HSBC Launches Metaverse Portfolio for Wealthy Asian Clients

According to the report by Reuters, HSBC has inaugurated a fund that provides private bank clients with lucrative investment opportunities in Singapore and Hong Kong in the Metaverse. The British Lender’s Asset Management Arm supervises the fund, also termed Metaverse Discretionary Strategy Portfolio.

HSBC

The fund invests in the companies associated with the metaverse ecosystem, with a strong emphasis on infrastructure, virtualization, computing, discovery, user interface, and experience.

The primary purpose of designing the discretionary portfolio was to serve the high-net-worth and ultra-high-net-worth professional investors and recognized investor clients in the two cities. Lina Lim, HSBC Asset Management Asia Pacific Regional Head of discretionary and funds for wealth solutions and investments, has said that the ecosystem of the Metaverse is growing on a fast note, despite being at its initial stage. She also added; that there are ample exciting opportunities in the space as brands of various sizes and backgrounds have come into the ecosystem.

A London-based bank stated that the discretionary portfolio managed by HSBC Asset Management intends to capture the development opportunities in the coming decade on the international level.

The Metaverse offers a network of virtual ambience where the users can play, work, and interact through various devices. In March, HSBC made its place in the Metaverse by purchasing a virtual space for sports, e-sports, and gamers. It has joined Wall Street Giant JP Morgan Chase & Co. to make its presence more robust in the virtual universe. The bank thrives further into the crypto and blockchain ecosystem to boost its strength and expansion.

In April, HSBC raised its ownership stake in the Chinese Securities Joint Venture through a partial purchase of its partner. In addition, the bank’s asset management unit in India obtained the regulatory approval for one of its previous takeovers and L&T Investment Management. In February 2022, HSBC promoted Luanne Lim as the new business CEO,  the former interim CEO of HSBC Hong Kong.

The Metaverse has blended technologies: video conference, cryptocurrencies, email, virtual reality, social media platforms, live-streaming, and online games.

Conclusion
A woman at metaverse doing banking

According to Nicholas Dowell, the portfolio manager at HSBC Asset Management in London, many expect the Metaverse to be the next stage in the journey of internet evolution and; it will hold a profound impact on our everyday life, as seen in the early nineties.

HSBC has put around 4 billion dollars into its wealth and personal banking business, with the objective to be Asia’s top wealth manager in the next three years.

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