Hong Kong prepares banks for quantum threats amid tokenization push
The HKMA aims to make Hong Kong’s banking sector fully prepared for quantum-related security risks by 2030 as the city expands tokenized finance.
The Hong Kong Monetary Authority (HKMA) has launched a framework to assess banks’ preparedness for quantum-computing threats as the city expands its use of tokenized deposits, digital assets and blockchain settlement.
On Monday, the HKMA introduced a white paper on quantum preparedness and the sector’s first Quantum Preparedness Index (QPI). The index gave the sector an overall readiness score of 2.3 out of 10, while the white paper found that around half of surveyed institutions had no formal post-quantum planning in place. The HKMA said it aims to achieve full sector readiness, represented by a QPI score of 10, by 2030.
The development comes as Hong Kong moves more traditional financial activity onto distributed ledgers. Government figures show that Hong Kong has issued three batches of tokenized green bonds totaling about HK$16.8 billion (about $2.1 billion) since 2023, while the HKMA is advancing tokenized deposits and digital-asset settlement through Project Ensemble.
