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Commercial Bank International is the first UAE bank to be in the Metaverse

By Joy Dumasia

July 22, 2022

  • Blockchain Based
  • CBI
  • Commercial Bank International

Commercial Bank International has announced that it is the first ever bank in the UAE to launch a virtual location in the Metaverse. CBI, a UAE-based corporate and retail bank, 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.

Ali Sultan Rakkad Al Amri, the 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. 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.

Within CBI’s new Metaverse experience, the Bank’s customers and 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. 

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.

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