HSBC Creates Metaverse Fund for Its Rich Clients in Asia

Published April 6th, 2022 - 10:15 GMT
HSBC Creates Metaverse Fund for Its Rich Clients in Asia
Earlier in March, HSBC said it became the first global bank to enter The Sandbox metaverse. (Shutterstock)

HSBC Holdings Plc, one of the world's largest banks, is starting a discretionary managed portfolio investing in the metaverse for private banking clients in Hong Kong and Singapore.

The strategy aims to capture growth opportunities arising globally from the development of the metaverse ecosystem over the next decade, the bank said in a statement, adding that the “metaverse is expected to become the next iteration of the internet.”

Earlier in March, HSBC said it became the first global bank to enter The Sandbox metaverse, when it bought a plot of land to engage with sports, e-sports and gaming fans, joining Wall Street giant JPMorgan Chase & Co.

metaverse
Source: Twitter

The portfolio, that is managed by HSBC Asset Management, will focus on five key areas: infrastructure, computing, virtualization, experience and discovery, and human interface, the London-based bank said in a statement. And it will be exclusive to HSBC’s high net worth and ultra-high net worth professional and accredited investor clients in Asia.

According to Citi's latest report, the total addressable market for the metaverse economy could be as large as $13 trillion by 2030.


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