Hong Kong Prepares Banks for Quantum Threats
The sector scored 2.3 out of 10, with 68% of banks starting preparations and about half still lacking a formal post-quantum cryptography plan.
- On Monday, the Hong Kong Monetary Authority launched its first Quantum Preparedness Index , scoring the banking sector 2.3 out of 10 and indicating institutions are still building foundations for the quantum era.
- Banks face immediate "harvest now, decrypt later" attacks where malicious entities stockpile encrypted data, with security risks potentially emerging by 2029 when quantum machines could break RSA and other encryption standards.
- Survey results show 68 percent of banks have begun preparations by raising awareness or launching pilot projects, while 32 percent have yet to take any steps toward quantum readiness.
- To reach full sector readiness by 2030, the HKMA is rolling out a post-quantum cryptography toolkit and workshops to help banks build skills and improve crypto agility.
- This initiative supports the HKMA's Fintech 2030 strategy, which prioritizes tokenization and blockchain settlement through Project Ensemble, advancing tokenized deposits and digital-asset settlement across Hong Kong.
15 Articles
15 Articles
Key points of the Sei Labs News presented SIP-5, a governance proposal that allows existing accounts to adopt quantum-resistant cryptography without changing addresses, balance sheets or transaction history. The framework seeks to preserve compatibility while strengthening long-term security. The proposal comes years before quantum computers pose a practical threat, offering developers, wallets and users enough time to prepare without having to …
Banks in Hong Kong Brace for Quantum Risks During Tokenisation Expansion
Hong Kong’s Monetary Authority has introduced a new assessment framework and the Quantum Preparedness Index (QPI) to evaluate banks’ resilience against future quantum computing threats. The move comes as the city expands tokenised deposits, digital assets, and blockchain-based settlement systems. The regulator aims to raise the banking sector’s preparedness to the highest level by 2030 while encouraging the adoption of post-quantum security meas…
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