HSBC Holdings, one of the world’s largest banking and investment institutions, recently launched a fund for investing in the Metaverse for clients across Asia, Reuters reported on Wednesday.
The portfolio aims to attract high and ultra-high net worth investors and their clients from Hong Kong and Singapore, the report revealed.
Metaverse investors in the two countries are set to profit from HSBC’s Metaverse Discretionary Strategy portfolio. The bank said in a statement to the media on Wednesday that the new fund aims to invest in the Metaverse for computing, infrastructure, experience and discovery, virtualisation, and interfaces.
Lina Lim, HSBC’s Regional Head of Discretionary and Funds for Investments and Wealth Solutions for the Asia-Pacific, said as quoted by Reuters that the Metaverse ecosystem was in its early stages but was “rapidly evolving.”
She continued, stating,
“We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem”
The news comes a month after the British bank hinted it would acquire Metaverse real estate in a move similar to JP Morgan’s Decentraland purchase, Reuters added.
Banks Queue to Invest in the Metaverse
The developments follow news JP Morgan launched its virtual banking platform in Decentraland’s Metajuku shopping district via the company’s Onyx blockchain wing, which is tasked with exploring emerging technologies.
An HSBC report found global users had purchased roughly $54 billion USD on digital assets and customers owned $41 billion USD in non-fungible tokens.
Digital wealth management group FinaMaze also opened a similar smart portfolio in February to explore investment opportunities for the Metaverse.
The Abu Dhabi Global Market (ADGM) firm developed the portfolio with machine learning algorithms and customer input, with assets across numerous Metaverse firms and common cryptocurrencies.