Current Affairs   »   Banking Current Affairs 2022   »   Union Bank launched Open Banking Sandbox...

Union Bank launched Open Banking Sandbox and Metaverse Virtual Lounge

Union Bank of India (UBI) has introduced a Metaverse Virtual Lounge – Uni-verse, & Open Banking Sandbox environment in collaboration with Tech Mahindra in an effort to elevate consumers’ banking experiences. In the beginning, movies and information on the bank’s deposits, loans, government assistance programmes, digital initiatives, etc. will be hosted by Uni-verse. Customers will receive a special banking experience thanks to it.

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Key Point:

  • The bank will work with fintechs and start-ups to develop cutting-edge banking products under the Open Banking Sandbox environment, according to reports.

About Union Bank of India:

  • The bank currently serves over 120 million customers through a network of over 9500 domestic branches, over 13300 ATMs, and over 11700 BC Points with more than 75000 workers.
  • The bank also maintains 3 foreign branches in Sydney (Australia), Dubai International Financial Center (UAE), and Hong Kong, as well as a representative office in Abu Dhabi, a banking subsidiary in London, a banking joint venture in Malaysia, 3 para-banking subsidiaries, and 3 joint ventures (including 2 in life insurance business).

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Union Bank launched Open Banking Sandbox and Metaverse Virtual Lounge_50.1
Union Bank launched Open Banking Sandbox and Metaverse Virtual Lounge_60.1

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