HSBC expands B2B payments capabilities in Singapore
- Piloted end-to-end B2B agentic commerce transactions for two Singapore-based clients on 29 May 2026.
- Connects MNC buyers, procurement platforms and suppliers through HSBC’s payments and liquidity capabilities.
- Expands HSBC’s digital commerce offering, including digital merchant acquiring and commercial cards.
HSBC today announced its collaboration with Mastercard in Singapore to pilot new capabilities that support the future of B2B commerce. The proof of concept demonstrates end-to-end agentic commerce flows where trusted digital agents can help automate purchasing and payments for businesses, with controls and oversight.
The Singapore pilot connects a procurement ecosystem including a multinational corporate buyer, Singapore-based procurement platform, SourceSage, and eCommerce supplier, FortyTwo, in an end-to-end agentic commerce journey built on Mastercard Agent Pay, facilitating secure tokenised payments, Merchant Discovery and Referral capabilities.
This pilot demonstrates the potential power of agentic commerce once buyers, suppliers and payment platforms are connected.
It also reinforces HSBC’s focus on enabling payment ecosystems through Global Payments Solutions, including commercial cards and digital merchant acquiring, supporting clients as they expand and reconfigure supply chains and operating models across key trade corridors.
Enabling the next era of commerce
HSBC and Google Cloud’s Digital Frontiers 2030 report finds that 75 million digital entrepreneurs already drive 58% of ASEAN’s digital economy, generating US$175 billion in gross transaction volume in 2025. This is expected to reach US$580 billion by 2030 as the marketplace model expands and cross-border integration creates more opportunities. As buying and selling journeys become more automated, HSBC will continue to work with our clients and industry partners like Mastercard to introduce additional capabilities that continue to enable the digital ecosystem.
Winnie Yap, Head of Global Payments Solutions, 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. In Singapore, where many businesses centralise regional procurement and treasury, we are seeing strong demand for solutions that connect buyers, platforms and suppliers seamlessly across payments, liquidity and reconciliation.”
Ms Yap added, “As the market evolves, HSBC and Mastercard are collaborating to accelerate co-creation of the agentic commerce journey with our clients. With all parties headquartered in Singapore, an established hub for innovation, we are combining HSBC’s and Mastercard’s global scale and expertise with our clients’ agility to test, learn, and refine new capabilities at pace.”
Jessie Saw, Head of Product Management, Global Payments Solutions, HSBC Singapore, said: “We completed our first live transaction on 29 May 2026, moving from concept to real-world execution. Now the priority is commercialisation: turning what we have proven in this pilot into a scalable, repeatable capability clients can adopt with confidence. Working closely with two forward-looking clients and partners across the ecosystem, we are applying the learnings to strengthen controls, streamline onboarding and operations, and define the model for broader rollout.”
Minsook Cho, Country Manager, Singapore, Mastercard, said: “For businesses in Singapore managing procurement and payments across the region, complexity has always been the challenge. Agentic commerce, when powered by Mastercard and delivered with HSBC, addresses this directly — and this pilot establishes that the building blocks are in place. Scaling this requires partners who bring both the institutional depth and the appetite to do things differently, and that is what working with HSBC has demonstrated. Together, we are defining what trusted, intelligent commerce can look like for businesses across the region."
Ecosystem enablement is the strategy
HSBC can support a broader ecosystem that includes buyers, platforms and suppliers—helping platforms accept payments, enabling buyers to pay efficiently, and supporting settlement, liquidity and reconciliation as the model evolves.
HSBC continues to introduce various capabilities in Singapore to help clients embed payments into business journeys, improve visibility and control, and operate efficiently across borders. This includes:
Digital Merchant Services
Last year, HSBC introduced Digital Merchant Services (DMS) in India and Singapore, extending its payments platform for digital merchants and marketplaces to two of Asia’s fastest-growing digital economies. DMS enables merchants to accept payments via a broad range of payment methods—from cards to digital wallets and real-time transfers—through a single contract and interface, simplifying the management of multiple payment providers. The launch builds on the successful rollout of DMS in Hong Kong, expanding support to 14 payment methods across the three markets. This pilot agentic commerce transaction leveraged Juspay’s modern technology stack, extending HSBC’s existing global DMS partnership with Juspay.
HSBC Mobile Virtual Card
HSBC and Mastercard have also launched HSBC’s first mobile virtual cards for corporate customers in Singapore. Virtual cards work like regular payment cards but give businesses greater control over spending through pre-set limits and usage rules, and the ability to assign cards to specific teams, suppliers or projects—supporting easier tracking, reconciliation and invoice management.
