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1. Singapore, August 14, 2024 – Recognizing the growing threat of quantum computing to cybersecurity, Singapore’s MAS, DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral have joined forces to investigate the potential of Quantum Key Distribution (QKD) to safeguard critical financial transactions.
2. The rapid development of quantum computing technology is posing potential threats to cryptography and encryption algorithms, creating cybersecurity concerns. MAS has since issued recommendations to FIs to safeguard against these threats by exploring quantum security solutions and participating in proof-of-concept trials. To provide funding support for quantum projects and capabilities, MAS has recently launched a quantum track under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0).
3. The MoU establishes a collaborative framework for trialing QKD applications in financial services. In the coming months, MAS and participating banks will conduct proof-of-concept trials in areas such as evaluating QKD’s viability, validating its security properties, and enhancing technical competencies.

• Conduct QKD proof-of-concept trials to assess its suitability for financial sector applications and determine the feasibility of quantum-safe communications.
• Validate QKD’s security properties, including its ability to detect eavesdropping and prevent unauthorized access, to verify its suitability for protecting sensitive data transfers.
• Enhance technical capabilities through knowledge exchange to support the adoption of quantum security solutions.

4. Vincent Loy, MAS’s Assistant Managing Director (Technology), highlighted the need for proactive measures against quantum threats. He emphasized the collaborative nature of the proof-of-concept trials and expressed excitement about the potential benefits for the financial sector.

5. For a list of quotes from the industry, please refer to Annex A. 

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