Japanese Banks to Enter Metaverse Economic Zone

Leading Japanese banks and tech companies have joined a metaverse infrastructure project to provide payments, authentication, and insurance services for users across platforms

Japanese Banks to Enter Metaverse Economic Zone

“Japan Metaverse Economic Zone” is supported by major banks and tech firms in the country. Image: pixabay

The new Japanese open metaverse infrastructure, called Ryugukoku, is backed by Fujitsu, TBT Lab, Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group, Sompo Japan Insurance, and other banking and tech players.

The new “Japan Metaverse Economic Zone” initiative is based on the concept of “updating Japan through the power of games” by the famous game developer Hajime Tabata. The abovementioned companies will integrate their respective technologies and services, such as gamification, FinTech, and ICT, to build an enterprise-grade interoperable open metaverse system.

The collaboration presupposes interoperability between different metaverse platforms that will serve as a new social infrastructure for digital transformation. The project promises innovative opportunities for information dissemination, marketing, work style reform for domestic enterprises, marketing, as well as consumer digital experience transformation.

The platform will be created using the Metaverse construction framework “Pegasus World Kit”. It will incorporate elements of an online alternate-world role-playing game (RPG).Each service and content inside Ryugukoku Metaverse will be presented in the form of a moving “city,” “castle,” or “vehicle” travelling across that virtual world. Users may engage in RPG-like experiences while they travel through different realms and encounter a variety of content and services. Moreover, various creative functions will allow them to make their own game events and even new Metaverses.

To do that, they will use a “Multi Magic Passport” (MMP) – authentication certificate with a payment function. Besides ID authentication and payment methods, MMP registers useful user information such as NFT, items, avatar skin, and avatar memory. This data will also be used to improve user-friendliness in the real world.

The project’s infrastructure may also potentially expand to include companies and government agencies outside of Japan.

Facilitated by blockchain, AR and VR technologies, metaverse offers immersive experiences and new ways for financial brands to connect with their customers.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.