JCB, MUFG, Resona and Sompo Join to Create Japan Metaverse Economic Zone

A big group of multinational Japanese corporations, commanded by financial titans and backed by digital ID actors, has announced that it will establish the Japan Metaverse Economic Zone. Seemingly reluctant to put it on hold for a single large company (as was the case with Meta in the United States), this collaboration has designated each company-specific responsibilities. Obviously, banking and financial services will play the largest role.

The JMEZ represents an open framework for capturing metaverse trade revenue from among the world’s largest economies. The framework is referred to as Ryugukoku, which appears to have no direct English translation. The group describes it as a metaverse platform with a global perspective.

The Pegasus World package, which was developed by JP Games, a subsidiary of TBT Lab Group, which was among the chosen JMEZ metaverse pioneers, will serve as the basis for Ryugukoku. The establishment of so-called multi-magic passports (MMPs), which are described as authentication credentials that can also enable payments, receives significant attention.

The consumer credit issuer JCB Co. will construct merchant verification passports and digital duplicates. Mizuho Financial Group, a bank holding company, will additionally offer “functions and competence in the MMP/payment arena” in addition to supplying coinage and fostering regional digitization partnerships. MUFG, or Mitsubishi UFJ Financial Group, has been tasked with providing assistance for the passports. It is a holding corporation for banks and a provider of financial services.

It will also develop web3 financial operations and foster international expansion. The banking group Resona Holdings will investigate the forthcoming period of identity verification and payment. Fujitsu Ltd., which also creates biometric authentication technology, is anticipated to offer services and technologies that will render digital information rights administration less onerous and safer.

Sompo Japan Insurance has been tasked with a risk evaluation and insurance growth, and it may be the business to observe in the perspective of many. Its collection of metaverse initiatives is more important to its performance here than any framework or foundation project. ID and AI will be challenging to control risk behaviors.