HSBC Launches Metaverse Fund For Asian Clients

HSBC has launched a fund to capture investment opportunities in the so-called metaverse for clients in Hong Kong and Singapore.

In a statement on Wednesday, HSBC said its Metaverse Discretionary Strategy portfolio, managed by its asset management arm, will focus on investing within the metaverse ecosystem across five segments – infrastructure, computing, virtualisation, experience and discovery, and interface.

"The metaverse ecosystem, while still at its early stage, is rapidly evolving," said Lina Lim, regional head of discretionary and funds, Asia Pacific, at HSBC. "We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem."

The metaverse comprises a network of virtual environments accessed via different devices where users can work, socialise and play. It has come into sharper focus since Facebook changed its name to Meta last year to reflect its bet on the sector.

HSBC said its discretionary portfolio was designed for its high net worth and ultra-high net worth professional investors and accredited investor clients in Hong Kong and Singapore.

Last month, HSBC said it was buying a plot of virtual real estate in an online gaming space, becoming the second global bank to invest in a popular metaverse platform after JPMorgan set up a presence in the blockchain-based Decentraland.

HSBC is putting US$3.5 billion into its wealth and personal banking business, in line with its ambition to become Asia's top wealth manager by 2025. (Reuters)