In response to the limited accessibility of crypto, KEB Hana Bank has entered into a sandbox with local banks and financial institutions in order to explore blockchain technologies. The bank is exploring the possibilities for lending services through its new “crypto credit card” currently on trial. Other uses include loyalty points tokens that can be traded or given away as gift cards for various retail products in Korea.
The Sandbox has recently announced that South Korean financial firm KEB Hana Bank will be making an entry into its vast globe, four months after welcoming British bank HSBC into its ecosystem. The bank, which has only been in business since 1967, is considered to be the greatest in South Korea since it has the most valuable assets and the broadest selection of foreign exchange products in the nation.
A new kind of event marketing will be born as a result of KED Hana’s admission into The Sandbox, which is a part of the comprehensive endeavor to grow worldwide metaverse commerce in the banking sector. The two companies (together with other The Sandbox partners) will create a cooperative business model in this case by creating a virtual branch in the game, where players may visit to obtain basic financial services, learn about promoted investments, and take advantage of various possibilities.
Hana Financial Group will also be made available on K-verse, a virtual hub with a wealth of Korean content, to help companies better engage Gen Z.
So Jung Kim, the deputy president of KEB Hana Bank, said the following while discussing the bank’s entry into The Sandbox: “The metaverse is how people will experience Web3, and we want to be a part of this new trend. In particular for the younger generations, this alliance may pave the way for a whole new kind of service.