MUFG Bank buys JPY600m shares in metaverse company TBT Lab

The bank will help develop the financial functions of the planned Japan Metaverse Economic Zone

MUFG Bank has acquired JPY600m in shares of JP UNIVERSE and LGSYS, two subsidiaries of TBT Lab, to create a joint Metaverse Economic Zone.

TBT Lab is a business development lab focusing on Web 3 and the metaverse.

In February 2023, the lab initiated the concept of creating the Japan Metaverse Economic Zone or MEZ. A total of 10 Japanese companies including MUFG have reportedly entered into this basic agreement.

ALSO READ: MUFG halfway to its 2030 sustainable finance target

The alliance will reportedly promote JMEZ and see the companies collaborate mainly in the development of financial platform functions such as authentication, settlement, and data necessary for the creation of the Economic Zone.

MUFG said that it is also considering using this alliance to expand the Metaverse Economic Zone into Asia.

“Going forward, MUFG will utilize its commercial banking platform to help develop a Metaverse Economic Zone in Asia together with TBT Lab Group and other supporting companies and will also work for the development of Asian economies and industries,” the Japanese banking giant said in a press statement.

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