HSBC has launched a fund that offers investment opportunities for its private banking clients in Hong Kong and Singapore in the metaverse, reported Reuters.
The fund, dubbed as Metaverse Discretionary Strategy portfolio, is overseen by the British lender’s asset management arm.
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By GlobalDataIt will invest in companies linked to the metaverse ecosystem with a focus on virtualisation, infrastructure, computing, experience and discovery, and interface.
The discretionary portfolio is designed for its high-net-worth (HNW) and ultra-high-net-worth (UHNW) professional investors and accredited investor clients in Hong Kong and Singapore.
HSBC Asset Management Asia Pacific regional head of discretionary and funds for investments and wealth solutions Lina Lim said: “The metaverse ecosystem, while still at its early stage, is rapidly evolving.
“We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.”
The metaverse consists of a network of virtual environments where users can play, work, and socialise through a set of devices.
Last month, HSBC made its foray into the metaverse by purchasing a virtual plot dedicated for esports, sports, and gaming enthusiasts.
Earlier, JPMorgan Chase & Co’s became the first global bank to mark its presence in the virtual universe with investment in blockchain-based Decentraland.
Other moves by HSBC
This week, HSBC raised its ownership stake in the Chinese securities joint venture to 90% through a partial buyout of its partner Qianhai Financial.
Last month, the bank’s asset management unit in India secured regulatory approval for its previously announced takeover of L&T Investment Management.
In February, HSBC elevated Luanne Lim, who was serving as the interim CEO of HSBC Hong Kong, as the new CEO of the business.