UAE Based Commercial Bank International (CBI) has launched a virtual location in the Decentraland Metaverse. As per the press release the Bank considers itself as the first in UAE to do so.
Ali Sultan Rakkad Al Amri, CEO of CBI, said, “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.”
The Metaverse is built on advanced technologies such as augmented reality (AR), virtual reality (VR) and blockchain. Decentraland is one of the well known metaverses competing with the likes of SandBox.
According to local media, 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, and mixed reality technologies in both a business environment and in everyday consumer services.
Earlier this year, VARA Dubai’s Virtual Asset Regulatory Authority also announced that it had opened its headquarters in the Sandbox metaverse.
