TOKYO: Japan’s Mizuho Financial Group Inc. said Tuesday that it is considering providing financial services through virtual spaces known as the metaverse.

It aims to create a new way of doing business with customers, for example, through the establishment of virtual outlets to offer consulting and payment services.

The group will have its core unit, Mizuho Bank, participate in a virtual reality event in August to examine whether the use of the metaverse is effective in increasing the group’s profits.

The metaverse refers to online virtual spaces where users are represented as computer-generated avatars.

A virtual Mizuho Bank outlet will be created for the August event, allowing visitors to enjoy a financial quiz and participate in a roundtable discussion with Mizuho Bank employees.

After assessing the result of the event, the megabank group will consider offering consulting services and financial seminars, such those on asset management, for individual customers and a matching service to help corporate customers find new clients.

The group also aims to create a payment service that can be used in the metaverse, based on its J-Coin Pay smartphone payment service system.

It plans to have a subsidiary draw up guidelines on copyright and other issues related to the metaverse.

The group has yet to decide what services it will launch and when it will start them.

At a press conference, Mizuho Financial Deputy President Makoto Umemiya said the group “hopes to create new values while exploring possibilities in various fields.”

JIJI Press