Insight

CVCF 2026: When AI Agents Begin to Transact

Discus Fish of Cobo and Samuel Tse of Animoca Brands discuss how AI agents, digital identity and blockchain could change the way money moves.

Updated

November 2, 2026 12:03 PM

The Agentic Economy Summit at CVCF 2026 explores how AI agents and digital assets could shape the future of business and finance. IMAGE: CYBERPORT

For an AI agent to manage money on someone’s behalf, it needs more than the ability to follow instructions. It must be able to establish whom it represents, access funds and transact within agreed limits.

These are among the questions informing the discussion of AI and digital assets at Cyberport Venture Capital Forum (CVCF) 2026. Ahead of the forum, Discus Fish, CEO and Co-founder of Cobo, and Samuel Tse, Head of Investment and Corporate Finance at Animoca Brands, shared their views on how this convergence could develop—and where they see opportunities for businesses.

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Could AI Agents Become Blockchain's Next Users?
Discus Fish, CEO and Co-founder of Cobo. PHOTO: CYBERPORT

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Discus Fish points to a longstanding challenge: blockchain can be difficult for everyday users to navigate, but AI agents may find it easier to interact with these networks.

“Blockchains have always been hard for ordinary people to use. AI agents may be better users: the chain is fully transparent and every record is traceable, which suits agents well.”

His outlook comes with a qualification. Both the agents and the networks they would use still need to develop.

“Agents aren’t capable enough yet, and chains are still adapting. But once agents truly run on-chain, the number of users and what’s possible will grow by an order of magnitude.”

Discus Fish says blockchain could reshape how financial assets are issued, traded and settled over the next five years. He also notes that institutional adoption has progressed faster than Cobo initially expected, with individual users no longer leading the shift. “Since 2017, we have believed blockchain will become part of the financial infrastructure of the future. We expected individual users to lead, but institutions moved faster.”

For Fish, the next stage involves a broader range of assets and financial clients.

“What gets redefined next is how assets are issued, traded, and settled. As traditional assets like US equities come on-chain, a much wider range of financial clients will follow.”

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Giving agents authority to transact
Samuel Tse, Head of Investment and Corporate Finance at Animoca Brands. PHOTO: CYBERPORT

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Samuel Tse, Head of Investment and Corporate Finance at Animoca Brands, focuses on investment opportunities across digital assets and agentic AI. He sees digital identity as essential to allowing AI agents to act on behalf of people while keeping transactions within the permissions they set.

He believes users should set clear rules for what an AI agent can do, allowing it to complete transactions without requiring approval for each one.

“Once agents can prove who they represent, hold digital assets, and move value under clear rules, the economy stops being click-by-click. You set the policy once—who, how much, for what—and the agent transacts inside it.”

He describes applications ranging from everyday payments and transfers to subscriptions, swaps and earning returns on idle funds. “That’s agentic transactions: payments, transfers, subscriptions, swaps, even chasing a better rate on idle cash. Identity is the trust layer. Assets and credentials are the spending authority—always accountable to the human who granted permission.”

In Tse’s account, the human remains the source of that authority. The agent acts within the permissions granted to it.

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Putting AI Agents to Work in Everyday Life

To illustrate how AI agents, digital identity and digital assets might work together, Tse offers a hypothetical Hong Kong parent's weekday.

“A Hong Kong parent’s weekday: top up the child’s Octopus, book a weekend football slot, translate a school notice for the helper, check weather before pickup, restock milk at the member price, and keep leftover budget earning until tomorrow.”

At present, he says, completing these tasks requires navigating services that often operate separately.

“Today that means many apps that don't talk to each other, and rails that struggle with micro payments.”

His proposed alternative brings the tasks together under instructions established by the user.

“With an agent, they set the rules once and let it decide what to do. Identity unlocks trust and member prices without oversharing. Digital assets fit the money—per-use fees, hard limits, yield until spend.”

For Tse, this combination could create opportunities across payments, merchants, identity providers and digital-asset platforms. He compares the potential scale of agentic commerce to an earlier change in how consumers accessed services.

