Hong Kong banks score 2.3/10 on quantum readiness, aim 2030

Hong Kong’s banking sector currently shows limited readiness for the long-term security risks posed by quantum computing, according to a new assessment by the territory's financial regulator. On July 28, the Hong Kong Monetary Authority (HKMA) released its inaugural Quantum Preparedness Index (QPI), scoring the sector at 2.3 out of a possible 10. The index is designed to measure how well banks are preparing for the potential of quantum computers to break the cryptographic systems that underpin modern digital finance. The regulator said it aims for the sector to achieve full readiness, defined as a QPI score of 10, by 2030.

The survey underpinning the index found that while 68% of banks have started preparations through awareness, planning, or pilot projects, about half of the surveyed institutions still lack a formal roadmap for adopting post-quantum cryptography (PQC). The white paper accompanying the index warned that a compromise of cryptographic systems could lead to severe operational disruptions and failures of trust across financial services.

The urgency of this transition is heightened by Hong Kong's rapid expansion of tokenized finance and distributed ledger technology,...