Emirates NBD, in collaboration with the Dubai International Financial Center (DIFC) Fintech Hive and Microsoft, is gearing up to launch an acceleration program specifically for Metaverse initiatives.
This program is set to be a global accelerator for Metaverse startups, aimed at enhancing customer experiences in the burgeoning virtual economy.
Furthermore, UAE NBD is establishing this accelerator program in partnership with the Dubai Metaverse Strategy, marking a significant step in its Metaverse endeavors.
This initiative aligns with the institution’s broader goals, which include supporting over 40,000 virtual jobs by 2030 and contributing 4 billion dollars to the national economy within the next five years.
Emirates NBD to Accelerate Metaverse Ventures!
Emirates NBD is set to foster innovation in the Metaverse by supporting leading fintechs, digital experience startups, and emerging technology players within this domain.
The bank’s objective is to empower these entities in three critical areas, focusing on the transition to 3D technology, enriching virtual worlds with real-world functionality, and implementing a decentralized payment system to enhance customer experiences in the Metaverse.
This system will facilitate the creation, monetization, purchase, and sale of digital asset services. The acceleration program, spanning ten weeks, will be conducted in collaboration with DIFC Fintech Hive, which will assist UAE NBD by providing guidance on value creation, experience, and technological expertise required for Metaverse initiatives.
Miguel Rio Tinto, the Group Chief Information Officer of Emirates NBD, made a statement about the bank’s commitment to emerging technologies. He said, “We are a bank that regularly leads in adopting new technologies. Our aim is to virtualize customer interactions and offer financial services in this new realm.
We’re also exploring unique opportunities to redefine financial services, considering the dynamics of the creative economy to introduce new products and markets. With the support of DIFC Fintech Hive and Microsoft, UAE NBD is positioned to launch innovative financial services in the Metaverse. We’re committed to playing a pivotal role in creating new experiences for our customers through inventive initiatives worldwide.”
Banks Are Included in Metaverse!
World-renowned banks are keen on leveraging the potential of the Metaverse, actively seeking ways to integrate into this innovative space. For instance, the global banking giant HSBC marked its entry into the Metaverse by launching a collaboration with the virtual gaming platform Sandbox on March 16.
Similarly, another banking heavyweight, JP Morgan, ventured into the Metaverse early in 2022 by opening the first-ever Metaverse lounge in Decentraland.
This move was complemented by the release of a whitepaper by JP Morgan, delving into the myriad opportunities presented by the evolving Metaverse. Furthermore, the leading bank has announced expectations of generating an impressive annual revenue of 1 trillion dollars, riding on the expansion of the Metaverse market.
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