Business

UAE BANK EMBRACES METAVERSE; ABU DHABI’S WEALTH FUND BUYS THE CVC-OWNED TMF GROUP

Commercial Bank International has declared the opening of its metaverse virtual branch. According to a release, it is the first bank in the UAE to ever have an online presence.

CBI CEO Ali Sultan Rakkad Al-Amri stated that they were honored to be the first bank in the United Arab Emirates and one of the pioneering financial institutions in the Middle East to offer the Metaverse experience to our clients and citizens. They believed that is a powerful demonstration of our commitment to and belief in the vision of the nation to be a global leader in innovation.

According to CBI, it wants to merge the physical and digital worlds and put new digitalization projects and cutting-edge technologies into place to better serve its clients.

He further said that they believed that the financial services sector must take some courageous and innovative steps to keep up with an increasingly digital economy and reinvent the customer experience with a digitally driven perspective. And they wanted to take part in this journey and became the first mover through an immersive Metaverse experience.

In a news statement, CBI stated that its new Metaverse experience enables users to explore and engage with the bank’s digital assets and information.

The lounge also shows CBI’s support for the UAE’s digital and innovation strategy, according to the press statement.

TMF Group was purchased by Abu Dhabi’s wealth fund from CVC

Abu Dhabi Investment Authority would invest in TMF Group, a provider of corporate trust services for CVC Capital Partners, which was considering an IPO, cited sources.

The Middle East sovereign wealth fund will purchase a sizeable minority stake in the business, according to people who spoke on the condition of anonymity because the information was private.

TMF offers international enterprises and financial institutions several services, including bookkeeping, payroll, fund administration, and compliance.

CVC paid a total of €1.75 billion ($1.78 billion) to acquire the business in 2017. The people claim that TMF anticipates double-digit sales increase this year.

Earlier this year, CVC explored going public with TMF. It was before the emergence of numerous risk factors, such as inflation, hawkish monetary policy, the conflict in Ukraine, and possible recessions.

Related Articles

Back to top button