South Korean bank IBK is set to launch what it claims will be the first metaverse-based virtual branch within the social network and gaming platform Cyworld.
At the IBK Acorn Bank, which is set to launch in April 2022, users will be able to open the equivalent of a bank account where they can keep their acorn, the name given to the in-game currency. Mimicking real-world rewards programmes, every time account holders make purchases within the game, they will receive special incentives, such as getting a small percentage of the fee back.
IBK is also said to be planning a digital service called “Club Chin Chin”, which helps businesses offering virtual products and services within the game to manage their funds.
Perhaps most interestingly of all, IBK is also planning to offer financial products in the virtual bank that customers can invest in. The value of these will be tied to the fluctuation of interest rates in the real world, with interest paid in acorns.
IBK is known to be a traditional, conservative bank, so this move towards the metaverse represents a significant step-change in its approach as it attempts cater to younger consumers.
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