Hong Kong Monetary Authority Introduces Quantum Preparedness Index for Banks

On July 28, 2026, the Hong Kong Monetary Authority (HKMA) released a whitepaper detailing the banking industry's readiness for quantum computing, presenting its inaugural Quantum Preparedness Index. The index revealed a concerning score of only 2.3 out of 10, indicating that while awareness is growing, actual preparedness for quantum technology remains significantly lacking.

According to the HKMA, most banks are primarily in the awareness stage, with a large portion having no formal plans for post-quantum cryptography initiatives. The whitepaper, which was launched at the eighth FiNETech conference, shows that around 68% of surveyed banks are aware of the implications of quantum technology or are beginning to plan, yet about half lack formal plans for transitioning to post-quantum systems.

The HKMA notes, "Only one-third of banks have initiated any explorations regarding quantum technologies." This lack of advancement is critical, as financial institutions are particularly vulnerable to new threats posed by quantum computing, such as "harvest now, decrypt later" attacks. This tactic could potentially allow malicious actors to stockpile encrypted data until they obtain the quantum computing power necessary to crack it.

Furthermore, while extensive capabilities for quantum decryption are not yet in place, experts predict that by as early as 2029, the risks of quantum attacks will begin to materialize. The HKMA is targeting a score of 10 on its Quantum Preparedness Index by 2030, aiming to achieve this through the delivery of practical toolkits and skill-building workshops in collaboration with Hong Kong University of Science and Technology.

The rising need for advanced measures is echoed in various regulatory efforts globally. For example, the U.S. government has initiated steps to bolster its quantum computing development and is aiming for a transition to post-quantum cryptography by 2030-31.

This ongoing shift in technology adaptation highlights the urgent requirement for institutions to formulate robust strategies ahead of potential quantum threats, impacting their operational security and overall financial integrity.

Financial regulators and institutions must therefore remain vigilant and proactive in their approaches to embrace and prepare for the quantum era.