Japan's Largest Bank MUFG Plans to Run its Business in the Metaverse

MUFG will set up shop in the digital realm in collaboration with the Japanese airline company ANA Holdings.

Nov 11, 2022
by Akira Ming
Japan's Largest Bank MUFG Plans to Run its Business in the Metaverse

MUFG to offer financial services in Web3 next year

The largest financial group in Japan, MUFG Bank, is making a deeper foray into the metaverse. To that end, the company has partnered with ANA Holdings - a consortium of air transportation companies - to set up shop in the digital realm. 

According to the announcement, MUFG plans to offer financial services in ANA's GranWhale metaverse. The platform will launch in March 2023, featuring vibrant destinations for visitors to interact with while taking multiple trips in the virtual world. 

GranWhale is expected to go live with a user base of 38 million, corresponding to the mileage members of ANA Holdings. An insurance firm - Sompo Japan - will also operate in GranWhale, selling insurance to cover potential losses in the metaverse.

In case you haven't seen it, here's a quick glimpse at where MUFG will operate by 2023: 

Financial institutions are going Web3

As the metaverse continues to be widely discussed, more and more traditional firms have started to take note of this nascent space. This is especially true among financial players looking to grow their client base. 

In July, South Korea's KEB Hana Bank became the first bank in the country to enter The Sandbox. Through this partnership, the commercial bank will open a virtual branch offering banking services in the metaverse. 

Shortly after KEB's push into Web3, MUFG announced a multi-million dollar investment in Animoca Brands KK, the Japanese unit of Hong Kong blockchain firm Animoca Brands. 

Sygnum then became the first Swiss bank to enter the metaverse when it opened a financial hub in Decentraland. This is followed by Dubai-based Commercial Bank International (CBI), the first UAE bank to launch a virtual branch on the same platform. 

With the latest entry by MUFG, many believe that more competitors will follow suit, driving Web3 adoption down the road.  

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