Sumitomo Mitsui Financial Group, Inc. (SMFG) is venturing into the metaverse by leveraging gaming into its business strategy.
The company is exploring opportunities such as integrating corporate advertisements within gaming environments and establishing e-commerce platforms for purchasing in-game items. By managing in-game payment systems, SMFG aims to cultivate new revenue streams.
Development of the project is being spearheaded by a group led by TBT Lab Inc., a tech firm founded by Hajime Tabata, who is known as a key contributor to the acclaimed Final Fantasy series.
Select portions of the game are expected to be available by the end of fiscal 2023. To facilitate new business development, SMFG has entered into a preliminary agreement with the group.
The metaverse, a 3D virtual space online, allows users to engage with others and shop using avatars.
Ten companies, including the three mega-bank groups, Sompo Japan Insurance Inc., and TBT Lab, have reached a consensus on establishing a shared infrastructure for payment methods and other services within the metaverse.
Recognizing the immense potential for growth in the gaming sector of the metaverse market, SMFG hopes to capitalize on emerging business opportunities.
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