HKMA launches quantum readiness and cybersecurity projects for banks in AI era


Hong Kong’s banking regulator has unveiled four flagship projects, including a quantum computing readiness index, to help the city’s lenders stay competitive and secure in the artificial intelligence era.
The Hong Kong Monetary Authority (HKMA) said the initiatives formed part of its new Fintech Promotion Blueprint, aimed at guiding responsible innovation and preparing the city’s banking sector for rapid technological change. The blueprint was announced on Tuesday in response to industry concerns about risks accompanying the adoption of advanced technologies.

“Computing equals productivity now,” said Arthur Yuen Kwok-hang, deputy chief executive of the HKMA. “But we can’t sacrifice security while making innovations.”

The four projects, which the HKMA will launch in the coming months, are Quantum Preparedness Index, New Risk Data Strategy, Fintech Cybersecurity Baseline, and Supporting Competency Development.

The quantum index comes as the technology is expected to solve complex problems within seconds, though in theory it may also undermine current encryption methods used for data protection and online authentication.

Although experts estimated it would take five to 10 years for quantum computing to reach the scale needed to break encryption, it was important to prepare now, said Carmen Chu Lap-kiu, executive director of banking supervision at the city’s de facto central bank.
Quantum computing is expected to solve complex problems, though in theory it may also undermine encryption methods used for data protection. Photo: Shutterstock
Quantum computing is expected to solve complex problems, though in theory it may also undermine encryption methods used for data protection. Photo: Shutterstock
  • Related Posts

    India should stay firm in US trade talks, test Washington’s resolve: SBI – Firstpost

    India should avoid making premature concessions in its ongoing trade negotiations with the United States and instead hold its ground to strengthen its long-term bargaining position, according to an SBI…

    Continue reading
    Why SK Hynix’s $26.5 billion US listing is a strategic bet on Wall Street – Firstpost

    South Korean memory chip giant SK Hynix has raised $26.5 billion through its American Depositary Receipts (ADR) offering in the United States, marking one of the largest overseas equity offerings…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *