Eleven financial institutions join Hong Kong central bank's AI group
Eleven financial institutions have joined the Hong Kong Monetary Authority's expert group on agentic finance. Project SAGE aims to support the responsible development and adoption of agentic financial solutions in Hong Kong.
- The HKMA launched the Project SAGE initiative on November 2.
- Eleven financial institutions are taking part in the Agentic Finance Expert Group.
- The group also includes technology providers, professional services firms and an academic expert.
- The project aims to support the practical application and responsible development of agentic finance in Hong Kong.
Project SAGE aims to support responsible development
The Hong Kong Monetary Authority announced the launch of Project SAGE on November 2. The initiative's name is an abbreviation of “Securing Agentic Finance with Governance and Enablement”.
According to the authority, the project focuses on enabling the practical application of agentic finance. To this end, the HKMA has established the Agentic Finance Expert Group, bringing together financial institutions, technology providers, academic representatives and professional services firms.
Eleven financial institutions are taking part
According to an appendix issued by the HKMA on November 2, the financial institution members include Adyen, Anchorpoint Financial, Ant International, Bank of China (Hong Kong), Mastercard, Payment Cards Group, Standard Chartered Bank (Hong Kong), HSBC, UnionPay International, Visa Hong Kong and WeChat Pay Hong Kong.
The technology providers are represented by Amazon Web Services, Animoca Brands, Circle Hong Kong, Google Cloud, JINGDONG Technology, SHOPLINE and Tencent Cloud.
The professional services firms include AIFT, Clifford Chance and PwC. Among the academic representatives, Professor Allen Huang, a faculty member at HKUST Business School, is part of the expert group.
Hong Kong initiative built on broad collaboration
Based on its composition, Project SAGE aims to bring together the experience of the financial sector, technology providers, consulting and legal services firms, and academia on a single platform. The HKMA said this is necessary to ensure that the initiative incorporates a range of expertise and perspectives.
The announcement does not provide details of specific products, applications or a timeline. Based on the statement, the project's main focus is to support practical applications and promote the responsible development and adoption of agentic finance in Hong Kong.
The list of participants shows that the initiative covers multiple areas, from payment services and banking institutions to cloud providers, fintech companies and professional services firms. The HKMA is therefore basing Project SAGE's work on the joint participation of financial and technology players.
ACN Newswire: Artificial Intelligence: 11 Financial Institutions Join HKMA Expert Group on Agentic Finance
