Commercial Bank International (CBI), a Dubai-based corporate and retail bank, today announced the official launch of its virtual location on Decentraland, becoming the first UAE bank to have a metaverse presence.
CBI’s virtual location is now open to visitors and can be found on Decentraland at cbi.dcl.eth or (63, -127) using the Decentraland map coordinates. CBI’s virtual headquarters can also be accessed through the portals.
Next week, CBI will debut its virtual location by participating in XVERSE – a space at GITEX Global, dedicated exclusively to those adopting metaverse technology as an activation partner. The event will take place October 10-14 at the Dubai World Trade Centre.
For its activation booth at the event, CBI has prepared a future-oriented agenda in collaboration with the UAE burger brand Pickl. As part of the agenda, both parties will demonstrate how the metaverse can enable a digital economy as a use case.
Commenting on CBI’s metaverse plans, Ali Sultan Rakkad Al Amri, CEO of CBI, said:
“We are proud to be the first bank in the UAE and one of the first in the Middle East to bring the Metaverse experience to our customers and our people. It is a testament to our strong support and belief in the country’s vision to be a leader in innovation globally. Our goal is to enhance the integration of the real and digital worlds, and we will continue to implement new digitization initiatives and advanced technologies to better serve our customers.”
The launch of CBI’s virtual location marks an important milestone in its metaverse journey as it commits to supporting the digitization of the UAE. At the CBI’s activation booth at GITEX’s XVERSE space, the bank will showcase an immersive web3 journey and offer visitors the opportunity to explore a new chapter of the CBI in the metaverse.
“As part of the agenda, CBI, in partnership with UAE burger brand Pickl, will showcase a real-time metaverse use case. CBI and Pickl will demonstrate how the metaverse can enable a digital economy through a never-before-done trick in the Middle East,” the bank said.
Some of the UAE’s metaverse projects include a Ministry of Health metaverse customer care center in January, followed by an NFT exhibition in the metaverse held by the region’s cultural center. In June, the Emirati city of Ajman extended its police service to the metaverse.
Emirati business conglomerate DAMAC Group announced in April the launch of a $100 million fund under its newly formed D-Labs unit to build digital cities in the metaverse.
Shark Tank judge Kevin O’Leary recently became a UAE citizen because he wanted to “work freely” in a region that has hosted some of the largest cryptocurrency exchanges, such as FTX, Binance and crypto.com.
Other Banks in the metaverse
CBI joins the likes of JP Morgan, which opened its Onyx Lounge in Decentraland in February.
Other banks that have jumped into the metaverse include Asian banking giant DBS Bank, which has partnered with The Sandbox to launch metaverse experiences, as well as South African bank Nedbank, which recently made its first foray into Web3 with the purchase of a plot in Ubuntuland.
Korean banking institution KEB Hana Bank also opened a metaverse branch in The Sandbox in July, claiming the partnership will open a door to a new type of service to cater to younger generations.
In March, HSBC announced a partnership with the same platform in a bid to connect with sports and gaming enthusiasts.
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