• HSBC Launches Metaverse Fund for Asian Private Banking Clients

  • HSBC (HSBC), one of the world’s major banks, is launching a discretionary managed portfolio investing in virtual reality for Asian private banking clients.

    According to the bank, the strategy aims to seize global growth potential coming from the development of the metaverse ecosystem over the next decade, and that the “metaverse is likely to become the next iteration of the internet.”

    The metaverse is a virtual environment that combines virtual reality, augmented reality, and the internet to create an immersive digital universe. HSBC became the first major bank to enter The Sandbox metaverse in March, when it purchased a plot of land to engage with sports, e-sports, and gaming lovers. According to Citi, the total addressable market for the metaverse economy might be as high as $13 trillion by 2030.

    The portfolio will be actively managed, with a focus on five important areas, according to the bank: infrastructure, computing, virtualization, experience and discovery, and human interface.

    The approach will be available only to HSBC’s Asian high-net-worth and ultra-high-net-worth professional and accredited investor clientele. HSBC Asset Management will be in charge of it.

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