To Counter Quantum Threat, Hong Kong Plans Overhaul of Financial Encryption
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The Hong Kong Monetary Authority (HKMA) plans to develop a blueprint for transitioning to post-quantum cryptography (PQC) to future-proof the city’s financial system against the threat of quantum computers breaking current encryption methods.
The initiative is part of the central bank’s new “Fintech 2030” vision unveiled this week.
Howard Lee, a deputy chief executive at the HKMA, described the plan as initiating a project with banks to ensure an adequate response is ready before quantum computing becomes a tangible threat. He said that while the risk is not immediate, the HKMA wants the industry to take the potential danger seriously and prepare in advance.
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- The HKMA will develop a blueprint for post-quantum cryptography (PQC) to protect Hong Kong’s financial system.
- This forms part of the “Fintech 2030” vision and aligns Hong Kong with other economies preparing for quantum threats.
- The HKMA is consulting industry stakeholders, planning guidance for PQC adoption, and linking these efforts to its push for financial product tokenization.
- BlackRock
- BlackRock, a global asset manager, views the potential threat from quantum computing as a significant risk factor. This was noted in a May 2024 filing, highlighting the growing global concern about quantum computers' ability to compromise current encryption methods.
- May 2024：
- Global asset manager BlackRock cited the potential threat from quantum computing as a risk factor in a filing.
- August 2024：
- The U.S. National Institute of Standards and Technology officially released its first three post-quantum cryptography (PQC) standards.
- March 2025：
- The U.K.’s National Cyber Security Centre published a national roadmap, expecting to complete a full migration to PQC by 2035.
- 2025：
- The Hong Kong Monetary Authority (HKMA) unveiled its 'Fintech 2030' vision.
- 2025：
- The HKMA initiated a project with banks to ensure an adequate response is ready before quantum computing becomes a tangible threat.
- 2025：
- The HKMA started discussions with banks, technology firms and solution providers to gauge risk assessments and response strategies regarding PQC.
- 2025：
- The HKMA planned to offer guidance and support to help the banking sector prepare for the implementation of PQC.
- 2025：
- The HKMA linked its PQC initiative to its ambition to promote the tokenization of financial products as a core element of its 'Fintech 2030' vision.
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