RIYADH: HSBC, a British multinational investment bank, has launched a fund for metaverse opportunities for its private banking clients in Hong Kong and Singapore, Bloomberg reported.
The UK lender, whose origins are in Asia, is delving deeper into the $800 billion virtual reality market.
The discretionary portfolio managed by HSBC Asset Management focuses on investing in companies within the metaverse ecosystem. It “aims to capture growth opportunities globally over the next decade,” the bank said in a statement.
The metaverse is a network of 3D virtual worlds focused on social connection.
“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,” Nicholas Dowell, portfolio manager at HSBC Asset Management said in the statement.
