Japanese Tech and Finance Giants Launch Japan Metaverse Economic Zone

Several Japanese tech and finance giants have signed a document to create the Japan Metaverse Economic Zone, a multipurpose virtual universe that will have its base in a platform called Ryugukoku. The virtual world will allow these companies to share their technology with users as it lets them roam this role-playing-game-like world as online avatars.

Several Japanese tech and finance companies have kickstarted the launch of one of the biggest metaverse initiatives in Japan.

On Feb. 16, JCB, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Resona Holdings, Sompo Japan Insurance, Toppan, Fujitsu, and TBT Lab signed an agreement to create what they called the Japan Metaverse Economic Zone, an open multipurpose metaverse platform in a virtual world called Ryugukoku, which will be operated by JP Games, the company that will be in charge of the design of the experience.

The idea behind this initiative is to adapt the industrial landscape for “updating Japan through the power of games,” an idea promoted by Hajime Tabata, Web3 advisor for the Japanese government’s digital agency. The agreement also includes the creation of the Pegasus World Kit, a tool that will enable these companies to build their own metaverse spaces inside Ryugukoku.

The Japan Metaverse Economic Zone will base its activity on Ryugukoku, a virtual world where other metaverses will function as cities, allowing citizens to roam and access each one of them using digital avatars, like in an online game. Each one of the founding companies is providing a specific set of tech features for the construction of this initiative.

For example, Mizuho Financial Group will provide its expertise in the payments area and metaverse tokens, while Mitsubishi UFJ Financial Group, which partnered with Coinbase in 2021 to launch its services in Japan, will support Web3 functions, and aid in plans for overseas expansions.

The users of the platform will use a unique identification and wallet service, denominated “Multi Magic Passport,” that will allow them to make payments and to move their personal data, including avatar status, items, and NFTs (non-fungible tokens), between these metaverses. This tool will be constructed by several Japanese companies and the TBT Lab, according to a press release.

The group expects this combination of services will be attractive to other companies overseas, which will have the opportunity of extending their businesses and services to this world in the future.

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