[Hong Kong Monetary Authority Launches SAGE Project for Agency Finance and Establishes Expert Panel] The Hong Kong Monetary Authority (HKMA) today announced the launch of the SAGE project to promote the responsible development and application of agency finance in Hong Kong. An expert panel on agency finance has also been established, comprised of members from financial institutions, technology service providers, professional service organizations, and academia. The SAGE project focuses on four areas: first, exploring application scenarios in B2C (agency shopping, everyday payments), B2B (procurement, treasury management), and M2M (pay-as-you-go digital services); second, studying agency identity verification mechanisms such as Know Your Agent (KYA); third, promoting discussions on interoperability standards; and fourth, exploring legal and regulatory issues such as governance arrangements, legal liability, and consumer protection.