Fun

Largest Japanese Bank MUFG Projects to Offer Financial Services in Metaverse by 2023

News Feed - 2022-11-09 02:11:01

Largest Japanese Bank MUFG Projects to Offer Financial Services in Metaverse by 2023


MUFG, the biggest bank in Japan, is projecting to offer financial services through the metaverse 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 Prepares to Enter the Metaverse


The biggest financial institution in Japan, MUFG, is making its move to enter 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. The platform is expected to begin operations with a user base of 38 million, corresponding to the mileage members of the company.


The metaverse platform, called ANA Granwhale, is projected to be operational in 2023. Customers of the company will be able to roam the 3D world with their avatars and interact with different stores and stands in the virtual world. MUFG, ANA, and Sompo Japan, an insurance company, will explore the possibilities of conducting their specific activities in the metaverse, examining laws and regulations regarding this matter.


MUFG aims to be able to offer its financial services to the users of this metaverse platform. Sompo Japan is also expecting to be able to sell insurance for possible losses related to transactions made in the metaverse. Metaverse as Vehicle for Enticing New Generations


The objective of some of these companies in entering into such metaverse worlds is simple: to use these platforms as vehicles to attract audiences that would otherwise be difficult to reach. MUFG is no different, as it expects to lure young users with this move, a demographic that has been difficult for such institutions to appeal to.


The La Liga, the premier soccer league in Spain, is also entering the metaverse with the objective of getting younger users closer to its activities.


At the same time, these companies will have to adapt their operations to the metaverse and include KYC verifications and other processes to comply with rules and regulations in a digital world where avatars are not linked to the identity of their users.


Other banks in Asia are also making their move into virtual worlds. In Sept., DBS, one of the largest banks in Southeast Asia, announced it was buying plots of land in Decentraland as part of its metaverse push. Tags in this story ANA Holdings, Bank, DBS, granwhale, Japan, Metaverse, mufg, Sompo japan, spanish la liga


What do you think about MUFG’s foray into the metaverse? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Chinese Government Releases VR Research Plan Including Metaverse and Odor Simulation METAVERSE | 5 days ago Open Metaverse Alliance OMA3 Launches to Develop Standards for an Interoperable Digital World METAVERSE | 6 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, JHVEPhoto / Shutterstock.com Previous articleCrypto Market Rout Fuels Global Exchange Volumes — Kraken, Coinbase Report Connectivity and Latency Delays Next articleGofaizen and Sherle Introduce Full-Cycle Online Accounting In Lithuania Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals


A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Russia legalizes Bitcoin and cryptocurrency mining
Vince Quill4 hours agoRussia legalizes Bitcoin and cryptocurrency miningRussia explores other forms of international trade settlement following US sanctions blocking it from the SWIFT interbank messaging system.3291 Tota
Countdown to Cardano’s Hard Fork: Goguen Phase Smart Contracts ‘Represent a Big Step Forward’
Countdown to Cardano"s Hard Fork: Goguen Phase Smart Contracts "Represent a Big Step Forward" The digital currency network Cardano is two days away from the upcoming hard fork on S
Binance’s US settlement was a ‘turning page,’ says exec
Jesse Coghlan3 hours agoBinance’s US settlement was a ‘turning page,’ says execBinance institutional and VIP head Catherine Chen says it has “fully” embraced the challenges that came after the exchange’s $4.3
Cardano whale verkoopt miljoenen tokens, ADA koers daalt – wat gaat Cardano doen?
Este artículo también está disponible en español. De recente verkoop van miljoenen ADA-tokens door een Cardano-whale heeft de koers stevig doen dalen, met een verlies van
Tron Shows Adoption Strength As Volume Still Led By Big Transfers – Details
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Finder’s Expert Predictions For Shiba Inu: How High Can The Price Go In 2025?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tristan Greene7 hours agoElon throws AI-generated insults at GPT-4 after OpenAI CEO mocks GrokSam Altman posted a meme on X accusing Grok of being a GPT designed to make grandpa jokes, to which Musk clapped back in true
Bluezelle is Resisting Censorship with a New Developer Grant: Interview with Neeraj Muraka
Bluezelle is Resisting Censorship with a New Developer Grant: Interview with Neeraj Muraka Online censorship has taken front and center since the sweeping ban of
US Real Estate Crisis: Home Sales Plunge to 9-Year Low, Mortgage Delinquencies to Soar Past Great Recession Level
US Real Estate Crisis: Home Sales Plunge to 9-Year Low, Mortgage Delinquencies to Soar Past Great Recession LevelThe US real estate market is facing a crisis as unemployment soars a
Bitcoin Core’s Version 24.0 Full-RBF Proposal Sparks Controversy, Synonym CEO Calls ‘Pet Agenda’ an ‘Attack’
Bitcoin Core’s Version 24.0 Full-RBF Proposal Sparks Controversy, Synonym CEO Calls ‘Pet Agenda’ an ‘Attack’ During the last few weeks, a number of individuals have been
Gary Gensler: SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry
Gary Gensler: SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional
Do users really care about decentralization? Industry figures clash
Josh O"Sullivan14 hours agoDo users really care about decentralization? Industry figures clashEthereum’s Dankrad Feist and Helius Labs CEO Mert Mumtaz clash on X over the importance of decentralization, revealing diffe