UAE Commercial Bank International Becomes the first bank to Enter Metaverse

Commercial Bank International claims to be the UAE’s first bank to have ‘land’ on the Metaverse. It has established itself in Decentraland, a blockchain-based ecosystem.

Commercial Bank International wanted to gain a first mover advantage on the Metaverse.

Ali Sultan Rakkad Al Amri, 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.”

The bank’s customers – and even the public for that matter – can explore and interact with digital content. The virtual space also features a lounge to showcase ‘how CBI is committed to supporting the strategic vision and aspiration of the UAE towards digitization and innovation’.

“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 represents the next step in the growth of the digital customer experience. It’s a virtual world where people may communicate, explore, and use services as digital avatars. Advanced technologies such as augmented reality (AR), virtual reality (VR), and blockchain underpin the metaverse.

Customers and the general public can explore and interact with a variety of CBI’s digital information and materials through the Bank’s new metaverse experience. The area also includes a lounge that demonstrates CBI’s commitment to supporting the UAE’s strategic vision and aspirations for digitalisation and innovation.

The anticipated launch of CBI in the metaverse is consistent with the UAE’s strong commitment to developing a digital economy that includes the use of blockchain technology, virtual assets, artificial intelligence, and mixed reality technologies in both business and everyday consumer activities.