UAE’s Commercial Bank International announces launch of metaverse location

Dubai-headquartered Commercial Bank International (CBI) has announced the official launch of their metaverse location.

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. It can also be accessed through Portals, the bank said in a statement.

The lender will debut their virtual location as they participate in XVERSE, a space in GITEX Global, dedicated to those embracing metaverse technology, as an activation partner.

As part of the bank’s agenda to further explore the metaverse, CBI, in partnership with homegrown UAE burger brand Pickl, will showcase a real time metaverse use case at the event.

Read: Dubai burger joint Pickl reveals first glimpse of metaverse restaurant

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 in the Middle East to bring the metaverse experience to our customers and people. 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.”

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council announced the launch of the Dubai Metaverse Strategy on July 18, which aims to contribute Dhs4bn to the national economy over five years, along with supporting 40,000 virtual jobs.

Read: Dubai’s new metaverse strategy to create 40,000 virtual jobs

Emirates NBD also launched a global accelerator programme for metaverse startups to enhance customer experience.

Read more: Emirates NBD launches global accelerator programme for metaverse startups