NongHyup Bank Successfully Concludes Metaverse-Based 'Fintech Hackathon'

Kwon Jun-hak, President of NongHyup Bank, is attending the Metaverse-based Fintech Hackathon awards ceremony and delivering a congratulatory speech.

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank announced on the 13th that it successfully concluded the 'Metaverse-based Fintech Hackathon' held in collaboration with the Ministry of Science and ICT, Korea Internet & Security Agency (KISA), and FakeEyes, and held the awards ceremony on the metaverse platform.

The awards ceremony was attended by NH Nonghyup Bank President Junhak Kwon and KISA President Wontae Lee as presenters, who handed certificates and prizes to the winning teams.

This hackathon was conducted through FakeEyes' metaverse platform, with a total of 37 teams and 121 participants, including university students and prospective entrepreneurs interested in metaverse and fintech, competing in the 'General Division' and 'Student Division' under the theme of 'Fintech services applicable in the metaverse.' They showcased various services such as virtual bank branch construction, crowdfunding platforms, and simulated investment experiences.

In the 'General Division,' ▲'Victoria Production,' a metaverse-based virtual banking service, won the grand prize, and the excellence awards went to ▲'Cheers to the Monitor,' a metaverse-based office space platform, and ▲'Funderful,' a metaverse-based flea market platform.

In the 'Student Division,' ▲'INSlab,' which presented the metaverse-based real estate brokerage service 'Bokdeokbus,' won the grand prize. The excellence awards were given to ▲'Busmon,' a metaverse-based product trading platform, and ▲'UFO,' a metaverse-based crowdfunding service. Additionally, two teams received merit awards, six teams received encouragement awards, and one team received a special award.

The competition, with a total prize money of 30 million KRW, selected 15 winning teams in total. The grand prize team was awarded the Minister of Science and ICT Award, while other winning teams received the NH Nonghyup Bank President Award or the KISA President Award.

Winning teams in the 'General Division' are offered participation in NH Nonghyup Bank's innovative startup acceleration program 'NH Digital Challenger(Challenge+)' and residency opportunities at the NH Digital Innovation Campus. Winning teams in the 'Student Division' are granted a one-time exemption from document screening when applying for NH Nonghyup Bank's new employee recruitment next year.

President Junhak Kwon stated, “I believe this hackathon served as an opportunity to discover fintech service ideas that provide new customer experiences based on the metaverse.” He added, “We will strive to internalize digital new technologies such as AI and metaverse and strengthen platform competitiveness to realize a customer-centered ultra-innovative digital bank.”