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British multinational investment bank and financial services holding company, HSBC Holdings has announced the launch of a fund to grab investment opportunities in the metaverse for its wealthy clients in Singapore and Hong Kong.
HSBC Holdings brings new opportunities for wealthy clients
The move by HSBC Holdings comes when the financial services companies are rapidly entering into the new virtual reality of Silicon Valley, the metaverse.
As per the reports, HSBC said its asset management firm will actively manage the Metaverse Discretionary Strategy portfolio, which focuses on investing within the metaverse across five key areas — infrastructure, computing, virtualization, experience, and discovery, and interface.
The discretionary portfolio is created for Hong Kong and Singapore- based high net worth and ultra-high net worth professional investors, as well as accredited investor clients.
Lina Lim, the regional head of discretionary and funds for investments and wealth solutions, at HSBC’s Asia Pacific region, believes that the metaverse ecosystem is still in its infancy and has a massively evolving future. She went on to add:
We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.
Growing metaverse adoption
As per a report by Citi, the total addressable market for the metaverse economy could grow to as big as $13 trillion by 2030. It has witnessed sharper attraction from all over the world since Facebook changed its name to Meta in 2021 to reflect its vision in the area. Metaverse tokens like Decentraland (MANA) and The Sandbox (SAND) saw a massive surge in their values in the past year.
In March, the banking giant became the second global bank to enter the Metaverse industry by acquiring virtual real estate in The Sandbox’s metaverse to “embrace the culture of Web3 connecting with users through entertainment, gaming and user-generated content.”
It is also important to note that before this, JPMorgan also tried its hands on the sector by setting up a presence in Decentraland.
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