In 2023, MUFG, the largest bank in Japan, plans to start providing financial services via the metaverse. The banking behemoth has joined forces with ANA Holdings. This holdings group specializes in aviation businesses to participate in ANA’s Granwhale metaverse and investigate the possibilities of offering financial products on this platform in 2019.
MUFG Prepares to Enter the Metaverse
MUFG, Japan’s most significant financial organization, is moving to enter the metaverse. The business announced cooperation with ANA Holdings, a group of firms specializing in air travel and transportation services, on November 7 to participate in ANA’s planned digital platform. The platform is anticipated to launch with a 38 million user base, corresponding to the company’s mileage members.
2023 is the anticipated launch date for the ANA Granwhale metaverse platform. Customers of the business will be able to explore the 3D world with their avatars, engage with various shops, and stand there. To determine whether it would be legal and appropriate for them to carry out their respective business operations in the metaverse, MUFG, ANA, and the insurance firm Sompo Japan will investigate this possibility.
The users of this metaverse platform can access MUFG’s financial services. Sompo Japan anticipates being able to offer insurance against any losses resulting from transactions conducted in the metaverse.
Metaverse as Vehicle for Enticing New Generations
The simple goal of some of these businesses is to use these platforms to attract audiences who would otherwise be challenging to contact. With this approach, MUFG hopes to attract youthful customers, a group challenging for such institutions to attract.
La Liga, Spain’s top soccer league, also appears in the metaverse to attract younger users to its events.
To comply with laws and regulations in a virtual environment where avatars are not connected to the identities of their users, these businesses will also need to adapt their business models to the metaverse and incorporate KYC verifications and other procedures.
Asian banks are starting to enter virtual worlds as well. One of the biggest banks in Southeast Asia, DBS, declared in September that as part of its metaverse drive, it would be purchasing land in Decentraland.
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