![\"Southeast](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/09\/dbs-768x432.jpg\")
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DBS, the largest bank in Southeast Asia, says it is \u201cthe first bank in Singapore to make a foray into the metaverse.\u201d A DBS executive explained that \u201cThe metaverse presents exciting opportunities to redefine how we live, work and engage with each other.\u201d<\/strong><\/p>\n Southeast Asia\u2019s largest bank, DBS, announced Friday a partnership with The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain.<\/p>\n The aim of the partnership is \u201cto create DBS Better World, an interactive metaverse experience showcasing the importance of building a better, more sustainable world, and inviting others to come alongside,\u201d the announcement describes, adding:<\/p>\n The partnership makes DBS the first Singapore company to seal a partnership with The Sandbox and the first bank in Singapore to make a foray into the metaverse.<\/p>\n<\/blockquote>\n \u201cUnder the partnership, DBS will acquire a 3\u00d73 plot of LAND \u2014 a unit of virtual real estate in The Sandbox metaverse \u2014 which will be developed with immersive elements,\u201d the bank detailed.<\/p>\n \u201cThe metaverse presents exciting opportunities to redefine how we live, work and engage with each other,\u201d said Sebastian Paredes, CEO of DBS Hong Kong. \u201cWe 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.\u201d<\/p>\n DBS CEO Piyush Gupta commented: \u201cOver the last decade, the biggest changes in the world of finance have been catalyzed 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.\u201d He opined:<\/p>\n Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities.<\/p>\n<\/blockquote>\n DBS said last month that the crypto trading volumes on its digital asset exchange had soared<\/a>. \u201cInvestors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market,\u201d the bank explained.<\/p>\n Other banks and investment firms that have established a presence in the metaverse include Standard Chartered Bank<\/a>, JPMorgan<\/a>, and Fidelity Investments<\/a>.<\/p>\n In August, Bank of England\u2019s analysts said crypto assets could have important roles<\/a> within the metaverse. Earlier this year, Goldman Sachs said the metaverse could be an $8 trillion opportunity<\/a>. McKinsey & Company expects the metaverse to generate $5 trillion by 2030<\/a>. Meanwhile, Citi has predicted<\/a> that the metaverse economy could grow to between $8 trillion and $13 trillion by 2030.<\/p>\nDBS Entering the Metaverse<\/h2>\n
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