, Japan
Photo by Suikotei via Wikimedia Commons.

MUFG Bank buys JPY600m shares in metaverse company TBT Lab

The bank will help develop the financial functions of the planned Japan Metaverse Economic Zone

MUFG Bank has acquired JPY600m in shares of JP UNIVERSE and LGSYS, two subsidiaries of TBT Lab, to create a joint Metaverse Economic Zone.

TBT Lab is a business development lab focusing on Web 3 and the metaverse. 

In February 2023, the lab initiated the concept of creating the Japan Metaverse Economic Zone or MEZ. A total of 10 Japanese companies including MUFG have reportedly entered into this basic agreement. 

ALSO READ: MUFG halfway to its 2030 sustainable finance target

The alliance will reportedly promote JMEZ and see the companies collaborate mainly in the development of financial platform functions such as authentication, settlement, and data necessary for the creation of the Economic Zone.

MUFG said that it is also considering using this alliance to expand the Metaverse Economic Zone into Asia.

“Going forward, MUFG will utilize its commercial banking platform to help develop a Metaverse Economic Zone in Asia together with TBT Lab Group and other supporting companies and will also work for the development of Asian economies and industries,” the Japanese banking giant said in a press statement.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Bank DBS Indonesia avails fast, reliable and sustainable corporate banking
Its ESG-based bank financing, as reflected in sales and asset under management, proves to be an IDR1.8t (US$117m) success.
Italy brings its strong suits to Singapore’s fintech expo
Italian trade executive says 9 firms at the Singapore Fintech Festival 2023 exemplify the diverse range of products and expertise Italy can bring to the table.
Digibank by DBS sets new digital banking standards
Apart from speed and convenience, DBS stays ahead with exceptional personalisation, open banking, and enhanced security.