The Hong Kong Monetary Authority (HKMA) has raised concerns regarding the banking sector's readiness for quantum computing, revealing a low score on its inaugural Quantum Preparedness Index.

HKMA Releases Quantum Preparedness Index for Banking Sector

By Omkar Godbole| Edited by Sheldon Reback July 28, 2026, 7:55 a.m. 2 min read

  • The banking sector received a score of only 2.3 out of 10 on the Quantum Preparedness Index.
  • Many banks are still in the awareness phase, with few having established formal plans or pilot initiatives for post-quantum cryptography.
  • The HKMA aims to elevate the industry's score to 10 by 2030 through various tools, workshops, and training programs, as global regulators, including those in the U.S., advocate for simultaneous timelines for quantum advancements and security upgrades.

The HKMA published a whitepaper on the banking sector's readiness for quantum technology on Monday, which included the initial reading of its Quantum Preparedness Index. The score was a concerning 2.3 out of 10.

This score indicates that the banking industry in Hong Kong is just beginning to understand the risks associated with quantum technology, even as experts warn that the quantum era is approaching.

Unveiled at the eighth FiNETech conference and based on a survey from earlier this year, the report suggests that while awareness is increasing, actual preparation is lagging significantly. Approximately 68% of the banks surveyed demonstrated some level of awareness or were in the planning or pilot phases, while the remaining banks had not yet begun preparations. Nearly half of the institutions have not formalized a strategy to transition to post-quantum cryptography. Furthermore, although discussions at the board level had occurred in about half of the banks, only one-third had started to explore or test quantum technologies.

In summary, banks in Hong Kong are still at the foundational stage of developing quantum capabilities, which is one of four stages tracked by the index, along with planning, pilot projects, and practical readiness.

This lack of preparedness is critical, given that quantum computing poses significant long-term risks to the cryptography that underlies modern financial systems. Banks are particularly susceptible to "harvest now, decrypt later" attacks, which have been identified by the Bank for International Settlements' Project Leap as an urgent threat to the financial landscape.

The term "harvest now, decrypt later" refers to the possibility of malicious actors accumulating encrypted banking data today and waiting for quantum technology advancements to decrypt it later. This same vulnerability extends to blockchains like Bitcoin and Ethereum, putting contemporary finance at risk.

While robust quantum machines capable of breaching bank security and blockchains do not currently exist, predictions for when this risk could materialize begin as early as 2029.

The HKMA has set its sights on achieving a perfect score of 10 on the Quantum Preparedness Index by the year 2030. To reach this goal, the authority is introducing practical resources, including a post-quantum cryptography toolkit developed in collaboration with the business school at Hong Kong University of Science and Technology, along with a series of workshops aimed at enhancing banks' skills, improving their adaptability to cryptography, and exploring quantum opportunities responsibly.

The HKMA is not acting alone in this initiative. Recently, President Donald Trump signed two executive orders. One order seeks to expedite the development of U.S. quantum computing, targeting the creation of a machine powerful enough for scientific research by 2028. The other directive mandates the federal government's transition to post-quantum cryptography by 2030-31.