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Bank of Bahrain and Kuwait (BBK) has announced the launch of BBK Virtual, a captivating banking experience in the metaverse.



Through this move, BBK is the first Bahraini bank to join the virtual space and be part of the Web3 world. In BBK Virtual, users create their avatars from their homes and get their desired banking services done without going to the branches, <a href="https://www.bbkonline.com/bbk-enters-the-metaverse-and-launches-bbk-virtual/" target="_blank" rel="noreferrer noopener">the bank said in a press release</a>. 



Residents in the Kingdom can enter BBK Virtual via their smartphones, tablets, and other devices to finish their banking transactions. Those who are entering the bank&#8217;s virtual space can do so on the bank&#8217;s website or through its social media platforms.



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Commenting on the launch of BBK Virtual, BBK’s Group Chief Executive AbdulRahman Saif said the bank is one of the first banks in the Gulf and Arab regions to launch such a virtual platform to serve its clients.



According to Saif, BBK aims to be at the forefront of technological innovation and utilize exciting new technologies such as Virtual Reality and as such. BBK Virtual introduces a new and exciting way to interact with the bank as we believe that this will be especially appealing to the younger generation who are already immersed in the digital and technological world.



He pointed out that BBK Virtual will not be only limited to offering banking services in the metaverse, but the bank targets providing an exciting, gamified, immersive product that will entertain as well as educate its customers.



The metaverse is expected to contribute $15 billion to the economies of the Gulf countries by 2030 given that their governments are tapping into the virtual space, according to a study by Strategy&amp;. Bahrain is expected to account for about $400 million of the total.

BBK Bank

Metaverse

Bahrain’s BBK Became 1st Bank in Kingdom to Join Metaverse

HSBC, one of the world&#8217;s largest banking and financial services institutions, filed trademark applications for its name and logo related to the metaverse and NFTs products and services.



The filing was submitted to the United States Patent and Trademark Office (USPTO), Mike Kondoudis, a USPTO-licensed trademark attorney, said in a tweet. Kondoudis tweeted that the applications indicate plans for digital media backed by NFTs, virtual currency exchange and transfer, and virtual credit card processing.



According to the applications, HSBC eyes developing virtual goods like bank cards, debit cards, cash cards, cheque cards, and more authenticated by NFT to be used in the virtual space, according to Coin Telegraph. 



They also included the bank&#8217;s intention to provide several metaverse-based services, such as facilitating secure payment transactions by electronic means in the metaverse, providing banking services in the metaverse, and providing processing of virtual credit cards, virtual debit cards, virtual prepaid cards, and virtual payment card transactions in the metaverse.



Earlier, the banking giant entered the metaverse in cooperation with the blockchain virtual gaming platform The Sandbox in March. This contradicts remarks made by CEO Noel Quinn in September, who said entering the crypto world is not included in the bank&#8217;s future after expressing his worries about the valuations of the cryptocurrencies.



Moreover, financial services corporation <a href="https://cointelegraph.com/news/fidelity-plans-nft-marketplace-and-financial-services-in-the-metaverse" target="_blank" rel="noreferrer noopener">Fidelity Investments</a> filed trademark applications to USPTO to use its name and logo in offering Web3-related services and products, according to Kondoudis. The Boston-based firm eyes offering a galaxy of investment services in the virtual world, including mutual funds, retirement funds, investment management, and financial planning.



It looks forward to launching metaverse-based payment services such as electronic bill payments and fund transfers, in addition to launching an online marketplace for buyers and sellers of digital media, aka NFT marketplace.



It is worth mentioning that Fidelity announced in October it seeks to hire 100 employees in its crypto unit, a move that shows its keenness to expand in the Web 3 world.

HSBC

HSBC, Fidelity Plan to Offer Financial Services in Metaverse, NFTs

More than 40 financial technology startup founders are expected to participate in the annual Investor Day of the FinTech Hive on November 10, but this time will be in the metaverse.



