaborate with partners and collaborators from the government, community, business, and technology sectors to develop meaningful concepts to enhance the DBS BetterWorld experience.
DBS will also look into ways to integrate DBS BetterWorld with LiveBetter, a one-stop digital platform that the bank launched in October 2021 to encourage more environmentally responsible living among its customers.
Customers of the bank can readily access a suite of tools to help them make the transition to a more sustainable way of life through LiveBetter, including useful eco-friendly suggestions, channels to donate to sustainability initiatives, and investment options in sustainability-themed funds.
DBS will collaborate with The Sandbox to purchase carbon offsets, resulting in carbon-neutral land and production on DBS BetterWorld.
Source: DBS Bank