The Bank of Asia, DBS has 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.
— DBS Bank (@dbsbank) September 9, 2022
DBS and The Sandbox
This partnership makes DBS the first Singapore company to partner with The Sandbox and the first Singapore bank 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 clients.
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.
As part of the partnership with The Sandbox, DBS will acquire a 3×3 parcel of LAND, a virtual real estate unit in The Sandbox metaverse that will be developed with immersive elements.
In recent years, DBS has driven its sustainability program through three sustainability pillars: responsible banking, responsible business practices, and impact beyond banking.
The bank has actively integrated ESG considerations into its business operations. DBS has set a goal of achieving net zero operational carbon by the end of 2022 and has committed 100% of its new suppliers to comply with the bank’s Sustainable Sourcing Principles.
The bank intends DBS BetterWorld to be an additional engagement platform for visitors to learn more about its ESG concerns.
DBS will also use the platform to showcase social entrepreneurs in Asia who have driven positive impact through innovative business models.
“Over the past decade, the biggest changes in the world of finance have been catalyzed by digital advancements. In the next decade, driven by new technologies such as artificial intelligence and blockchain, these changes 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 team up with The Sandbox to create SingaporeVerse, a virtual neighborhood that will bring Singapore culture to life in the metaverse.
In addition, DBS will work with partners and collaborators from the government, community, business and technology sectors to develop meaningful concepts that will enrich the DBS BetterWorld experience.
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