Corporate customers enrolled in the HSBC Virtual Corporate Mastercard Programme can use mobile virtual cards at physical point-of-sale terminals, as well as for in-app and online purchases. Businesses can issue virtual cards instantly via the virtual card portal co-hosted by Mastercard and HSBC, and add them to compatible digital wallets using Mastercard In Control for Mobile Payments.
HSBC Mobile Virtual Card will be available to Singapore-based corporate clients by end-June 2026.
Ms Yap added: “Singapore’s role as a regional HQ and trade hub makes it a natural place for HSBC to scale ecosystem-based models that link regional procurement, cross-border commerce and multi-rail payments.”
HSBC was recognised as Singapore’s Best Cash Management Bank (Euromoney Transaction Banking Awards 2025) and the #1 international bank for cash management (Coalition Greenwich 2025), supporting 3,000+ companies and 200+ regional treasury centres. HSBC also won Gold for Payment Innovation – Virtual Card Innovation (Juniper Research 2025 Fintech & Payments Awards).
Media Enquiries
Betty Fong betty.c.y.fong@hsbc.com.sg +65 6658 4103
Clarabelle Tan clarabelle.h.y.tan@hsbc.com.sg +65 94513329
Note to editors
Definition of Agentic Commerce
Agentic commerce (also known as agent-based commerce) is an emerging model of digital commerce where autonomous AI agents can execute purchasing and payment processes on behalf of consumers and business — from searching and evaluating options through to placing orders and completing payments — with minimal real-time human involvement.
Participant Quotes
SourceSage – Procurement Platform
SourceSage is a global procurement connectivity gateway that helps connect suppliers and marketplaces into enterprise procurement platforms. Through its one vendor model, SourceSage enables hundreds of MNCs buyers globally to consolidate fragmented suppliers, improve visibility, costs savings and make source to pay seamless across fragmented marketplaces and supplier workflows.
SIM Jian Min, CEO, SourceSage
“SourceSage’s vision is to become the AI-powered procurement connectivity gateway for B2B commerce. Our AI Agents “Peter” and “James” allow SourceSage to support the full procurement and commerce journey from source-to-pay on the buyer side, and from supplier outreach to buyer conversion on the supplier side. Our collaboration with HSBC and Mastercard is an exciting step toward making that journey even more seamless through embedded B2B payments.”
FortyTwo – eCommerce Supplier
FortyTwo (FortyTwo.sg) is one of Singapore’s largest online furniture and home furnishings retailers that has been firmly established as an indispensable household name. Beyond serving as a trusted, go-to local destination for sofas, mattresses, bedframes, and dining tables, FortyTwo’s robust e-commerce infrastructure also supports enterprise-level procurement.
Naveed LEE, CEO, FortyTwo
“As one of Singapore's leading online furniture platforms, processing large-scale corporate bulk orders traditionally requires heavy manual intervention. Executing this Asia first agentic B2B transaction directly on the FortyTwo.sg platform proves how autonomous AI procurement bypasses manual bottlenecks, effectively streamlining operational efficiency. Crucially, by automating complex corporate procurement, our team is freed up to focus on FortyTwo's primary mission: delivering a high-quality, value-driven furniture shopping experience to everyday consumers in Singapore.”
Juspay – Payment Infrastructure Platform
Juspay is a leading global payments technology company, powering payment infrastructure for 500+ global enterprises and banks. Founded in 2012, the company processes over 300 million daily transactions, exceeding an annualised total payment volume (TPV) of $1 trillion with 99.999% reliability. Headquartered in Bangalore, India, Juspay is powered by a global network of 1,500+ payment experts operating across Asia-Pacific, the Middle East, Latin America, Europe, the UK, and North America.
Sheetal Lalwani, Co-founder & COO, Juspay
“This pilot marks a meaningful expansion of our partnership with HSBC, from powering digital merchant services to enabling the next generation of B2B commerce. Juspay's payment infrastructure is built for exactly this kind of agility, and we are proud to see it operating end-to-end in a live agentic commerce setting.”
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 56 countries and territories. With assets of US$3,306bn at 31 March 2026, HSBC is one of the world’s largest banking and financial services organisations. In May 2016, HSBC subsidiarised its retail banking and wealth management business in Singapore and transferred the business into HSBC Bank (Singapore) Limited.