Tuesday, August 16, 2022
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Editor's PickIslamic bank ventures into the metaverse

Islamic bank ventures into the metaverse

Warba Bank has announced its entry into two metaverses, making it the first Islamic bank in the world and the first bank in Kuwait and the region to have a presence in the virtual world.

The Islamic bank established its presence in the blockchain-based virtual realities of Decentraland and The Sandbox, the two most popular games on the metaverse market.

The metaverse itself is a new concept sweeping the world of digital entertainment: a virtual world where users can enter to play games, create and build content and their own worlds, socialize and network with other users, buy virtual land and make purchases and other transactions using the native currency of the game or platform they are on.

Warba Bank said it aims to “strengthen communication channels and dealing with the clients of the Alpha & Z generations” with its entry into these virtual worlds, and to support their young clients.

The bank’s entry into the metaverse market follows its recent launch of a digital wallet in Kuwait as well as offering a platform that buys and sells gold bars for its clients — all part of the financial institution’s ambitions to stay ahead in the industry in terms of technological and digital solutions.

“Warba Bank’s interest in entering this virtual reality comes within the framework of digital trends to transform into a (Web3).

“The world of virtual reality is used in several advanced fields, including services, education, health and others. And Warba Bank aims to be close to its clients in virtual reality to introduce its products and services, as well as communicating with them in an innovative way that reflects Warba Bank’s image as a pioneer in digital transformation,” said Anwar Bader Al-Ghaith, the executive vice-president for support services and treasury at the bank.

American investment bank JPMorgan was the first bank to create a presence in the metaverse when it opened a virtual lounge in Decentraland in February this year, where users can visit and have a look around the virtual version of the bank.

Banks can, according to JPMorgan, operate in the virtual world like it does in the real world, as virtual worlds have their own population, GDP and currencies, and a virtual bank can facilitate transactions such as cross-border payments, foreign exchange, financial assets creation and trading, among others.

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