Hong Kong Regulator Assesses Banks' Preparedness for Quantum Threats
The Hong Kong Monetary Authority (HKMA) has launched a Quantum Preparedness Index (QPI) for the banking sector, with an initial score of 2.3 out of 10. A white paper reveals that 32% of surveyed banks have not started transitioning to post-quantum protection, and about half lack a formal plan. However, approximately 68% are aware of the risks or are in planning/pilot stages.
HKMA aims to raise the sector's readiness to 10 by 2030. It will develop a post-quantum cryptography toolkit with academic and industry partners and conduct training. The regulator warned that future quantum computers capable of running Shor's algorithm could compromise widely used cryptographic systems like RSA and elliptic-curve cryptography. Banks were urged to inventory their cryptographic systems and prepare migration plans, a process that could take years.
HKMA also linked quantum preparedness to Hong Kong's tokenization expansion, citing three issuances of tokenized green bonds since 2023 totaling roughly HKD 16.8 billion. It noted HSBC's 2024 test of quantum-resistant technology for tokenized gold operations. The report referenced warnings that Bitcoin and other cryptocurrencies could be among the first practical targets for quantum attacks.
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