Hong Kong Banks Fall Short on Quantum Readiness

Hong Kong's banks have scored poorly in their quantum readiness assessment, sparking concerns about the sector's vulnerability to quantum threats. According to a recent report by the Hong Kong Monetary Authority (HKMA), the banking sector average came in at a mere 2.3 out of 10 in terms of quantum preparedness.

The HKMA has set a target of reaching a score of 10 by 2030, but current levels suggest that many banks are far from achieving this goal. Roughly half of surveyed banks have no formal post-quantum transition plan, while another 32% haven't even started the transition.

The report highlights the importance of quantum readiness in Hong Kong's financial sector, particularly as it expands tokenization and distributed ledger technology. The HKMA has warned that quantum computers capable of running Shor's algorithm at scale could threaten widely used cryptographic systems, including RSA and elliptic curve cryptography.