“The iPhone in 2007 rewired how people buy and use services for 20 years. We are just at the beginning of a similar paradigm shift, with outcomes we can barely imagine.”

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Continuing the Conversation at CVCF 2026

Discus Fish and Samuel Tse offer two perspectives on the emerging agentic economy, from the blockchain infrastructure enabling transactions to the digital identity and permissions that allow AI agents to act on people's behalf. At CVCF 2026, these ideas will become part of a wider conversation with the leaders building and investing in this evolving space.

Be part of the conversation. Join industry leaders, founders and investors at CVCF 2026 on 4–5 November and explore the technologies and opportunities shaping the next phase of business.

Exclusive for Ventureport readers: Use code cvcf26vp to access a Full Access Pass for HK$300, subject to confirmation by the organiser.

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Startups

How CYBERTONGUE® Is Taking the Guesswork Out of Dairy Testing

The Canberra biotech startup is helping processors detect spoilage risks before milk reaches the shelf.

Updated

August 13, 2026 1:01 AM

CYBERTONGUE® Food Testing System, developed by PPB Technology. IMAGE: PPB Technology

Anyone who has opened a carton of milk before its expiry date only to find that it smells off or tastes bitter has experienced the problem firsthand. For dairy processors, the same issue can play out across thousands of litres. Milk may pass routine quality checks, make it through production and still spoil before reaching the end of its expected shelf life.  

CYBERTONGUE®, a biosensing platform, is designed to give dairy processors an earlier warning.  

Developed by Canberra-based biotech startup PPB Technology, the compact food testing system allows processors to analyse milk on-site and receive results within minutes. Its first commercial application detects protease, an enzyme linked to spoilage, shorter shelf life and production losses across dairy products.  

Dairy companies already test milk for fat, protein, bacteria, antibiotics and other indicators. Samples from individual farms may be sent to central laboratories, while tanker loads are tested again when they reach processing plants. These checks provide useful information, but they do not always show whether milk will remain stable in a UHT carton, meet a supermarket’s shelf-life requirements or produce the expected amount of cheese.  

Even after heat treatment, protease can continue affecting milk. For processors making UHT milk, fresh milk or mature cheese, that creates a costly blind spot.  

“Right now, dairy processors are working blind on this,” PPB Technology founder Stephen Trowell told Ventureport. “It’s becoming more of a problem as customers expect longer shelf lives and higher quality.”  

CYBERTONGUE® uses engineered biosensing proteins that emit blue and green light. The balance between the two colours changes when the protein reacts with a target substance. The reader measures that shift and calculates how much of the target is present.  

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CYBERTONGUE® software displaying the results of a completed raw milk assay. IMAGE: PPB TECHNOLOGY

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Trowell describes himself as a protein engineer at heart. He spent around three decades at CSIRO, Australia's national science and technology agency, and close to four decades in research before becoming a startup founder. The technology behind CYBERTONGUE® grew out of years of biological research, including earlier experiments involving wine aromas and explosives detection.

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The PPB Technology team with founder Stephen Trowell. IMAGE: PPB TECHNOLOGY

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PPB initially developed its technology to measure plasmin, an enzyme derived from cows. After feedback from the dairy industry, the company shifted its focus to bacterial proteases, which were identified as a more pressing spoilage problem. The platform can make some existing tests faster, but PPB chose to focus first on a measurement previously unavailable to processors.  

“Where we’ve chosen to lead is with a measurement nobody else can do at all,” he said. “The blue ocean, if you like.”  

That focused entry point shapes PPB’s wider strategy. CYBERTONGUE® could eventually test for lactose, allergens, microbial toxins and other targets. Yet launching everything at once would stretch a six-person company too far. Protease gives it a clear route into dairy, where the financial value is easier to demonstrate.  

A processor that detects high protease activity may redirect a batch of milk away from long-life products and use it for yoghurt, curd or another product where the enzyme causes less damage. PPB also says its tests can help trace problems in the milk supply and detect biofilms on processing equipment, allowing factories to take corrective cleaning measures.  

