MUFG Bank has taken over JPY 600m in the form of shares belonging to JP Universe, as well as LOGSYS. Both of these entities are affiliates of TNT Lab, which is basically a lab engaged in business development and has its eyes on Web3, along with the metaverse. MUFG Bank intends to forge a capital and business collaboration with TBT Lab Group. With the help of this very collaboration, both of the entities will find themselves in the position of being able to further their endeavor of building a joint Metaverse Economic Zone.
Services related to new-age digital areas, which also have games and the metaverse, provide significant value and are believed to have a strong effect on futuristic economics, as well as development advancement. In the month of February 2023, TBT Lab was instrumental in kick-starting the idea of building the Japan Metaverse Economic Zone (JMEZ) by making use of a common framework, the open metaverse, through which it will be possible for metaverse and digital content to be linked.
At the present moment in time, there are ten Japanese organizations that also have MUFG who have gone in for this very agreement.
This will turn out to be a well-thought-out capital and business collaboration for reasons of furthering JMEZ, as well as associating primarily in matters of the development of financial platform functionalities, like verification, as well as matters of settlement and data, which is required for the building of the economic zone.
MUFG also has plans of utilizing the collaboration to further the Metaverse Economic Zone directly into Asia, where it considers the market to be closest to home. In this regard, the entity has gone ahead and built a commercial banking platform that covers the entire ASEAN territory.
MUFG will be making use of this platform for the building of a Metaverse Economic Zone in Asia, along with TBT Lab Group, as well as several other organizations. As per its vision, it will be collectively engaged in carrying out the development of the economy, as well as industries in Asia. Overall, there will be a ripple effect on Japan’s position, specifically in digital arenas.