UBI deploys MetaVerse Lounge, an Open Banking Sandbox environment


Adopting the latest technologies to transform the banking experience of customers to another level, Union Bank of India (UBI) has launched a Metaverse Virtual Lounge – Universe and Open Banking Sandbox environment in partnership with Tech Mahindra.

In the initial phase, Uni-verse will house information on deposits, loans, government welfare schemes, digital initiatives, and more. and bank videos. It will provide a unique banking experience to customers.

According to reports, the bank will collaborate with fintechs and start-ups for innovative banking products in the Open Banking Sandbox environment.

Nitesh Ranjan, Managing Director, Union Bank of India, said, “The bank is committed to facilitating an innovative banking experience for its customers. The Metaverse and Sandbox will improve the customer experience.

Currently, the bank has a network of more than 9,500 national branches, more than 13,300 ATMs and more than 11,700 BC points, serving more than 120 million customers with more than 75,000 employees. The bank also has 3 overseas branches in Hong Kong, Dubai International Financial Center (UAE) and Sydney (Australia); 1 representative office in Abu Dhabi (UAE); 1 banking subsidiary in London (United Kingdom); 1 banking joint venture in Malaysia; 3 para-banking subsidiaries and 3 joint ventures (including 2 in life insurance).

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