Japanese Bank Giant MUFG to Enter the Metaverse with Sompo Japan and ANA NEO

ANA NEO Inc., a metaverse travel service provider and platform, Sompo Japan Insurance, Inc. (Sompo Japan) and MUFG Bank, Ltd. (MUFG Bank) announced that they have signed a collaborative agreement to develop and provide financial services on ANA Gran Whale, a metaverse platform provided by ANA NEO.

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The three companies will develop a cooperative framework to address opportunities in the metaverse, recognizing it as an important channel offering the potential to capitalize on the combination of digital technology and Web 3.0.

ANA NEO will support the development of digital storefront strategies and customerfriendly content to provide an experience of unique value in the metaverse. Together with Sompo Japan and MUFG, ANA NEO will also examine how financial services should be provided in the ANA GranWhale travel-themed metaverse platform and will propose and offer new lifestyles connected to the real world.

Sompo Japan has been conducting proof of concept testing with ANA NEO since May 2022 to study solutions to hedge risks for users, store operators, and metaverse providers in the metaverse. Sompo Japan also began offering insurance with MUFG through Money Canvas in October 2022. The three companies will utilize the knowhow gained through these experimental initiatives to provide financial services and to verify the next generation of Web 3.0 type metaverse financial services and financial product offerings.

In addition, as a first step toward providing financial services in the metaverse space, MUFG plans to open a branch on ANA GranWhale. MUFG plans to provide users visiting ANA GranWhale with a variety of financial information utilizing the functions of Money Canvas, as well as content that takes advantage of the unique characteristics of the metaverse.