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.

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.

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.

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