Published on: 07/04/2022
HSBC launches metaverse for wealthy clients in Asia
British multinational investment bank and financial services holding company HSBC announced on Wednesday this week the launch of a metaverse fund specifically dedicated to its rich Asian clients in Hong Kong and Singapore.
“High net worth and ultra-high net worth professional investors and accredited investor clients in Hong Kong and Singapore,” HSBC about the new fund target.
In a statement released this week, HSBC revealed a metaverse-themed portfolio set to be managed by HSBC Asset Management called the Metaverse Discretionary Strategy portfolio which will put heavy emphasis on the metaverse ecosystem across five primary segments, namely infrastructure, computing, virtualization, experience and discovery, and interface.
HSBC regional head of discretionary and funds for investments and wealth solutions in the Asia Pacific, Lina Lim stated that regardless of such an ecosystem and its development is still underway, HSBC is excited about the opportunities available, as many companies are starting to make their way into the metaverse.
“The metaverse ecosystem, while still at its early stage, is rapidly evolving,” Lim said. “We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.”
Prior efforts in metaverse, HSBC’s metaverse fund for rich Asian clients
Prior to this announcement, HSBC revealed that the company is keen on stepping into the metaverse and had its foray earlier back in March this year. HSBC partnered with a blockchain-based 3D open-world video game, The Sandbox, to introduce its customers to the world of the metaverse and encourage them to purchase a digital plot of in-game assets called LAND.
HSBC explained the decision behind the partnership is to create a more innovative brand experience for both new as well as existing customers. Multiple reports also suggest in March that the bank is on the lookout to provide gaming-related activities, including esports.
“Through our partnership with The Sandbox, we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers,” HSBC Asia-Pacific branch chief marketing officer Suresh Balaji said.
“We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive, and accessible.”
In The Sandbox, HSBC joined previous big industry names or the likes of Warner Music, Ubisoft, Gucci, and many others, already set their foot within the game to create their own virtual world.
Moreover, HSBC Asset Management portfolio manager in London, Nicholas Dowell, claimed that the metaverse is the next thing on the internet. Indicating that HSBC’s current focus is to get as far as others while the ecosystem is still developing.
“The Metaverse is seen by many as the next stage in the evolution of the Internet,” Dowell added,
With the introduction of a metaverse-themed fund specifically dedicated to HSBC’s rich banking clients in Asia, the company has prepared $3.5 billion for its wealth and personal banking business to enhance growth verticals, as per multiple reports. Additionally, the investment bank is optimistic to become the top wealth management in Asia by 2025.
In only less than a month, the investment bank is taking its metaverse game to a brand new level, despite the industry having yet to decide on a single particular definition of the metaverse.