Latest news: metaverse in banking

US-based financial services firm Fidelity has submitted trademark applications for an array of Web3 products and services in a bid to expand its cryptocurrency capabilities.  

Fidelity filed three applications that cover metaverse technologies, a nonfungible token (NFT) marketplace, and cryptocurrency trading, according to trademark filings, which were highlighted by licenced trademark attorney Mike Kondoudis in a tweet. 

Fidelity has indicated that it could offer a wide range of investing services within virtual worlds, including mutual funds, retirement funds, investment management, and financial planning. 

In addition, the investment firm is also planning metaverse-based payment services including electronic bill payments, fund transfers and the “financial administration of credit card accounts in the metaverse and other virtual worlds.” 

Furthermore, the company intends to launch trading, management, and wallet services for virtual currencies in the metaverse. 

“Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network; digital currency, virtual currency, cryptocurrency digital token,” Cointelegraph quoted the firm as saying in the filing.  

Fidelity could also provide educational services in the metaverse by holding conferences, workshops, seminars, and classes on marketing financial services and investing. 

In October this year, it was reported that the investment firm will bolster its crypto unit by hiring 100 new staff members.  

AXA Investment Managers (AXA IM) has reached an agreement with UBS Global Wealth Management (UBS GWM) to offer metaverse strategy to its private wealth clients in Asia. 

As part of the tie-up, UBS GWM’s high net worth (HNW) clients in Hong Kong and Singapore will have access to AXA IM’s metaverse strategy. 

Introduced in April this year, the strategy enables long-term investors to explore diversification opportunities and have exposure to long-term growth benefits offered by metaverse. 

The strategy seeks to invest in firms that work for the convergence of digital and real world.   

The multi-cap equity strategy centres around four major sub-categories: gaming, socialising, working, and enabling. 

 AXA IM tech equity specialist Pauline Llandric said: “We are at the early stages of a long-term trend which is growing rapidly and believe there is a broad range of global companies and opportunities in this space. 

“Revolutionary, cutting edge advances in technology have changed how we live, socialise, work and do business. 

“The Metaverse is the confluence of the virtual and physical worlds, where more technology is layered on to everyday life associated with the evolution of the internet connecting people, places and things.” 

AXA IM further noted that its metaverse strategy is ESG-integrated. 

Until 30 June 2022, a major chunk of this strategy has been allocated to information technology and communication services, while the remaining portion was assigned to consumer discretionary, real estate, healthcare, industrial and financial sectors. 

Early this month, AXA IM announced that it had rolled out an exchange-traded fund (ETF) platform that supports active strategies and responsible investing (RI). 

Four new businesses from the United States, the United Kingdom, Romania, and Switzerland were chosen by dpixel, the Sella group Venture Incubator, as a part of "Metaverse 4 Finance.’’ 

They were chosen by dpixel as part of the Sella Group Venture Incubator, as a part of “Metaverse 4 Finance.’’ 

It is the first acceleration programme in Italy with the goal of finding and fostering the development of national and international companies for the creation of innovative, economically viable, inclusive, and safe solutions in the area of Metaverse applied to finance. 

The project, which is a part of the three-year plan of the Sella group venture incubator and features a total investment allocation of €3m (£2.5m), received 117 applications from businesses from 26 different countries. 

37 applications came specifically from Italy, 11 from the USA, 6 from the United Kingdom, 5 from India, and 3 from Germany. 

Others came from countries including Argentina, Australia, Canada, the United Arab Emirates, Finland, Hong Kong, and Vietnam. 

Over 90 investors, venture capital funds, corporate venture capital, and entrepreneurs attended an Investor Day where the six top firms were advanced by a group of expert technical, legal, and commercial mentors. 

The six best enterprises then presented their proposals to the audience. 

The four start-ups and Metaverse 4 Finance initiatives chosen by dpixel for investment are as follows: 

Dexy, Miami (USA) 
A hybrid neobank that combines the benefits of traditional banking with those of the crypto and web3 industries. 

It enable users to navigate global financial markets, the solution focuses on emerging markets. 

Intraverse, an Italian start-up situated in Lugano (Switzerland) 
Through a distinctive block chain-based infrastructure, it has created an open Metaverse where NFTs are integrated as in-game avatars. 

Seed Venture, an Italian start-up based in London (UK) 
It decentralises fundraising for start-ups and SMEs while allowing the exchange of tokens reflecting financial instruments produced on the secondary market, merging a decentralised finance with traditional economy. 

Vestinda, a start-up from Bucharest (Romania) located in Boston (USA) 
The company creates web3 trading and investment technology. 

It provides zero-code solutions to automate, grow, and safeguard retail traders’ and platforms’ portfolios.