Quick take:
- The bank’s virtual location can be found in Decentraland.
- CBI and UAE burger brand, Pickl, will demonstrate how the Metaverse can further enable a digital economy.
- With the metaverse location, CBI is making a commitment towards supporting the digitisation of the UAE.
Commercial Bank International (CBI) a corporate and retail bank headquartered in Dubai, today announced the official launch of its virtual location in Decentraland, becoming the first bank in the UAE to have a metaverse presence.
CBI’s virtual location is now open for visitors and can be found in Decentraland at cbi.dcl.eth or (63, -127) using the Decentraland map coordinates. CBI’s virtual location can also be accessed through Portals.
Next week, CBI will debut its virtual location as it participates in XVERSE – a space in GITEX Global, dedicated exclusively to those embracing metaverse technology – as an activation partner. The event will take place between Oct 10-14 at the Dubai World Trade Centre.
For its activation partner booth at the event, CBI has put together a future-facing agenda in partnership with UAE burger brand, Pickl. As part of the agenda, both parties will demonstrate how the metaverse can further enable a digital economy as a use case.
Commenting on CBI’s Metaverse plans, Ali Sultan Rakkad Al Amri, the CEO of CBI said: “We are proud to be the first ever bank in the UAE and among the first in the Middle East to bring the Metaverse experience to our customers and people. It’s testament to our strong support and belief in the country’s vision of being a leader in innovation worldwide. We aim to enhance the integration of real and digital worlds, and we will continue to implement new digitisation initiatives and advanced technologies to serve our customers better.”
The launch of CBI’s virtual location marks an important milestone in its metaverse journey as it makes a commitment towards supporting the digitisation of the UAE. CBI’s activation partner booth in GITEX’s XVERSE space will see the bank showcase an immersive Web3 journey and give visitors an opportunity to explore a new chapter of CBI in the metaverse.
Some of the UAE’s metaverse projects include a health ministry metaverse customer service centre in January, followed by an NFT exhibition in the metaverse held by the region’s cultural hub. In June, UAE’s Ajman City expanded its police service into the metaverse.
UAE-based business conglomerate DAMAC Group announced in April the launch of a $100 million fund under its newly created unit D-Labs to build digital cities in the metaverse. Shark Tank judge Kevin O’Leary recently became a UAE citizen as he wanted to “work freely” in a region that has welcomed some of the biggest cryptocurrency exchanges including FTX, Binance, and crypto.com.
CBI joins the likes of JP Morgan, which opened its Onyx Lounge in Decentraland in February. Other banks that have jumped into the metaverse include Asian banking giant DBS Bank, which has partnered with The Sandbox to launch metaverse experiences, as well as South Africa’s Nedbank, which recently made its first foray into Web3 with the purchase of a plot in Ubuntuland.
Korean banking institution KEB Hana Bank also opened a metaverse branch in The Sandbox in July, saying that the partnership will open a door for a brand new type of service to cater to the younger generations. In March HSBC announced a joint partnership with the same platform in a bid to connect with sports and gaming enthusiasts.
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