Hong Kong Banks Scramble to Prepare for Quantum Computing Threat

The Hong Kong Monetary Authority (HKMA) has published a white paper to help banks prepare for potential threats from quantum computing. The regulator introduced the Quantum Preparedness Index (QPI), which measures how ready banks are for the risks posed by quantum computers breaking widely used public-key cryptography.

The current QPI score stands at 2.3 out of 10, indicating a limited maturity in post-quantum planning among institutions. The HKMA found that about half of surveyed banks lack formal post-quantum planning, and warned that failing to prepare could result in severe disruption to the cryptography used in distributed ledgers and payment networks.

The regulator aims for full sector readiness by 2030, with a target QPI score of 10. To achieve this goal, the HKMA is urging banks to begin inventories, conduct risk assessments, and develop migration planning well before quantum capabilities become a practical threat. The authority noted that early actions such as proof-of-concept work, like HSBC's use of quantum-safe technology to move tokenized gold across distributed ledgers, can show up in real settlement experiments rather than remaining purely theoretical.