Adoption to advancement: the HKMA looks beyond the quantum horizon

[AmandaK]

It’s fair to say that when the Hong Kong Monetary Authority speaks, the market listens. That’s because the HKMA operates centrally to the economy of the region, influences the Hong Kong Dollar, and is often a bridge between global capital interests and the economy of China, via the Offshore Renminbi Market.

This week, the HKMA released a key update for the financial sector, entitled the Fintech Promotion Blueprint. It’s an important document, marking the general shift in fintech strategy from ‘adopting’ technology to strategically ‘advancing’ it. In effect, it points out that the financial sector is at an inflection point, and unsurprisingly, it doesn’t hold back when it comes to quantum-readiness. In fact, it forms a ‘critical pillar’ of future financial security.

The most significant PQC-specific announcement is the launch of the Quantum Preparedness Index. It’s designed to ensure that Hong Kong’s financial infrastructure is resilient in the quantum era, by providing:

1. - A current-state analysis of where banks stand today in light of the quantum threat.
2. - A measurable target roadmap for the next few years, giving the HKMA a data-driven approach to transition.

From our perspective at PQShield, the HKMA’s position is one to watch, as it’s inevitable that more detail will follow. Hong Kong’s proactive approach certainly reflects the global recognition that quantum-safe infrastructure is required long before cryptographically relevant computers arrive – in other words, the world of today needs to be ready now, for the threats of tomorrow.

Read the full report from the HKMA here.

Link to Press Release