DBS BetterWorld Metaverse Battles Food Waste

DBS BetterWorld Metaverse Battles Food Waste

Time Stamp: August 24, 2023 9:17 PM
Source Node: 2849071

Key Takeaways

  • DBS BetterWorld: DBS has introduced a metaverse concept called “DBS BetterWorld.” This gamified adventure aims to demonstrate how the metaverse can be harnessed for positive impact and to address global challenges. The initial focus of this virtual experience is on the issue of food waste.
  • Tackling Food Waste Through Interactive Engagement: The virtual experience highlights the problem of global food waste, with one-third of all food produced globally going to waste annually. DBS launched the “Towards Zero Food Waste” initiative in 2020 to rally employees, customers, and communities to reduce food waste collectively.
  • Businesses for Impact: Players engage in interactive activities inspired by five businesses supported by the DBS Foundation, which offer innovative solutions to mitigate food waste. These include upcycling brewery by-products, using surplus bread for craft beer, selling food near expiration, promoting urban farming, and creating urban farms in underutilized spaces.
  • DBS Foundation’s Impact Initiatives: The DBS Foundation, aligned with the bank’s purpose-driven approach, has supported over 800 impact-focused businesses across Asia since 2014. In 2022, a Community Impact chapter was established to enhance digital and financial literacy among underserved communities, addressing food security and resilience. SGD 5.6 million was allocated to support 10 programs across key markets.
  • Commitment to Social Impact and Inclusivity: Looking ahead, DBS pledges to allocate up to SGD 1 billion over the next decade to uplift low-income and underprivileged communities and promote inclusivity. The bank plans to deploy SGD 100 million annually, alongside its employees’ contributions of 1.5 million volunteer hours to social causes. This commitment reflects DBS’s dedication to making a positive impact beyond traditional banking activities.

The global challenge of food waste is a pressing issue that demands our immediate attention. Every year, a staggering one-third of all the food produced worldwide, equivalent to a staggering 1.3 billion tonnes, goes to waste. This not only represents a significant loss of valuable resources but also exacerbates concerns about food security, environmental sustainability, and economic efficiency. In the face of such an alarming statistic, it becomes evident that innovative and impactful solutions are urgently needed to combat this wasteful trend. It is within this context that the Southeast Asia’s largest bank DBS has unveiled its metaverse concept, “DBS BetterWorld,” providing a unique and engaging platform to address the gravity of food waste and explore innovative approaches to tackle this critical issue.

“DBS BetterWorld” is a gamified adventure designed to showcase the positive potential of the metaverse concept. This virtual experience serves as a platform to address global issues, with the initial focus on the challenge of food waste.

Why does it matter? According to the United Nations, approximately one-third of global food production, goes to waste annually. To tackle this problem, DBS initiated the “Towards Zero Food Waste” campaign in 2020, aimed at generating collective efforts to reduce food waste.

Karen Ngui, Head of Group Strategic Marketing and Communications at DBS and a DBS Foundation Board Member, emphasized the metaverse’s potential to increase awareness of essential environmental, social, and governance (ESG) issues. The goal is to spotlight innovators working to address these challenges in creative and engaging ways. The DBS BetterWorld initiative specifically targets food waste and resilience issues, which the bank and its foundation have actively supported.

DBS BetterWorld presents players with interactive activities inspired by five “Businesses for Impact” supported by the DBS Foundation. These businesses focus on innovative solutions to mitigate food waste.

They include Brewerkz, which repurposes spent grains from beer-making into food products, and Breer, a startup turning surplus bread into craft beer. GreenPrice sells food close to expiration to minimize waste, Edible Garden City promotes urban farming, and Rooftop Republic transforms underutilized spaces into urban farms.

The DBS Foundation, aligned with the bank’s purpose-driven ethos, has supported over 800 impact-focused businesses in Asia since 2014.

In 2022, a Community Impact chapter was established to enhance digital and financial literacy among underserved communities, addressing food security and resilience. The foundation allocated SGD 5.6 million to support 10 programs across key markets.

Looking ahead, DBS commits to allocating up to SGD 1 billion over the next decade to uplift low-income and underprivileged communities and promote inclusivity. The bank plans to deploy SGD 100 million annually, supplemented by the efforts of its 36,000 employees who will contribute 1.5 million volunteer hours to social causes.

DBS BetterWorld incorporates interactive features to engage players, including extra rewards for Singapore-based players accessible via DBS PayLah! app. The experience also contains hidden surprises, such as appearances by characters from the bank’s web series.

The launch of DBS BetterWorld is expected to coincide with the release of The Sandbox’s Alpha Season 4.

Watch the game trailer: 

[embedded content]

Read Also: SuperFoodz Announces Launch of Food Giving Utility Token for Social Impact to support SDG #2

Time Stamp:

More from AlexaBlockchain