Commercial Bank International, a UAE-based corporate and retail bank, recently launched a virtual location in the Metaverse. It opened its first virtual Metaverse location in Decentraland, a well-known blockchain-based environment, becoming the first bank in the UAE and one of the first early adopter banks in the Middle East to be in the Metaverse.
Blockchain and other cutting-edge technologies, like augmented reality (AR), virtual reality (VR), and others, are the foundation of the metaverse. Customers and the general public can explore and engage with a variety of the bank’s digital content and materials within the new Metaverse experience offered by CBI. The area has a lounge where visitors will be able to see how dedicated CBI is to advancing the UAE’s strategic goals of digitization and innovation.
The launch of CBI in the Metaverse is planned in line with the UAE’s steadfast commitment to developing a digital economy that embraces the use of blockchain technology, virtual assets, artificial intelligence, and mixed reality technologies in both a business setting and in regular consumer services.
Ali Sultan Rakkad Al Amri, CEO, 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.”