Japan’s largest bank, MUFG, plans to start offering financial services in the metaverse. The institution partners with Sompo Japan Insurance Inc. and metaverse platform GranWhale to introduce its first Web3 feature.
The companies recognize virtual worlds as an important channel that would help users get access to financial services. So, the three are developing a cooperative framework to create opportunities in the metaverse.
ANA GranWhale is a new platform developed by ANA holdings, a Tokyo-based consortium that focuses on air transportation companies. The metaverse is set to launch in 2023. Notably, GranWhale developers expect 38 million users to join it straightaway as the company has this many mileage members.
Like other metaverse platforms, GranWhale will allow users to sell and purchase virtual products. For instance, customers will be able to buy MUFG bank’s digital products and financial services within the virtual world.
The companies have not shared the exact launch date yet.
MUFG is not the first institution to offer its services in the virtual world. In May this year, Dubai’s Virtual Assets Regulatory Authority inaugurated its headquarters in The Sandbox. The UAE Ministry of Economy is developing an HQ in the metaverse, while Southeast Asian bank DBS offers services in Decentraland.
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