On Friday, the largest bank in Southeast Asia i.e, DBS publicized that it will collaborate with The Sandbox.
The Sandbox is a community-driven platform where players can monetize their gaming experiences on the blockchain.
The target of this collaboration is “to make DBS a better place, a communicative metaverse experience showing the significance of creating a better, more feasible world, and attracting more people to join,” the announcement elaborates, adding:
“The collaboration makes DBS the very first Singapore firm to lock a collab with The Sandbox and the very first bank of Singapore to make an entrance into the metaverse.
In this collaboration, DBS will get a 3*3 plot of LAND, a part of digital real estate in The Sandbox metaverse, which will be made with mesmeric parts,” the bank stated.
“The metaverse introduces thrilling opportunities to map out how we live, work, and indulge with each other,” the chief executive officer of DBS Hong Kong, Sebastian Paredes stated.
“We are letting our footsteps in this world, and our technologists are set free to enhance experimental concepts in this world.”
What does the CEO say?
The chief executive officer of DBS, Piyush Gupta, explained: “In the past ten years, the significant changes in the finance industry have been translated by digital advancements. In the following ten years, influenced by new technologies like artificial intelligence and blockchain, these changes have the capability to be even more intense.” he commented:
Metaverse technology, at the time of development even now, could also basically transform the way banks communicate with clients and communities.
Last month, DBS stated that the crypto trading volume on its virtual asset exchange has flown up. “Investors who have a belief in the very long time expectations of virtual assets are influencing towards credible and controlled platforms to utilize the digital asset market,” the bank commented.
Other banks and investment companies that have set up an existence in the metaverse adds Standard Chartered Bank, J.P. Morgan, and Fidelity Investments.
In August, the experts of the Bank of England explained that crypto assets could have significant roles in the metaverse. At the beginning of this year, Goldman Sachs said the metaverse can be seen as an $8 trillion opportunity. McKinsey and firm anticipate the metaverse to produce $5 trillion by 2030. At the same time, Citi has forecasted that the metaverse economy will grow to between $8 trillion and $13 trillion by that same year.