Global Bank HSBC has entered the metaverse for its rich clients in Hong Kong and Singapore

It’s launched a fund to capture investment opportunities in the digital space as financial services companies tap into Silicon Valley’s new virtual reality.

The metaverse comprises a network of virtual environments accessed via different devices where users can work, socialise and play.

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

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

Last year the desire to enter the space skyrocketed with Facebook’s rebrand to Meta.

HSBC says it will focus on investing in the metaverse because it sees many exciting opportunities in this space as companies of different backgrounds and sizes are showing interest in the sector.

This follows HSBC buying a plot of virtual real estate in an online gaming space, becoming the second global bank after JPMorgan to invest in the digital world.