South Korean commercial bank KEB Hana Bank announced on Monday it had struck a partnership with The Sandbox to create a metaverse targeting Gen Z clients and others.
The bank’s K-verse aims to market new events and provide limited virtual banking services and is the first-ever South Korean bank to launch such an initiative. Based in Seoul, KEB Hana Bank offers its domestic clients the largest number of foreign exchange products and services.
So Jung Kim, Deputy President of KEB Hana Bank, said in a statement that the Metaverse was the primary means for people to “experience Web3”, adding,
“This partnership can open a door for a brand-new type of service, especially for the young generations”
Cindy Lee, Chief Executive of The Sandbox Korea, added,
“We are excited to see KEB Hana Bank enters the metaverse to create new kinds of content. This will be the next frontier of easy-to-use metaverse banking service for users”
Lotte World NFT Partnership
The news comes just days after the metaverse platform hosted a virtual space for LOTTE WORLD, one of South Korea’s largest amusement parks, for non-fungible token (NFT) gaming.
Jaehong Lee, Vice-President of Development Division for Lotte World, said,
“We are expanding the digital content business area of LOTTE WORLD to be a part of recent trends such as metaverse and NFT through this partnership with the Sandbox. We will continue to make various attempts so that offline pleasure can continue in the digital space”
The news comes as Standard Chartered, a major British banking and finance institution, announced in April it had picked The Sandbox for its Mega City metaverse marketing space.
Standard Chartered clients in Hong Kong could access the platform to socialise, engage with banking staff and creative content projects. and keep up to date with the latest news from the bank.
Hip Hop legend Snoop Dogg also entered the metaverse market with a massive launch of LAND virtual real estate along with early access passes and NFT-backed content in December last year.
The superstar artist began selling a total of 122 LAND plots and 67 premium ones, with the latter offering exclusive NFTs for early buyers.