MUFG, Japan’s biggest bank, plans to provide financial services in the metaverse starting in 2023. The financial giant has partnered with ANA Holdings, a holdings consortium focused on air transportation companies, to be part of ANA’s Granwhale metaverse, and explore the possibility of selling financial products on this platform next year.
MUFG Preparing to Enter the Metaverse
MUFG, Japan’s biggest bank, has announced its intention to join the metaverse. On Nov. 7, the company announced a partnership with ANA Holdings, a consortium of companies dedicated to air travel and transportation services, to be part of ANA’s upcoming digital platform. With 38 million registered users, the company’s mileage members will make up the user base for the new platform.
The ANA Granwhale virtual world platform called metaverse is scheduled to go live in 2023. The company’s customers will have the ability to explore the 3D world using their avatars, and interact with various stands and stores in the virtual realm. MUFG, ANA and Sompo Japan (an insurance company) will examine the potential for their particular activities in metaverse and review laws and regulations.
MUFG aims be able offer financial services to users of the metaverse platform. Sompo Japan expects to also be able offer insurance against potential losses due to metaverse transactions.
Metaverse: A vehicle to attract new generations
These companies have one goal in mind when they enter into metaverse worlds: To attract people that are otherwise hard to reach. MUFG does not differ from other companies, since it plans to draw young users to its platform, a group that is difficult to reach for these institutions.
La Liga, Spain’s premier soccer league, has entered the metaverse to bring younger people closer to their activities.
These companies must also adapt to the metaverse, and incorporate KYC verifications to ensure compliance with regulations and rules in digital universes where avatars cannot be linked to users’ identities.
Others banks from Asia have also made the transition to virtual worlds. DBS (one of the biggest banks in Southeast Asia) announced in September that it would be buying land in Decentraland as part its metaverse push.
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