Singapore DBS Inks Partnership with Sandbox

Singapore’s largest bank DBS has announced a partnership with Ethereum-based gaming platform The Sandbox to design an interactive metaverse experience – DBS BetterWorld – as part of its broader roadmap to explore Web 3 opportunities for its customers.

The latest deal marks the foray of Singapore’s first entity to partner with Animoca Brands subsidiary as it joins DBS’s ambitious ‘SingaporeVerse’, a neighborhood on its virtual map that seeks to bring the interconnected city-state culture to life.

DBS partners with Sandbox

The official press release stated that DBS BetterWorld aims to highlight the importance of “building a better, more sustainable world and inviting others to come along”. As part of the deal, DBS plans to acquire a 3×3 plot of digital real estate in The Sandbox’s metaverse – LAND – which will be developed with immersive elements.

Piyush Gupta, CEO of DBS, said that metaverse technology could fundamentally change the way banks interact with customers and communities. He further stated,

“Our partnership with The Sandbox and Animoca Brands marks the beginning of an exciting partnership as we push the boundaries of what’s possible in the metaverse. We also look forward to leveraging it as an additional innovative platform to spread the word on important ESG issues and shine a spotlight on communities and partners who are doing good work to address them.”

The Southeast Asian financial group also said it will work with partners and collaborators from the government, community, business and technology spaces, while exploring opportunities to showcase DBS BetterWorld with its newly launched digital platform, LiveBetter. The aim is to promote a greener life among its customers.

With the partnership, DBS will purchase carbon offsets to ensure that the land and production at DBS BetterWorld will be carbon neutral.

Sandbox’s Socially Compromised

The collaboration comes just a day after The Sandbox’s Instagram profile was hacked. Reports indicate that attackers attempted to steal Bored Ape Yacht Club NFTs from several users on the social networking platform.

After managing to bypass the company’s two-factor authentication (2FA) and other security measures, the hackers changed the profile’s website URL to promote the fake gift.

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