SINGAPORE (Reuters), HSBC Holdings, (NYSE:) launched a fund for rich clients in Hong Kong & Singapore to take advantage of investment opportunities in the metaverse. This is in response to financial services firms tapping into Silicon Valley’s new virtual reality.

Wednesday’s statement by HSBC stated that its Metaverse Discretionary Strategy portfolio will be managed and invested in the ecosystem through its asset management arm. It includes five segments: infrastructure, computing virtualisation experience and discovery and interface.

Lina Lim from HSBC Asia Pacific Regional Head of Distinctionary and Funds for Investments and Wealth Solutions, said that the metaverse ecosystem is still in its initial stages and “is rapidly evolving.” “We see many exciting opportunities in this space as companies of different backgrounds and sizes are flocking into the ecosystem.”

Metaverse is a collection of virtual worlds that users can access via various devices. It allows them to work, play and socialize in a variety of environments. The sector’s bet, Facebook (NASDAQ :), changed the name of its company to Meta in 2013.

HSBC stated that its discretionary portfolio is designed to meet the needs of its professional and high-net worth clients, as well as accredited investors in Hong Kong or Singapore.

HSBC, the global banking giant, announced that it would be buying a parcel of virtual property in an online gambling space. It is now the second bank in the world to do so after JPMorgan (NYSE) established a Decentraland presence.

HSBC has invested $3.5 billion in its wealth- and personal banking businesses to achieve its aim of being Asia’s leading wealth manager by 2025.

UBS is one of the global wealth managers. Credit Suisse (SIX:) As more countries, such as India and China, become billionaires or millionaires, they have increased their Asia headcount.