HKMA, HKUST launches PQC toolkit to help banks achieve full quantum readiness by 2030

The Hong Kong University of Science and Technology (HKUST) and the Hong Kong Monetary Authority (HKMA) on Monday launched the post-quantum cryptography (PQC) toolkit, bringing together key planning considerations to facilitate an orderly and risk-based transition for banks.

The toolkit supports banks in establishing clear governance and accountability, assessing cryptographic exposure, identifying transition needs, as well as monitoring implementation progress.

In particular, it includes practical tools to help banks get started with practical assessment and planning, such as taking stock of their cryptographic assets and dependencies, defining transition priorities, strengthening engagements with suppliers, and developing practical transition timelines accordingly.

Targeting Full Quantum Readiness by 2030

Moreover, the toolkit aims to support banks in translating awareness into concrete actions, driving the sector towards full quantum readiness from a quantum preparedness index (QPI) score of 2.3 out of 10 in July – an index the HKMA launched in July to assess the banking sector’s preparedness for quantum-safe cryptography – to a score of 10 by 2030. 

Leadership Challenge

Arthur Yuen Kwok-hang, deputy chief executive of the HKMA, said that as the QPI has established a clear starting point for the sector, the next step is to help banks translate that understanding into clear responsibilities, informed priorities and practical plans.

Frederik Anseel, Dean of the School of Business and Management at HKUST, noted that preparing for the quantum era is a leadership challenge, and banks can build the knowledge and organizational capability they need even while the timing of the threat remains uncertain.

Anseel said the collaboration with the HKMA and industry translates academic research and practical experience into guidance that banks can use, adding that by starting with manageable steps and learning from trials, banks can strengthen their preparedness over time.
 

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