DBS, one of Asia’s largest banks managing $488 billion in assets, has announced a partnership with the metaverse platform The Sandbox.
The Singapore-based banking giant released information detailing the agreement. It revealed that the partnership aims to develop new services for DBS customers within the virtual world.
The bank plans to acquire a 3×3 plot in The Sandbox to establish a metaverse property called DBS BetterWorld.
This venture marks DBS as the first Singaporean bank to enter the metaverse. The company also recently declared its intention to expand its cryptocurrency services and grow its customer base interested in these investments by 300 times.
DBS CEO Piyush Gupta commented on the agreement, stating, “The most significant innovations in the financial sector over the past decade have been driven by digital advancements.
In the coming decade, we expect these changes, propelled by emerging technologies like artificial intelligence and blockchain, to have an even more profound impact.
While Metaverse technology is still in development, it has the potential to transform how banks engage with their customers.”
As blockchain technology secures its place in technology markets, major players in the sector are quickly investing in this area. In a similar development, the popular metaverse project The Sandbox recently announced a collaboration with Renault Korea Motors, offering consumers new digital experiences with vehicles.
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