FinTech Hive, which is backed by the Dubai International Financial Centre (DIFC), announced the epic event two days ago where the start-up founders will present their ideas and technologies and interact with other partners in the digital world for the first time, <a href="https://www.thenationalnews.com/business/start-ups/2022/11/04/dubais-fintech-hive-to-host-flagship-start-up-investor-event-in-metaverse/" target="_blank" rel="noreferrer noopener">according to The National newspaper</a>.



The metaverse-based Investor Day will witness the participation of 41 start-up founders&#8217; avatars from DIFC&#8217;s 2022 FinTech Accelerator Program with the participation of shareholders of prominent financial institutions in the Middle East, who will attend a virtual exhibition to watch ideas and interact with start-up founders in the digital space.



In this regard, Sector Head for FinTech at DIFC Mohammad Alblooshi said DIFC seeks to attract the world&#8217;s most innovative fintech start-ups and connect them with serious investors and potential partners.



Blooshi noted that the center shifted to the metaverse to offer the partners increased access to promising start-ups, which successfully graduated from the accelerator program.



&#8220;As we continue to cement our position as a global financial center and a FinTech and innovation hub, the metaverse will play a major role for DIFC FinTech Hive to lead innovation in the future of financial services,” Blooshi said.



The DIFC&#8217;s FinTech Hive, which is home to nearly 200 start-ups, is considered the first and largest financial technology accelerator in the Middle East, Africa, and South Asia (MEASA) region.



The DIFC FinTech Hive’s 2022 FinTech Report pointed to an increase of 78% in funding activity for the sector from the MENA region from 2020 to 2021 to reach $998 million.



Over the past few years, the UAE, especially Dubai, has positioned itself as one of the world’s prominent hubs for metaverse and blockchain technologies.



The Emirati government, in July, launched the Dubai Metaverse Strategy, which aims to contribute $4 billion to the emirate’s economy. The strategy targets increasing the number of blockchain and metaverse companies fivefold within five years as well as offering 40,000 virtual jobs.

FinTech Hive

DIFC FinTech Hive to Bring Start-ups and Investors in Metaverse on November 10

The Ajman&#8217;s Department of Finance (ADF) in the UAE announced the launch of a unified government payment platform on the metaverse.



The announcement was made by the Ajman Government during its participation in Gitex Global, a gathering of giant tech groups and start-ups at the Dubai World Trade Center.



Through the Ajman Payment Platform (AjmanPay), the first government payment platform on the Metaverse, all fees for the local government agencies&#8217; services in Ajman will be collected in the virtual world.



The move comes within a framework of the ADF&#8217;s strategy to shift to digital transformation in Ajman through providing new payment methods, which are appropriate for the customers and giving distinguished user experience in line with the highest levels of ease, comfort, and safety.



In this regard, ADF Director-General Marwan Ahmed Al Ali said the launch of the department&#8217;s services is an important step on the path of digital transformation by introducing creative technical solutions and payment methods that seek to serve customers and contribute to improving the quality of life in Ajman.



AjmanPay aims to make payments easier and more flexible by helping categories of customers to settle their payments in multiple ways.



Moreover, the department launched a metaverse-based service, called Tawreed, which facilitates the registering and renewal processes for suppliers in Ajman in addition to participating in bids and tracking their activities.



Not only did ADF enter the metaverse, but the Ajman Police also joined the virtual world, marking the first police agency to provide its services to customers on the metaverse.



During its participation in Gitex Global, the Ajman Police General Command announced the &#8216;Request for Sponsorship&#8217; service, through which citizens could communicate with the police remotely.



Several government bodies and agencies in the UAE began to launch a set of services on the metaverse with the aim of reaching citizens easier and providing immersive experiences to them.



Over the past few years, the UAE, especially Dubai, has positioned itself as one of the world’s prominent hubs for metaverse and blockchain technologies.



The Emirati government, in July, launched the Dubai Metaverse Strategy, which aims to contribute $4 billion to the emirate’s economy. The strategy targets increasing the number of blockchain and metaverse companies fivefold within five years as well as offering 40,000 virtual jobs.

Fintech Metaverse News

Latest Fintech Metaverse News