The partners will introduce an interactive metaverse experience, dubbed DBS BetterWorld, for visitors.
As part of this, DBS will buy a 3×3 plot of LAND, a unit of virtual real estate in The Sandbox metaverse.
The space will feature immersive elements to highlight the need for building a sustainable world.
DBS BetterWorld will serve as the bank’s additional engagement platform that leads visitors to The Sandbox to learn about current environmental, social and governance (ESG) concerns.
Under the latest agreement, DBS will purchase carbon offsets to make production on DBS BetterWorld carbon neutral.
To further develop meaningful concepts on the platform, the bank will partner with government, community, business and technology sectors.
Additionally, DBS plans to promote DBS BetterWorld through its digital platform LiveBetter.
This will enable customers to opt for an eco-conscious lifestyle including donating for initiatives focused on sustainability and investing in sustainability-themed funds.
According to DBS, it is the first Singaporean bank to tap the metaverse to benefit its customers and the community at large.
DBS CEO Piyush Gupta said: “Metaverse technology, while still evolving, could also fundamentally change the way banks interact with customers and communities.
“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.”
The Sandbox COO and co-founder Sebastien Borget said: “We welcome DBS to The Sandbox as the first bank in Singapore to step into the open metaverse and join our efforts to create the SingaporeVerse, a neighbourhood on our virtual map that will bring the culture of Singapore to life in the metaverse in a very engaging, equitable, inclusive way that is open to all. ESG issues are important to us.” So far, DBS and DBS Foundation have supported nearly 800 social enterprises improve their businesses, and committed over $7.14m (SGD10m) to fund nearly 100 social enterprises.