Recently, Mitsubishi UFJ Financial Group (MUFG), a leading global financial services group and one of the largest banking institutions in Japan has announced its plans to enter into the metaverse.
The plan is being executed in collaboration with the upcoming digital platform of ANA Holdings, INC. a holding company, which provides domestic and international air transportation services. As per projected figures, the upcoming platform named ANA Granwhale is expected to begin operations with an approximate user base of 38 million and will be operational in 2023.
ANA Granwhale will equip its customers to roam in the 3D world via their avatars and also interact with different stores and stands present in the digital world. MUFG, ANA, and Sompo Japan, an insurance company are planning to explore the possibilities of conducting their specialties in the metaverse and also include in it examining laws and regulations adhering to it. MUFG envisions making its users capable of using the services of the platform and Sompo Jain also looks forward to being able to market insurance programs for possible losses from the transactions made in the metaverse.
The organizations including MUGF and Sompo Jain are entering the metaverse with the objective to maximize their outreach. They would like to utilize these digital platforms to attract a larger audience base including ones that are difficult to reach otherwise.
The companies adopting the metaverse will have to adapt their operations to the metaverse and also include the know-your-customer (KYC) verification process along with other processes to lawfully comply with the rules and regulations in the digital world wherein avatars are not linked to users’ identity.
In September, DBS Bank, the largest bank in South Asia also announced its plan for the metaverse. In October, a Japanese school also adopted the metaverse for its operations. In Spain, La Liga, the premier soccer league, is also planning to enter into the metaverse with a motive to lure the young population.