MUFG, the largest financial organisation in Japan, is preparing to move into the metaverse. The business announced a collaboration with ANA Holdings — a group of firms specialising in air travel and transportation services — on November 7 in order to participate in ANA’s planned digital platform. The platform is anticipated to launch with a 38 million user base, which corresponds to the company’s mileage members.
The ANA Granwhale metaverse platform is expected to be in service by 2023. Customers of the business will be able to engage with various shops and stands in the virtual space while moving about the 3D environment with their avatars.
Insurance companies MUFG, ANA, and Sompo Japan will examine the viability of carrying out their specific business operations in the metaverse while analysing applicable laws and rules.
The users of this metaverse platform will be able to access MUFG’s financial services. Sompo Japan anticipates being able to offer insurance against any losses resulting from transactions conducted in the metaverse.
Some of these businesses enter these metaverse environments with the plain goal of attracting audiences that would be challenging to reach otherwise. With this approach, MUFG hopes to attract youthful customers, a demographic that has been challenging for such institutions to attract.
Other Asian banks are starting to enter virtual worlds as well. One of the biggest banks in Southeast Asia, DBS, declared in September that it will be purchasing land in Decentraland as part of its metaverse initiative.
