(Samsung Electronics established the “Metaverse Business Unit” to accelerate the layout of the virtual world)

The company created this dedicated team recently. Young Sohn, President and Chief Strategy Officer at Samsung Electronics, will lead the unit. Sohn is a key figure in Samsung’s future technology planning. The team includes leaders from Samsung’s Visual Display and Mobile divisions. This shows the importance of hardware and software working together.

Sohn explained the unit’s purpose clearly. “We see huge potential in the metaverse,” he said. “This new team brings together experts from different areas. We’re combining our strengths in devices and technology. Our goal is to create unique virtual world offerings for users.”

The Metaverse Business Unit signals Samsung’s serious commitment. Virtual worlds represent a major future growth area. Samsung wants a leading role. The unit will explore metaverse hardware, software, and services. It will look at how users interact in these digital spaces. Samsung already has popular products like smartphones and TVs. These could become gateways to the metaverse.

(Samsung Electronics established the “Metaverse Business Unit” to accelerate the layout of the virtual world)

Samsung is joining other tech giants investing heavily in the metaverse. Facebook changed its name to Meta last year. Microsoft and Nvidia are also active. Samsung’s new unit will compete directly. It will seek partnerships and develop its own platforms. The company plans to integrate metaverse features across its devices. This could include new social and entertainment experiences. Samsung aims to be a major player shaping the future online world.

(Facebook’S ‘Metaverse Bank’ Warned By Many Countries: Suspected Of Operating Without A License)

Regulators state offering banking functions without a license breaks financial laws. They worry this poses big risks for users. People might lose money if something goes wrong. The system could also be vulnerable to hackers. There are fears about poor security protecting user funds. Another worry is the lack of clear rules for handling complaints or disputes inside the Metaverse.

Facebook announced its Metaverse banking plans recently. The company wants to build a full digital economy. This includes virtual stores, jobs, and financial services. Regulators argue Facebook cannot skip standard banking rules. They insist the virtual world needs the same consumer protections as physical banks. Germany’s financial watchdog already sent Facebook a formal notice. France warned about possible legal action. South Korea highlighted potential fraud dangers.

(Facebook’S ‘Metaverse Bank’ Warned By Many Countries: Suspected Of Operating Without A License)

The company has not publicly responded to these specific license accusations. Facebook previously stated it follows all applicable laws. Experts note this situation shows the challenge of regulating new digital spaces. Governments are trying to catch up with fast-moving tech developments. They want rules in place before these virtual banks launch. Protecting people’s money remains the top priority for officials. The warnings urge Facebook to seek licenses immediately or halt its banking plans.