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Banks back 'Japan Metaverse Economic Zone'

Banks back 'Japan Metaverse Economic Zone'

Major Japanese banks and tech firms have banded together on a metaverse infrastructure project that will, among other things, provide payments, authentication, and insurance services for users across platforms.

The new open metaverse infrastructure, called Ryugukoku, will use the metaverse construction framework Pegasus World Kit, developed by TBT Lab Group-owned JP Games.

Backed by the likes of Fujitsu, this infrastructure will enable interoperability between, and collaboration among, different metaverse platforms.

Ryugukoku will have elements of an online alternate-world role-playing game based on a unique fantasy worldview of its own. Each Metaverse service inside it will take on the form of a moving "city," "castle," or "vehicle" that roams around that virtual world.

The world will be underpinned by a "Japan Metaverse Economic Zone" backed by Mizuho Financial Group, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group and Sompo Japan Insurance.

This will ensure that users can access identity authentication, various payment options, data infrastructure and insurance.

Ryugukoku will have a "multi magic passport, an authentication certificate with a payment function that allows users to freely travel to and from Metaverse services.

In addition to ID authentication and payment methods, the passport can register useful information for users to spend time in the virtual world, such as NFT, items, avatar skin, and avatar memory.

To learn more about payments innovation, register for NextGen Nordics to take place on 25 April 2023.

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