CBI becomes 1st bank in UAE to launch virtual location in Metaverse

By Shilpa Annie Joseph, Official Reporter
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UAE-based corporate and retail bank, Commercial Bank International (CBI) has become the first bank in the Emirates to launch a virtual location in the Metaverse.

CBI is the first-ever bank in the UAE and among the first early adapter banks in the Middle East region to open a virtual Metaverse location in Decentraland, a popular blockchain-based world.

Within CBI’s new Metaverse experience, the Bank’s customers and the public can explore and interact with a host of its digital content and materials.

“The space also features a lounge that showcases how CBI is committed to supporting the strategic vision and aspiration of the UAE towards digitization and innovation,” according to the statement.

Ali Sultan Rakkad Al Amri
Ali Sultan Rakkad Al Amri

“We are proud to be the first ever bank in the UAE and among the first innovative banks in the Middle East region to bring the Metaverse experience to our customers and people, which we believe is a strong testament to our strong support and belief in the country’s vision in being a leader in innovation worldwide. To keep pace in an increasingly digital economy and re-invent customer experience with a digitally driven perspective, we believe that the financial services sector must take some courageous and innovative steps, and we wanted to take part in this journey and become the first mover through an immersive Metaverse experience. We aim to enhance the integration of real and digital worlds, and we will continue to implement new digitization initiatives and advance technologies to serve our customers better.”

The Metaverse is the next evolution of the digital customer experience. It’s a virtual world where people can interact, explore, and access services as digital avatars of themselves. The Metaverse is built on advanced technologies such as augmented reality (AR), virtual reality (VR), and blockchain.

As per the statement, “CBI’s planned launch in the Metaverse aligns with the UAE’s strong commitment to building a digital economy that embraces the use of blockchain technology, virtual assets, artificial intelligence (AI), and mixed reality technologies in both a business environment and in everyday consumer services.”

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