The MAS has partnered with DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral to advance quantum security measures in the financial sector.
They signed a Memorandum of Understanding (MoU) to explore the implementation of Quantum Key Distribution (QKD) technology across various banks. This strategic move is aimed at enhancing cybersecurity measures against the potential threats posed by quantum computing.
Quantum computing has the potential to disrupt current cryptographic security by breaking through existing encryption methods. Recognising this threat, MAS has taken proactive steps, including issuing advisories and supporting the adoption of quantum-proof technologies in financial services.
The recent initiatives under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) have further underscored MAS’s commitment to integrating quantum technologies into its cybersecurity framework.
The collaboration will focus on conducting QKD proof-of-concept trials specifically tailored for financial applications. These trials are designed to test the viability and effectiveness of QKD technology in securing sensitive financial communications against cyber threats. Furthermore, the partnership will seek to validate the security features of QKD, such as its ability to detect and thwart eavesdropping attempts, thereby ensuring the integrity of data transmissions within the financial sector.
In addition to technical trials, the MoU emphasizes capacity building among the participants. This initiative aims to foster knowledge exchange and develop the necessary skill sets to support the adoption of quantum security solutions as they become commercially viable.
Mr Vincent Loy, Assistant Managing Director (Technology) at MAS, commented on the significance of this partnership: “As quantum technology advances, it is vital for the financial sector to safeguard against potential cybersecurity threats that may be brought about by the technology.
“The proof-of-concept trials will help MAS and financial institutions better understand QKD’s potential impact on operations and address challenges early. These technology trials can also inform and shape technology and cyber risk management policies towards quantum-proofing our financial systems. We are excited to partner with the industry on this initiative and look forward to the learnings and experience that it will bring to our financial sector.”
