MUFG plans to offer financial services via the metaverse in 2023.
The financial behemoth has teamed up with ANA Holdings to participate in ANA's Granwhale metaverse.
Institution, is preparing to venture into the metaverse by next year.
On November 7, the company announced a partnership with ANA Holdings, a group of companies focused on air travel and transportation services, to be a part of ANA's planned digital platform. The platform is anticipated to debut with a user base of 38 million, 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 traverse the virtual world with their avatars and interact with various stores and stands.
MUFG, ANA, and Sompo Japan, an insurance firm, will investigate the feasibility of doing their specific activities in the metaverse by researching relevant laws and regulations.
MUFG intends to provide financial services to users of this metaverse platform. Sompo Japan also expects to be able to offer insurance for any losses associated with metaverse transactions.
The goal of some of these companies in entering such metaverse worlds is simple: to leverage these platforms as vehicles to draw consumers who would otherwise be difficult to reach. MUFG is no exception since it hopes to attract youthful people with this move, a group that has proven tough for such institutions to reach.
The La Liga, Spain's main soccer league, is likewise entering the metaverse with the goal of bringing younger people closer to its operations.
At the same time, these companies will need to adapt their operations to the metaverse, include 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 venturing into virtual worlds. DBS, one of Southeast Asia's largest banks, announced in September that it was purchasing plots of land in Decentraland as part of its metaverse drive.
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