South Korea’s Shinhan Bank Opens First Metaverse Platform in the Country’s Financial Sector

The ‘Shinamon’ metaverse platform will provide financial and non-financial services to customers.
Image source: Shinhan Bank

Quick take:

  • The metaverse platform consists of a finance zone, a health zone, an art zone, a sports zone, and a store.
  • Shinhan Bank will hold three events until February 10 next year for customers who access the platform.
  • Customers can participate in various games and quests to win prizes.

Shinhan Bank’s President Jin Ok-dong announced on Wednesday the launch of ‘Shinamon,’ the bank’s self-built metaverse platform to provide financial and non-financial services. The South Korean bank claims to be the first to launch a metaverse platform in the country’s financial sector.

Shinamon is a virtual space connecting the financial and non-financial sectors, and provides new experiences to customers. The metaverse platform consists of a finance zone, a health zone, an art zone, a sports zone, and a store.

In June, the bank ran a five-day test trial of the Shinamon platform, which attracted 85,000 visitors. From now until Feb 10 next year, Shinhan Bank will hold three events for visitors to the Shinamon metaverse platform. Visitors can participate in various games and quests to win prizes including iPad Pro, AirPod Max, Dyson hair dryer and more.

“In recognition of Cinnamon’s innovativeness, we plan to participate in the fintech sector exhibition from ‘CES 2023,’ the world’s largest digital exhibition, in January next year by being assigned a stand-alone booth for the first time as a domestic bank. Through Cinnamon content that crosses boundaries and connects to reality, we will provide a variety of services so that customers can participate easily,” said a spokesperson from Shinhan Bank.

South Korea elected a pro-crypto president, Yoon Suk-yeol, in March. Shinhan Bank tested real-time international remittance via stablecoin with Standard Bank of South Africa in June, using the Hedera Hashgraph blockchain network. 

The bank is also an early investor in Korea Digital Asset Custody, a custody service provider that stores and manages various types of digital assets held by companies and individuals.

It is currently a partner of Korbit, one of Korea’s biggest crypto exchanges, providing users with real-name deposit and withdrawal accounts in compliance with local regulations for transparent transactions.

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