Banks score 2.3 on quantum preparedness index
The Hong Kong Monetary Authority published its first whitepaper on quantum computing and Post-Quantum Cryptography on July 26, 2026. Executive Director Carmen Chu announced an initial sector preparedness score of 2.3 out of 10.
Bridging the quantum gap
The HKMA completed its first Quantum Preparedness Survey with full participation from all banks, revealing an overall sector score of 2.3 out of 10. While around 70 percent of banks show general awareness or have begun exploring applications, about 30 percent have not yet started their transition journey.
Executive Director Carmen Chu emphasized that the target score of 10 must be achieved by 2030 to mitigate emerging cryptographic risks.
For banks with existing plans, the average implementation timeframe spans 5.6 years.
To support the transition, the HKMA partnered with HKUST to develop a Post-Quantum Cryptography toolkit and reference architecture.
Managing quantum duality
Quantum computing offers significant efficiency gains for complex problem solving, financial modelling, and fraud detection.
However, it simultaneously threatens the cryptographic foundations that currently secure data and authentication across financial systems.
The whitepaper establishes cryptographic agility as a core recommendation, enabling timely upgrades without operational disruption.
Banks must integrate cryptographic changes deeply into core systems, requiring careful, long-term preparation well before classical encryption methods become obsolete.
A race against time
A score of 2.3 exposes a dangerous level of complacency across a third of the banking sector.
With implementation cycles taking over five years, waiting for regulatory mandates is a strategic error.
Supervisors must enforce strict milestones if banks are to avoid a cryptographic crisis by 2030.