Hong Kong Banks Score Just 2.3 Out of 10 on Quantum Readiness, HKMA Finds

The Hong Kong Monetary Authority has released its first Quantum Preparedness Index, revealing that the territory’s banking sector remains largely unprepared for the risks posed by quantum computing, with a score of just 2.3 out of 10.

Awareness Growing, But Action Lagging

According to the whitepaper, unveiled at the FiNETech conference, about 68% of surveyed banks showed at least basic awareness or had entered early planning stages, while the rest had not started at all. Roughly half still lack a formal plan for shifting to post-quantum cryptography, and only a third have begun testing quantum-related tools, despite board-level discussions occurring at about half the banks surveyed.

Why It Matters

Quantum computing poses a long-term threat to the cryptographic systems securing modern finance, including banking infrastructure and blockchains like Bitcoin and Ethereum. Experts have warned of “harvest now, decrypt later” attacks, where encrypted data is stolen today in anticipation of future quantum decryption capabilities. While large-scale quantum machines don’t yet exist, some estimates suggest the risk could materialize as early as 2029.

Path Forward

The HKMA aims to reach a perfect readiness score by 2030, supported by a post quantum cryptography toolkit developed with a local university and a series of industry workshops. The effort mirrors similar initiatives in the United States, where recent executive orders target quantum computing development and federal cryptography migration.