Iris Coleman
Jul 27, 2026 11:23
HKMA introduces Quantum Preparedness Index and whitepaper, aiming to guide Hong Kong banks in post-quantum cryptography readiness by 2030.
The Hong Kong Monetary Authority (HKMA) has taken a significant step toward preparing its banking sector for quantum computing risks. On July 27, 2026, the HKMA launched the Quantum Preparedness Index (QPI) and a comprehensive whitepaper at the eighth edition of its FiNETech series. This initiative aims to provide a structured roadmap for banks to adapt to the transition to post-quantum cryptography (PQC).
The QPI evaluates banks across four dimensions—Awareness, Planning, Pilots, and Practical Preparedness—and assigns a readiness score. The initial score is 2.3 out of 10, indicating that the sector is in the early stages of preparation. According to the HKMA’s survey, 68% of banks are either aware of or actively planning for quantum readiness, but 32% have yet to take tangible steps. Notably, half of the surveyed institutions lack formal post-quantum plans.
Quantum computing, while still nascent, poses a long-term risk to conventional encryption methods. Fault-tolerant quantum systems could eventually break widely used cryptographic standards, making early preparation critical. The HKMA’s initiative aligns with global financial institutions’ growing interest in quantum applications. For instance, JPMorganChase recently partnered with Oxford Quantum Circuits and AMD to explore quantum-AI platforms for financial services. Crédit Agricole CIB is also advancing its quantum computing efforts through a partnership with Pasqal.
The HKMA’s proactive measures include the development of a PQC toolkit in collaboration with the Hong Kong University of Science and Technology. This toolkit will help banks prioritize their transition to quantum-safe cryptography. Additionally, the HKMA plans to host workshops focused on enhancing quantum readiness and exploring future quantum applications responsibly. The ultimate goal is to achieve full sectoral readiness, reflected in a QPI score of 10, by 2030.
Globally, regulators are increasingly attentive to quantum risks. In May 2026, the G7 central banks issued a report warning that quantum computing advances could undermine existing financial infrastructure. Industry estimates suggest that quantum computing could generate $400–$600 billion in economic value for financial services by 2035, primarily through applications like portfolio optimization, risk modeling, and fraud detection.
While practical quantum computing remains in development, initiatives like the HKMA’s QPI provide a critical framework for banks to address future challenges. Hong Kong’s early focus on post-quantum cryptography could strengthen its financial sector’s resilience in an era of rapid technological change.
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