Responsible Fintech Institute (RFI) and Safeheron have launched a cross-regional pilot to test post-quantum cryptography for digital asset transactions, bringing banks and regulators together to assess how financial institutions can prepare for the potential threat posed by quantum computing.
The pilot will test quantum-resistant infrastructure across wallet generation and on-chain transactions, while also examining cross-border interoperability, operational resilience and governance. The initiative is designed to move post-quantum security beyond theoretical research and into a controlled financial services environment.
The programme centres on a multi-party computation (MPC) protocol supporting ML-DSA-65, the digital signature standard established under the National Institute of Standards and Technology’s FIPS 204 framework. Participants will conduct testing on the quantum-resistant NEAR testnet as they assess how the technology could operate across different financial institutions and jurisdictions.
The project brings regulators into the testing process alongside banks and technology providers. Abu Dhabi Global Market, the Gelephu Financial Services Office and the Malta Financial Services Authority will participate as observers during the initial phase before joining a governance workstream in the next stage.
Banks including Bison Bank and DK Bank will test the shared signing environment, with additional financial institutions reportedly considering joining the programme. The initiative is also expected to produce a whitepaper covering its research, protocol design and testing outcomes, while the underlying technology is planned to be released as open source to enable independent security scrutiny.
The move comes as financial authorities increase their focus on the potential impact of quantum computing on existing cybersecurity infrastructure. A 2025 paper from the Bank for International Settlements highlighted the need for coordinated planning and phased migration towards post-quantum cryptography, while the Hong Kong Monetary Authority has incorporated quantum readiness into its Fintech 2030 strategy, targeting sector-wide quantum readiness by 2030.
The pilot will also explore a proposed non-custodial 2-of-2 MPC structure, designed to keep key ownership with participating institutions while reducing the operational burden of taking part.
Responsible Fintech Institute chairman Chia Hock Lai said, “No single bank, vendor, or regulator solves this alone. By bringing policymakers and financial institutions across jurisdictions together to test the same post-quantum architecture, and transparently sharing that research with every participant, we are building a compliance and security reference the whole industry can stand on – and a standard we all helped write.”
Safeheron chief security & policy officer Jag Foo said, “AI is accelerating the pace of change and likely bringing the quantum threat closer to reality – quantum-ready infrastructure has never been more critical, and the time to act is now. By integrating NIST’s post-quantum signature standard with advanced MPC technology, we are building the architecture required to secure the next generation of financial networks. Safeheron has long advocated for open-source cryptography, because accountability and good governance demand it. We intend to open-source our PQC code. Cryptography securing institutional assets should stand up to independent scrutiny, not ask for trust.”
Bison Bank CEO António Henriques added, “As the financial sector prepares for future cybersecurity challenges, initiatives that encourage collaboration and knowledge-sharing among industry participants are increasingly important. We are pleased to support discussions around post-quantum security and to contribute to broader industry understanding of how financial institutions can prepare for the evolving risk landscape.”
Gelephu Financial Services Office managing director David Peters also commeted, “We welcome the industry’s initiative to identify a reliable protocol that safeguards digital asset transactions. Ensuring the continuing integrity of these transactions and protecting client funds is critical to the smooth functioning of the investment market.”
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