Hong Kong Banks Score 2.3 on Quantum Preparedness Index, Aiming for Full Marks by 2030
The level of quantum computing preparedness among Hong Kong's banking sector has been assessed at 2.3 out of a perfect score of 10. Nearly half of the banks have not documented their plans for transitioning to post-quantum cryptography. On the 27th, the Hong Kong Monetary Authority (HKMA) released a white paper detailing the banking sector's response to the quantum era at the 8th FiNETech conference. The white paper includes the 'Quantum Preparedness Index' calculated by the HKMA. This index was derived from a survey conducted among banks earlier this year. The Quantum Preparedness Index tracks the banks' readiness across four stages: awareness, planning, pilot projects, and actual implementation. The score of 2.3 indicates that most banks are still at the initial stage of 'awareness.' Among the banks surveyed, about 68% have at least minimal awareness or have moved on to the planning or pilot stages. The remaining banks have not yet begun to address quantum risks. The HKMA has set a goal to raise the Quantum Preparedness Index to a perfect score of 10 by 2030. To achieve this, they are developing a post-quantum cryptography toolkit in collaboration with the Hong Kong University of Science and Technology (HKUST). The United States is also on a similar timeline, with President Donald Trump signing an executive order requiring the acquisition of quantum computers by 2028 and transitioning federal systems to post-quantum cryptography by 2030-2031.
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