UBI rolls out MetaVerse Lounge, Open Banking Sandbox environment


Embracing the latest technologies to transform customers’ banking experience to another level, Union Bank of India (UBI) has launched a Metaverse Virtual Lounge – Uni-verse, & Open Banking Sandbox environment in partnership with Tech Mahindra.

In the initial phase, Uni-verse will host information on the bank’s deposits, loans, government welfare schemes, digital initiatives etc. and videos. It will deliver a unique banking experience to customers.

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

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

Currently, the bank has a network of over 9500 domestic branches, over 13300 ATMs, and over 11700 BC Points, serving over 120 million customers with more than 75000 employees. The bank also has 3 branches overseas in Hong Kong, Dubai International Financial Centre (UAE) & Sydney (Australia); 1 representative office in Abu Dhabi (UAE); 1 banking subsidiary in London (UK); 1 banking joint venture in Malaysia; 3 para-banking subsidiaries and 3 joint ventures (including 2 in life insurance business).

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