Hong Kong Monetary Authority Rates Banks' Quantum Computing Preparedness at 2.3 Points

The Hong Kong Monetary Authority (HKMA) has rated banks' preparedness for quantum computing at 2.3 out of 10 and urged that preparations for post-quantum cryptography (PQC) transitions should be made before the first attack occurs. Arthur Yu, Deputy Chief Executive, emphasized during a seminar on July 6 that banks must complete their preparations for the PQC transition, explaining that artificial intelligence (AI), distributed ledger technology (DLT), high-performance computing, and quantum computing should be introduced to enhance security and trust. This statement is a policy message rather than a binding supervisory regulation, and the HKMA stated it will continuously assess each bank's Quantum Preparedness Index (QPI). According to the white paper "Quantum Readiness of Hong Kong's Banking Sector" released on July 27, about 68% of the surveyed banks are in the awareness, planning, or pilot stages, while 32% have not yet started responding, and nearly half do not have formal PQC transition plans. The QPI is evaluated across four areas: awareness, planning, piloting, and practical readiness, with the HKMA setting a goal to raise the QPI to 10 points by 2030. Additionally, the HKMA plans to develop a PQC toolkit and conduct practical workshops, emphasizing the need for personnel with technical capabilities and communication skills.

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