Business Features

UnionBank partners with The Sandbox to expand Metaverse footprint

Aboitiz-led Union Bank of the Philippines (UnionBank) is entering The Sandbox, one of the world’s metaverse platforms. The goal is to promote innovation by engaging and empowering the Filipino Web 3.0 community and artists through activities in the metaverse.

The Sandbox is a community-driven metaverse platform where creators and artists can monetize voxel assets and gaming experiences on the blockchain. It provides a digital environment that is very conducive to creativity and innovation, allowing users to also purchase land and create their own games and events in the metaverse.

With its entry, UnionBank will be able to create a metaverse branch and lounge where users can interact and engage with each other. According to UnionBank, it will be the first bank and major brand in the Philippines to join The Sandbox, aligning with a growing list of major brands and personalities from all over the world including Adidas, Gucci, Samsung, HSBC, Standard Chartered, Snoop Dogg, and Atari.

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“We joined The Sandbox because we want to be able to interact and engage with the growing Filipino community in the NFT and metaverse space. Metaverse services could range from crypto transactions to the creation of NFTs, hosting of events, and connecting with new clients,” said Migui Planas, NFT lead at the Metaverse Center of Excellence of UnionBank. “This is also a new market we want to capture. The metaverse is already being used by generation Alpha, the next-gen of customers.”

The move coincides with the recent launch of the bank’s Metaverse Center of Excellence (MCOE), held during the first annual UnionBank Innovation Festival. The MCOE will spearhead the Bank’s initiatives related to the metaverse and non-fungible tokens (NFTs). By immersing through these different platforms, the MCOE can provide insights and learning sessions about this new digital universe to the Bank, its clients, and the Filipino people.