Union Bank Metaverse Virtual Lounge

July 11, 2022

Union Bank of India (UBI) recently launched its Metaverse Virtual Lounge, called ‘Uni-verse’, as well as “Open Banking Sandbox environment”.

What is Uni-Verse?

Uni-verse is a Metaverse Virtual Lounge. It will keep the information and videos related to bank’s product, in the initial phase. This platform will help the customers to move around the lounge and collect information regarding bank’s deposits, government welfare schemes, loans and digital initiatives. It will work like real world scenario. Uni-verse virtual lounge was launched in in association with Tech Mahindra.

Open Banking Sandbox Environment

Open Banking Sandbox environment was also launched by the bank. This platform will help in collaborating with the fintechs and start-up partners to develop and launch innovative banking products. It will also empower fintechs and developers by giving a platform to realize their ideas. This sandbox will help the Union Bank in guiding into Open Banking environment. It will turn the innovative ideas of third-party developers into reality as well as make path for new avenues.

Union Bank of India

It is a government-owned bank in India, with more than 120 million customers. Total business of the bank stands at USD 106 billion. On April 1, 2020 Corporation Bank and Andhra Bank was merged into Union Bank, making it one of the largest PSU banks, considering the branch network. In total, it has 9500 branches. Four of the branches are in Dubai, Hong Kong, Sydney and Antwerp. It has also set up its representative offices at Shanghai, Abu Dhabi and Beijing. It has also set up its wholly owned subsidiary in United kingdom as “Union Bank of India (UK)”.

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