One of the biggest Bank in Singapore, DBS Bank, will purchase virtual land in the virtual world of The Sandbox company.
Metaverse is a next-level concept of virtual reality (VR) based projects, which is getting huge traction among the majority of the tech giant companies. In Q4 2021, Metaverse-based projects started to grab huge traction because of the entry of Meta (formerly Facebook) into Metaverse-based development work officially.
On 9 September, DBS Bank announced that it established a partnership with The Sandbox, an independent subsidiary of Animoca Brands and also popularly known to provide a virtual ecosystem for the gaming platforms.
Under the partnership, Bank will purchase 3×3 virtual land in the virtual world of The Sandbox’s Metaverse. Bank will build, develop & deploy its virtual ecosystem “BetterWorld”.
Piyush Gupta, Chief executive officer of DBS Bank, confirmed that collaboration will help to push the initiatives of the Bank’s past collaboration forward.
“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.”
Mr. Gupta also confirmed that the Bank will do more collaborations with other companies to bring innovations in the digital Banking world.
“We also look forward to harnessing it as an additional innovative platform to spread the word on important ESG (environmental, social and governance) issues and to shine a spotlight on communities and partners doing good work to address them.”
Bank announced that it is the first unique type of partnership by a Singaporean Bank and also it is the first unique step taken by a local Singapore’ Bank to step into Metaverse-related project works.
Last year, this bank successfully secured a crypto license from MAS (Monetary Authority of Singapore). With that crypto license, Bank can provide institutional digital assets trade services, and they also offer crypto custody services.