HKMA launches quantum preparedness whitepaper and index to support banking sector's readiness for quantum era
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (July 27) the launch of the Whitepaper on Quantum Preparedness of Hong Kong's Banking Sector, together with the first Quantum Preparedness Index (QPI) and relevant support measures for the industry, at the eighth edition of the FiNETech series (FiNETech8)[Note 1]. The Whitepaper and the QPI were developed under the HKMA's Fintech Promotion Blueprint[Note 2], with the aim of enhancing the banking sector's understanding of the implications of quantum computing and supporting early preparation for quantum-related cyber risks.
The Whitepaper covers a survey conducted in early 2026, which suggests that awareness of quantum-related developments is building across the sector. Based on the survey findings, the HKMA released the first QPI. As a forward-looking benchmark, the QPI is assessed across four key dimensions: Awareness, Planning, Pilots and Practical Preparedness.
The initial QPI score is 2.3 on a 10-point scale, reflecting the sector is at an early stage of preparedness, and currently focused on laying the foundation for the quantum era. During the transition to Post-Quantum Cryptography (PQC), banks should also continuously enhance their cyber resilience, tech maturity and innovation capabilities.
Regarding the current state of play, around 68 per cent of the banks surveyed demonstrate awareness or are progressing to planning or piloting stages, while 32 per cent have not yet embarked upon their transition journey. Furthermore, preparedness for the transition to PQC remains uneven, with around half of the banks surveyed having no formal post-quantum planning in place.
The survey also indicates that, while quantum computing is still in its initial phase, some banks have started to engage with both the opportunities and implications of quantum technologies, albeit practical implementation remains limited. Around half of surveyed banks reported that quantum computing had been discussed at board level. In addition, about one-third of all surveyed banks indicated that they had already begun exploring or piloting quantum-related initiatives.
The HKMA will continue to support the banking sector's PQC transition, with the aim of achieving full sectoral readiness (a QPI score of 10) by 2030 through practical guidance, training and industry engagement. Relevant measures include:
- A PQC toolkit, to be co-developed in collaboration with the School of Business and Management of the Hong Kong University of Science and Technology and the industry, designed to assist banks in identifying priorities for transition planning and enhancing cryptographic agility; and
- A series of workshops to help banks build capability, strengthen preparedness for PQC, and explore the potential future use of quantum technologies in a responsible manner.
The full Whitepaper, including detailed QPI findings and recommendations, is available on the HKMA website.
[Note 1]FiNETech8 was co-hosted by the HKMA, Hong Kong Cyberport Management Company Limited, the Fintech Association of Hong Kong and the School of Business and Management of the Hong Kong University of Science and Technology. For details about the FiNETech series:
https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/04/20240426-4/
[Note 2]Fintech Promotion Blueprint,HKMA (2026)
https://www.hkma.gov.hk/media/eng/doc/key-information/press-release/2026/20260203e3a1.pdf
FiNETech8 brought together over 300 practitioners from both the financial services and technology industries to prepare for the quantum era. Source: HKSAR Government Press Releases
The Executive Director (Banking Supervision) of the Hong Kong Monetary Authority, Ms Carmen Chu, delivered opening remarks at FiNETech8 today (July 27), announcing the first Quantum Preparedness Index. Source: HKSAR Government Press Releases
