The Union Bank of India on July 8, 2022 announced the launch of Metaverse Virtual Lounge and Open Banking Sandbox environment at an event held in Mumbai.
India's one of the biggest and oldest banks, Union Bank of India has announced the launch of a Metaverse Virtual Lounge & Open Banking Sandbox environment. This initiative is taken in association with Indian tech giant Tech Mahindra.
The bank’s Metaverse Virtual Lounge named Uni-verse, will host product information and videos in the initial phase. Uni-verse will deliver a unique banking experience to customers by providing them information on the bank’s deposits, loans, government welfare schemes, digital initiatives etc. in a way as if they are in the real world.
The bank has also launched an Open Banking Sandbox environment through which it will collaborate with fin-techs and start-up partners for developing and launching innovative banking products.