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Singapore’s Biggest Bank DBS Launches Metaverse ‘BetterWorld’ Concept to Reduce Food Waste
Development Bank of Singapore (DBS), one of the leading lenders in Asia and the biggest bank in Singapore has announced the launch of ‘DBS BetterWorld’ – its own metaverse concept that addresses issues related to food waste. The concept is a “gamified adventure” where players have to complete a series of activities.
These activities have been inspired by five Businesses for Impact backed by DBS. They include Brewerkz – Singapore’s longest-running and multi-award craft brewery; Breer – a food upcycling startup that collects unsold, uneaten, and surplus bread, and uses it to brew local craft beer; GreenPrice – a Hong Kong-based social-driven retail chain that aims to mitigate food waste; Edible Garden City – a social enterprise dedicated to champion the grow-your-own-food movement in cities around the world; and Rooftop Republic – an urban farming organization that aims to achieve a more sustainable food eco-system through urban farming.
All the organizations mentioned above are supported by DBS in their vision that focuses on reducing global food waste.
Karen Ngui, Head of Group Strategic Marketing and Communications at DBS, commented:
“For starters, with DBS BetterWorld, we have chosen to delve into the challenges of food waste and food resilience, issues that DBS and the DBS Foundation have been championing, in a unique and engaging way. As metaverse technologies mature, we hope to create mechanisms for communities and businesses to translate the outcomes of their virtual initiatives to real world impact.”
Upon completing the tasks in ‘BetterWorld’, gamers will receive various rewards. The gamified experience will be accessible to the public once the Sandbox’s Alpha Season 4 is launched before the end of 2023.
In September 2022, DBS announced a partnership with The Sandbox to create an interactive metaverse experience for collaborators and communities to jointly shape a blueprint for a better world. The ‘BetterWorld’ is the first project within the collaboration.
DBS’ Contribution to Food Waste Management
Back in 2013, the Food and Agriculture Organization of the United Nations (FAO) estimated that 1.3 gigatons of edible food is wasted each year, and this releases 3.3 gigatons of CO2 equivalent. As of 2023, the latest food waste statistics show that approximately 17% of total global food production is wasted, while 14% of food produced is lost.
Food waste makes up 24% of landfill waste and 22% of combusted solid waste. The problem is serious on a global level, it causes not only economic issues but also has a significant environmental impact. Global food waste has an estimated economic cost of about $1 trillion per year. Besides, about 8% of global greenhouse gas emissions are linked to food loss and waste.
At DBS, one of the goals is to employ technology and innovation to drive positive change and address critical global challenges, including food waste. In 2020, DBS launched a bank-wide Zero Food Waste (ZFW) initiative that aligns with DBS’ three sustainability pillars: Responsible Banking, Responsible Business Practices, and Impact Beyond Banking. The company is running a number of activities to promote zero food waste and responsible business practices.
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Singapore’s Biggest Bank DBS Launches Metaverse ‘BetterWorld’ Concept to Reduce Food Waste