To improve their client experience, Emirates NBD has started a global accelerator programme for metaverse entrepreneurs. In accordance with the Dubai Metaverse Strategy, the accelerator programme places the bank in a leadership position for the upcoming wave of banking innovation.
The biggest lender in Dubai, Emirates NBD, has never before shown interest in the metaverse, which has acquired significant traction in the UAE in recent months following the announcement of the Dubai Metaverse Strategy. But since 94% of all financial transactions and inquiries are made outside of physical branches, the bank is looking into new Web 3 ecosystem technologies to increase its digital presence and offer clients more immersive experiences.
In order to improve its immersion in the virtual world across three important areas, Emirates NBD is looking for fintechs, digital experience startups, and emerging technology firms operating across the metaverse ecosystem. The creation of virtual worlds to improve the customer experience in the metaverse, the development of the technology stack to facilitate the shift to 3D, and the facilitation of a decentralised payment infrastructure for users to create, monetize, purchase, and sell digital goods and services are a few examples of these. At a demo day held during GITEX, participants who have been shortlisted will present their solutions.
A metaverse strategy was been unveiled by the Dubai government last month with the goal of increasing the sector’s economic contribution to $4 billion over the following five years. There are thought to be 1,000 metaverse-related businesses in Dubai. The initiative, which was unveiled by the crown prince in July, intends to double this figure and bring 40,000 new employments to the industry.
