Banking giant HSBC has made another move in the metaverse following its strategic partnership with metaverse game The Sandbox. The British bank has now debuted a metaverse investment fund specifically for its Hong Kong and Singapore-based high net worth clients.
Called the Metaverse Discretionary Strategy portfolio, the fund will invest in companies within the metaverse ecosystem. With it, HSBC plans to focus on five key segments of the present virtual reality industry: infrastructure, computing, virtualization, experience and discovery, and interface.
“The metaverse ecosystem, while still at its early stage, is rapidly evolving,” said Lina Lim, regional head of HSBC’s discretionary and funds for investments and wealth solutions of Asia Pacific, in a statement, as seen by Reuters. “We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.”
The portfolio, which will be managed by HSBC Asset Management, seeks to target high net worth and ultra-high net worth professional investors and accredited investor clients based in Singapore and Hong Kong
Last month HSBC announced that it has become the first global financial services provider to join The Sandbox. As per the deal, the bank also acquired a plot of virtual property ‘LAND,’ which it will later use to “engage and connect with sports, esports, and gaming enthusiasts.”
Given its recent popularity, several Wall Street behemoths are looking to enter the metaverse space. Earlier this year, JP Morgan became the first bank to open a virtual lounge in the metaverse platform Decentraland. Additionally, Goldman Sachs updated its website landing page to feature cryptocurrencies and metaverse-related resources.