Dubai-based Commercial Bank International (CBI) Announced The Launch Of Their Metaverse Location

• Ayushi Abrol
• October 18, 2022

Commercial Bank International (CBI), a leading Dubai banking service provider, has confirmed its presence in the metaverse. As per the announcement made by the banking entity, popularly known as CBI, they will be the first United Arab Emirates bank to provide services in the web3-based metaverse. The leading banking service provider has chosen Decentraland as their virtual city. The virtual location of the Commercial Bank International branch can be accessed via the coordinates of the Decentraland map. Additionally, the bank offers access to the virtual site through different portals.

Ali Sultan Rakkad Al Amri, the CEO of commercial bank international, stated that the bank is ready to empower the financial services in the virtual world and sets the trend by being the first ever Bank of the UAE and one of the first metaverse banking service providers of the Middle East region. He also added that the vision of this metaverse presence is to empower the affordability and accessibility of their banking services to the global community that looks for new digitisation initiatives and advanced technology to get a better customer experience.

The commercial bank international also plans to debut virtual facilities in XVERSE as an activation partner in GITEX 2022. XVERSE has the sole purpose of informing potential beneficiaries who can embrace metaverse technology to grow their business in a strategic, safe, and directed manner. The event will be going over five days between October 10th and 14th at DWTC, commonly known as the Dubai World Trade Centre.

Considering the words, it’s high time businesses realise that web3 will stay. The changes the virtual space created within the natural world will bring to traditional technical architecture are significant for most companies. However, with the financial services institutions, the parks are considerably greater as blockchain technology offers unmatched security. Thus making your transactions safe from breaches and other notions of a similar kind. 

CBI has also partnered with the homegrown famous UAE burger brand Pickl to demonstrate its vision with the help of simple real-time use cases. As mentioned by the bank, “CBI and Pickl will demonstrate how the metaverse’ can further enable a digital economy through a stunt never done before in the Middle East.”

Summary

Blockchain Council firmly believes that Dubai will be the new-age silicon valley for the newly edged digital economy and web 3. The extensive focus on metaverse, AR, VR, AI, and extended reality-based virtual world will do wonders for Dubai’s Metaverse Strategy. We are happy and excited on the same page to be there in some of the biggest blockchain & metaverse expos and events. 

Our team will be represented by Pradeep Aswal, CEO of Blockchain Council; Nitish Srivastava, AVP of Sales & Strategic Alliances,  Rohan Kulshreshtha, AVP of Events & Partnerships in the following events. 

• GITEX GLOBAL, Dubai, from 10th to 14th of October 2022
• World Blockchain Summit, Dubai, on the 17th & 19th of October 2022

We will be happy to meet you at the event and discuss collaboration opportunities to grow together better.