Recently, Singapore-based bank DBS, the largest financial institution in the ASEAN, is reportedly eyeing a move into the metaverse. Is meta banking on the Boom? Or is it a trend that many Banking giants are looking to become pioneers in?
Let’s find out:
It all started from an interview with Nikkei Asia, DBS’s Chief Information Officer, Jimmy Ng. He basically confirmed the bank’s strategy now diving into new technological innovations, including the metaverse.
New Diversification for Tech Research Funds Through Meta Banking
DBS has earned its mark as a financial institution that heavily invested in new tech. It earmarks as much as 1 billion Singapore dollars ($730 million) annually on the newest technology and innovation like meta banking.
Further, the bank is now ready to divest some of the funds into the metaverse. They’ll divest the funds in a bid to cement its digital banking push.
“There are a few key technologies that we are looking at. One of them, of course, is the metaverse,” Ng said. “We are actively exploring this space even as it evolves.”
Moreover, the plan does not come as a surprise for a bank like DBS. It is one of the few outfits by the Monetary Authority of Singapore (MAS) to operate a cryptocurrency trading platform in the country. Ng didn’t give more explanations on what the metaverse push will entail, It has confirmed that Non-Fungible Tokens (NFTs) would play a major part in Meta banking.
One of the ways the bank will get involved with the metaverse is probably by setting up an avenue. The clients can access the bank’s services through the metaverse by making an avenue.
“The way we do banking can be imported to very different platforms, such as the metaverse.”
“We believe that over time, emerging technologies such as blockchain, [augmented reality] and [virtual reality] will converge to create very interesting use cases that we have never imagined,” he said.
In addition, Back in January, JPMorgan Chase & Co set up a version of its Onyx platform on Decentraland, coming off as one of the major banking firms to fully explore the capabilities of the metaverse. With the new pursuit, DBS will not play second fiddle to its peers in the race for the metaverse.
