MUFG 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.
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.