Fresh milk presents another sizeable opportunity, with the global market estimated at around US$81 billion in 2026 and projected to grow at 6.83% annually through 2035. At that scale, even small gains in shelf-life consistency could prevent substantial losses. Supermarkets often require milk to have a minimum amount of shelf life remaining on delivery. Products that fall short may be rejected, discounted or discarded at the processor’s expense. While Australian processors typically aim for a shelf life of 19 to 21 days, they do not always achieve it. CYBERTONGUE® could help them reach that target more consistently.  

Cheese producers face a related issue. Protease can create bitter flavours in hard cheeses and reduce production yield. Cheesemakers add another enzyme, chymosin, during production, often without knowing how much protease activity is already present in the milk. Better information could help them adjust the process and get more value from the same raw material.  

PPB sells the reader as laboratory equipment, but its long-term business model centres on repeat testing. Customers buy the machine, then purchase a PPB reagent cartridge each time they run an assay. Future tests are intended to work on the same reader, making the system more useful as the catalogue expands.  

CYBERTONGUE®’s compact design reflects PPB’s focus on practical onsite testing. The device is small enough to fit into two cupped hands and comes with a tablet running PPB’s software.  

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An operator inserts a sample into a CYBERTONGUE® testing device during an on-site milk analysis. PHOTO: PPB TECHNOLOGY

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At the time of the interview, 13 to 15 systems had been installed with paying customers. PPB had made sales in 11 countries across five continents, with Europe as its largest market.  

Trowell describes PPB as “born global”. While Australia and New Zealand have sophisticated dairy industries, Trowell thinks CYBERTONGUE® may offer even more value in regions where milk quality is less consistent, transport routes are longer or refrigeration is harder to maintain.  

Trowell also believes PPB has a strong competitive moat, with the combination of manufacturing both the hardware and consumable reagents. Patents form one layer, but he does not consider legal protection sufficient on its own. A competitor would need expertise in protein engineering, reagent production, optical hardware, software and dairy processing.  

Calibration adds another barrier. For each new box of reagents, PPB securely uploads the required calibration data to the customer’s machine. A third party could not simply manufacture a cartridge with the same dimensions and expect it to work correctly.  

“We own the whole stack,” Trowell said, referring to everything from the sensing molecule to the hardware, software and cloud platform.  

That said, he accepts that no technology is impossible to copy. His view is that PPB’s mix of scientific knowledge, integrated system and experience in dairy gives it enough of a head start to build a meaningful position before competitors catch up.  

The technology could eventually reach beyond food. Trowell sees possible uses in environmental testing, veterinary care and medical diagnostics, including the analysis of blood, serum or saliva. PPB has already discussed potential applications with organisations outside the food industry.  

For now, however, moving directly into clinical diagnostics would create more risk than opportunity. Medical products can require years of trials, extensive regulatory work and large development budgets. PPB would also need to build new sales channels and choose between many possible clinical uses without knowing which one would attract the strongest demand.  

For these reasons, food testing offers PPB a clearer path. The regulatory barriers are generally lower, customers have immediate operational problems, and PPB has already built relationships in dairy. Once the platform has proved itself commercially, the company could enter other sectors through partnerships or licensing.  

Trowell has held that view for years. The immediate goal is to build a successful food testing company rather than chase the prestige often attached to medical biotechnology.  

The opportunity may also expand as food production becomes more complex. Dairy factories increasingly process oat, soy and other alternatives on equipment that also handles cow’s milk. This creates cross-contamination and allergen risks, offering another potential use for CYBERTONGUE®.  

PPB still has plenty to prove. It must secure repeat reagent orders, convert early trials into wider deployments and expand its test catalogue without compromising accuracy. Scaling an integrated biotech hardware business across international markets will not be simple.  

Still, its approach offers a useful lesson for other deep-tech startups. Instead of beginning with every possible application, PPB picked a specific problem that costs customers money today. It built a product around that pain point, then used the same technology as the foundation for a broader platform.  

As Trowell put it, customers “need it fast, and they need it right.” CYBERTONGUE® is betting that food testing can deliver both.