The proof of concept, launched in Singapore, demonstrates an end-to-end “agentic commerce” flow where digital agents can assist in initiating, managing and completing procurement and payment processes for businesses, with built-in controls, oversight and tokenised payment security.
The pilot connects a procurement ecosystem involving a multinational corporate buyer, procurement platform SourceSage, and eCommerce supplier FortyTwo, using Mastercard Agent Pay to enable secure payments alongside merchant discovery and referral capabilities.
From payments to automated commerce flows
At its core, the pilot is designed to test how much of the procurement and payment process can be automated when buyers, suppliers and payment platforms are digitally connected.
Rather than treating payments as a standalone step at the end of a transaction, the model integrates payment initiation into the broader commerce workflow. This includes procurement decisioning, supplier selection and payment execution, all supported by tokenised infrastructure.
HSBC said the initiative builds on its Global Payments Solutions strategy, which focuses on supporting corporate clients through commercial cards, merchant acquiring and broader payment ecosystem services as supply chains and operating models become increasingly digital.
Winnie Yap, Head of Global Payments Solutions at HSBC Singapore, said: “Commerce is being rewired around platforms, automation and always-on expectations. This pilot demonstrates how B2B transactions can be executed end-to-end with control, transparency and risk management from the start.”
Singapore as a testing ground for agentic commerce
HSBC highlighted internal research with Google Cloud suggesting that digital entrepreneurs already account for a majority share of Southeast Asia’s digital economy, with transaction volumes expected to rise significantly over the coming years as marketplace models and cross-border integration expand.
As buying and selling processes become more automated, banks and payment networks are increasingly positioning themselves as infrastructure providers for what is being described as “agentic commerce”, where software agents, rather than humans, execute parts of financial workflows.
From pilot to commercial rollout
HSBC said the initiative is now moving beyond proof-of-concept status, with a first live transaction completed in May 2026. The focus has shifted toward commercialisation, including scaling the model, improving onboarding processes and strengthening operational controls for broader enterprise adoption.
The bank is working with Mastercard and selected ecosystem partners to refine how agent-driven commerce can be integrated into real-world procurement and payment systems, particularly for multinational corporates operating across multiple markets.
Minsook Cho, Country Manager, Singapore at Mastercard, said: “Agentic commerce, when powered by Mastercard and delivered with HSBC, addresses this directly — and this pilot establishes that the building blocks are in place.”
Expanding the payments ecosystem
The pilot builds on HSBC’s broader push into embedded and digital-first payment infrastructure, including its Digital Merchant Services platform and virtual card offerings for corporate clients.
These tools are designed to simplify cross-border payments, improve spend control and reduce friction in reconciliation and procurement workflows by embedding payments directly into business systems.
HSBC’s Singapore franchise has also positioned itself as a regional hub for cash management and transaction banking, supporting thousands of corporate clients across Asia.
A shift in how B2B payments operate
While still in its early stages, the agentic commerce pilot reflects a broader shift in how corporate payments are structured.
Instead of payments being a discrete final step, they are increasingly being embedded into automated workflows spanning procurement, approval and settlement.
If successful, models like this could reshape how businesses manage supply chains and treasury operations, particularly in regions where cross-border trade and digital procurement platforms are rapidly expanding.
The key question now is whether agent-driven commerce can move beyond pilots and become part of mainstream enterprise payment infrastructure.
