UnionPay International Joins HKMA's Agency Finance Expert Group

UnionPay International announced on November 3, 2026, that it has officially become a member of the Hong Kong Monetary Authority's SAGE (Securing Agentic Finance with Governance and Enablement) project expert group. This initiative aims to promote the responsible development and application of agency finance in Hong Kong in collaboration with the HKMA and the industry.

UnionPay International's Role and Contributions

UnionPay International expressed its honor in becoming a member of the group and plans to leverage its technology and practical experience in agentic payment to actively participate in the project, providing insights and experience for the construction of Hong Kong's agency finance ecosystem. Additionally, UnionPay International will collaborate with the HKMA to advance the interconnection of the UnionPay QR code network with Hong Kong's Faster Payment System (FPS), which is expected to be rolled out in phases by the end of the year, gradually increasing merchant coverage.

Advancing Agentic Payment Development

In the future, users will be able to scan UnionPay's QR code through supported banks or e-wallet applications to make payments to over 100 million merchants in Hong Kong, mainland China, and more than 40 overseas markets, facilitating retail payments for citizens both locally and abroad.

As a major global card organization, UnionPay International has already laid the groundwork for agentic payment technology and industry implementation, forming a complete framework, products, and ecological practices. In April 2026, UnionPay released the Agentic Payment Open Protocol Framework (APOP) and completed several real production transaction verifications covering various scenarios such as travel booking, hotel reservations, in-vehicle consumption, and utility payments.

Li Penglin, Vice President and President of the Hong Kong, Macau, and Taiwan region at UnionPay International, stated: "Agency finance is an important frontier in financial technology, and innovative development must be predicated on safety and trust. We look forward to bringing the APOP framework, agentic bank cards, and cross-border agentic payment practical experiences to Hong Kong, collaborating with all sectors to study governance rules, and assisting Hong Kong in building a safe, open, and responsible agency finance ecosystem."

Future Outlook

With the rapid evolution of generative AI and agentic AI technologies, agency finance is reshaping the interaction model of financial services, achieving a transformation from "human-initiated operations" to "intent direct access." The HKMA's SAGE project will explore four major directions: market scenario exploration, agency identity, interoperability standards, and legal regulatory frameworks, aiming to construct a safe, controllable, and well-governed environment for agency finance development, thereby consolidating Hong Kong's leading position in the next generation of financial technology.