In what has been described as a first for an Islamic bank, the Kuwait-based bank recently said it now occupies two sites in the metaverse, one on Decentraland and another on Sandbox

Kuwait-based Warba Bank recently became the latest corporation from the Middle East and North Africa (MENA) to enter the metaverse. The bank now occupies two sites in the metaverse, one Decentraland and another one on Sandbox.

In what has been described as a first for an Islamic bank, the Kuwait-based bank recently said it now occupies two sites in the metaverse, one on Decentraland and another on Sandbox. The bank’s presence in the metaverse is expected to bolster its communication with the young generation.

In his remarks following the confirmation that Warba Bank has entered the metaverse, Anwar Bader Al-Ghaith, the financial institution’s VP for Support Services and Treasury said: Warba Bank’s interest in entering this virtual reality comes within the framework of digital trends to transform into a (Web3). The world of virtual reality is used in several advanced fields, including services, education, health and others.

And Warba Bank aims to be close to its clients in virtual reality to introduce its products and services, as well as communicating with them in an innovative way that reflects Warba Bank’s image as a pioneer in digital transformation, he said.

Al-Ghaith explained that Warba Bank is eager to support its younger clients hence its entry into the metaverse. According to a statement released by the bank, Warba is now working to achieve its ambitious goals as well as to enhance the benefits of digital services.

According to reports, financial institutions are working toward the short-term goal of putting a significant focus on both the acquisition of new technologies and the development of artificial intelligence. This is purportedly part of an effort to meet a regulatory requirement (AI). This is in keeping with the strategies that they have made public in the past.