SMFG is focusing on 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. SMFG aims to cultivate new revenue streams by managing in-game payment systems.
The development of the project is 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.
Several portions of the game are expected to be available by the end of fiscal 2023. To facilitate new business development, SMFG entered into a preliminary agreement with the group.
The metaverse, a 3D virtual space online, allows users to interact with others and shop using avatars.
Ten companies, including the three mega-banks, TBT Lab and Sompo Japan Insurance Inc., have reached a consensus on the need for a shared infrastructure for payment methods and other services within the metaverse.
SMFG hopes to capitalize on emerging business opportunities because of the immense potential for growth in the gaming sector of the metaverse market.