The leading UAE-based bank, Commercial Bank International, has become the first in the region to launch a virtual location for its customers within the popular Metaverse platform, Decentraland.

The Middle Eastern corporate and retail bank is one of the region’s early adopters of new-age technology. The bank continues to invest in the latest technology and initiatives to help develop a deeper personal understanding of its customers’ needs and build long-term relationships with its commercial and individual clients.

“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,” said Ali Sultan Rakkad Al Amri, CEO of Commercial Bank International.

The metaverse is touted to be the next evolution of the digital customer experience. It is essentially a virtual world that enables people to interact, explore, and access services through their digital avatars and has varied applications across industries. The entire experience is powered by innovative technologies such as virtual reality, augmented reality, and blockchain.

Decentraland is a leading metaverse platform that is creating a virtual world beyond any centralized control. The platform is building a suite of supporting tools and applications that helps brands and companies create three-dimensional content, games, and applications. All of this content is hosted on a fully decentralized VR platform.

CBI’s upcoming virtual location within the metaverse is in sync with UAE’s resolve to build and foster a digital economy that empowers the people using blockchain technology, virtual assets, artificial intelligence, and mixed reality technologies. The nation aims to enhance the dealings in the business environment and the quality of everyday consumer services by effectively using these innovations.

In similar news, Kiya.ai, a Mumbai-based fintech company, had recently launched India’s first banking metaverse, Kiyaverse. The platform will be deployed by banks and non-banking finance companies (NBFCs) across the country to enable virtual interactions.

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