HSBC has launched an investment fund to capitalise on opportunities in the metaverse for its rich clients in Hong Kong and Singapore.

In a statement HSBC, one of the world’s largest banks, said its Metaverse Discretionary Strategy portfolio, managed by its asset management arm, will focus on investing within the metaverse across five areas – virtualisation, computing, infrastructure, experience and discovery, and interface.

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Lina Lim, regional head of discretionary and funds for investments and wealth solutions, Asia Pacific, at HSBC said: “The metaverse ecosystem, while still at its early stage, is rapidly evolving.

“We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.”

HSBC said the portfolio is designed for its high net worth and ultra-high net worth investors in Hong Kong and Singapore.

This comes after investment bank Citi reported the total addressable market for the metaverse economy could be as big as $13 trillion by 2030.

Just last month, HSBC announced plans to buy a plot of virtual land in The Sandbox to engage with sports, e-sports and gaming fans, becoming the second global bank to invest in the metaverse after JPMorgan.

Nicholas Dowell, portfolio manager at HSBC Asset Management in London, said the concept of the metaverse is important for HSBC as a major milestone of the evolution of the internet.

He said: “The metaverse is seen by many as the next stage in the evolution of the internet, with the effect it has on our daily lives expected to be as impactful as we saw in the early nineties.”

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