Largest Japanese Bank MUFG Projects to Offer Financial Services in Metaverse by 2023 – MUFG, the biggest financial institution in Japan, is preparing to enter the metaverse. On November 7, the company established a relationship with ANA Holdings, a consortium of air travel and transportation service providers, to be a part of ANA’s next digital platform. The platform is anticipated to launch with 38 million users, which corresponds to the company’s mileage members.
The ANA Granwhale metaverse platform is expected to be operational in 2023. Customers of the company will be able to navigate the 3D world with their avatars and interact with various virtual stores and stands. MUFG, ANA, and Sompo Japan, an insurance firm, will look into the possibility of performing their respective activities in the metaverse by evaluating applicable laws and regulations.
MUFG intends to make its financial services available to users of this metaverse platform. Sompo Japan also anticipates being able to sell insurance for any losses connected to metaverse transactions. Some of these companies’ purpose in entering these metaverse realms is simple: to leverage these platforms as vehicles to draw consumers that would otherwise be difficult to reach. With this approach, MUFG hopes to attract young users, a group that has historically been difficult for such organizations to attract.
La Liga, Spain’s main soccer league, is likewise embracing the metaverse in an effort to bring younger users closer to its operations. In addition, these businesses will be required to adapt their operations to the metaverse and implement KYC verifications and other processes to comply with rules and regulations in a digital world where avatars are not tied to the identities of their users. Other Asian banks are also transitioning into virtual worlds. As part of its metaverse drive, DBS, one of the largest banks in Southeast Asia, revealed in September that it was purchasing land parcels in Decentraland.
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