Wednesday, October 5, 2022

Singapore’s Largest Bank DBS Plots a Metaverse Move

The largest commercial bank in Singapore, DBS, with branches across the world, is currently making plans to dive into the metaverse. According to the report by Nikkei Asia this information was gleaned from Jimmy Ng, the chief information officer of the multinational company.

DBS is a global bank that is widely known for being a huge fan of cryptocurrency assets investment. The firm not only accepts and trades in Bitcoin (BTC), it also has a business unit dedicated to the proper management and monitoring of virtual currencies as well as digitizing assets such as bonds, shares, and private equities.

In February, the multinational bank announced during its Q4 financial report for 2021 that the company will be expanding its bitcoin offerings to retail investors. While its current metaverse plans still remain obscure, Ng confirmed it may likely involve Non-Fungible Tokens (NFTs)

Metaverse and Global Banking

In recent times, global banking institutions have had a massive shift from the traditional way of doing business to a more technological approach, embracing every opportunity that the virtual crypto sphere, as well as the Metaverse, offers, an approach that is quite innovative.

Before now, the metaverse was peculiar to games developers, and this has yielded great profits for the industry. The virtual concept however became more popular when Meta Platforms Inc, formerly Facebook Inc, announced its new brand name as well as plans to explore the business and innovative opportunities on Metaverse.

This announcement enlightened business entities which cut across industries such as the real estate, fashion world, as well as the banking industry to the mind-blowing business opportunities that the Metaverse offers.

In February this year, investment bank JPMorgan launched a digital lounge on the metaverse tagged ‘Onyx’, featuring a portrait of its CEO, Jamie Dimon. Onyx set up on Decentraland comes off as the first push by the company into the metaverse world.

Last week, HSBC, a London-based global investment bank also announced that it launched a funding portfolio on the metaverse dubbed “Metaverse Discretionary Strategy”. One that enables its rich customers with interests in the virtual sphere to benefit from the huge market share of the digital platform.

The Metaverse Push Amongst Industries

The banking industry is not the only one that has explored the potential of the virtual world, Shiba Inu, a digital token has also launched a real estate platform on the metaverse recently which it dubbed Shiba Lands.

The fashion world is not left out in this spectacular dash into the digital transformation world, in 2021, Ralph Lauren collaborated with a gaming platform called Roblox to launch its virtual designs on metaverse.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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