HKMA and HKUST launch post-quantum cryptography toolkit for banks
Hong Kong Monetary Authority and Hong Kong University of Science and Technology on 2 November released a post-quantum cryptography toolkit to help banks plan transition to quantum-safe systems. The framework aims to move the industry from a readiness score of 2.3 to full preparedness by 2030.
The Hong Kong Monetary Authority (HKMA) and the Hong Kong University of Science and Technology (HKUST), with industry support, on 2 November launched a post-quantum cryptography toolkit (the Toolkit) to provide banks with a systematic and comprehensive framework for planning and advancing their transition to post-quantum cryptography.
The Toolkit helps banks establish clear governance and accountability arrangements, comprehensively assess cryptographic risk exposure, precisely identify transition needs, and monitor implementation progress. It also integrates key planning considerations to facilitate an orderly, risk-based transition.
The Toolkit includes practical tools to help banks conduct assessments and planning, such as inventorying encryption technologies and interdependencies, setting transition priorities, enhancing vendor communication, and developing feasible transition timelines.
To help the banking sector address potential cybersecurity risks from evolving quantum computing, the HKMA in July 2026 launched a Quantum Readiness Index (the Index) to assess banks' preparedness for quantum-safe encryption. The first Index score was 2.3 out of 10, indicating that while banks have begun addressing quantum-related developments, deployment of post-quantum cryptography remains at an early stage. The Toolkit, jointly developed by the HKMA and HKUST, aims to turn awareness into action and drive the industry toward full readiness (a score of 10) by 2030.
HKUST is contributing interdisciplinary expertise in cybersecurity, cryptography, finance, economics, corporate governance, and technology application to address the challenges posed by quantum computing. HKMA Deputy Chief Executive Raymond Ng said the Index provided a clear starting point and the Toolkit helps banks translate awareness into clear responsibilities, accurate priorities, and practical plans, making it easier for banks to begin and steadily advance the transition.
HKUST Business School Dean Professor Christopher Antonsen said preparing for the quantum era is a leadership challenge, and banks can start building knowledge and organisational capabilities even though the timing of quantum threats remains uncertain. The collaboration turns academic research and practical experience into guidance banks can use, starting with practical steps and learning through trials.
The partnership combines the HKMA's regulatory experience, HKUST's academic expertise, and industry insights. The Toolkit will be updated periodically to reflect technological developments, international standards, and implementation experience. The English-language Toolkit is available on the HKMA website's fintech information platform.