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Hong Kong’s banking sector scored 2.3 out of 10 in its first Quantum Preparedness Index, showing that lenders are still at an early stage of preparing for cyber risks linked to quantum computing.
The Hong Kong Monetary Authority launched the benchmark alongside a white paper on July 27. It wants banks to reach a score of 10 by 2030 as the city expands tokenized deposits, digital bonds and blockchain-based settlement.
Half of Surveyed Banks Lack a Formal Quantum Plan
The index measures readiness across four areas: awareness, planning, pilot projects and practical implementation. The initial score was based on a banking-sector survey conducted earlier in 2026.
About 68% of surveyed banks had started raising awareness, developing plans or testing quantum-related technology. The remaining 32% had not begun preparing, while roughly half had no formal plan for adopting post-quantum cryptography.
Only One-Third of Banks Have Started Pilots
Around half of surveyed banks had discussed quantum computing at board level. One-third had started exploring or piloting related applications.
Most institutions remain focused on governance and risk assessment rather than replacing existing cryptographic systems. That leaves the sector closer to early planning than operational deployment.
Quantum Risks Threaten HK$45.8B in Tokenized Assets
Powerful quantum computers could eventually break RSA and elliptic-curve cryptography, which protect online banking, digital signatures and blockchain transactions. Attackers could use that capability to decrypt stored information or forge transaction approvals.
The exposure matters for Hong Kong’s tokenization program. The city has issued three batches of tokenized green bonds worth about HK$16.8 billion since 2023. Tokenized deposits had reached HK$29 billion by early 2026.
Project Ensemble Adds Quantum Risk to Digital Settlement
Project Ensemble is testing settlement using tokenized deposits and other digital money. Those systems depend on cryptographic controls for identity, authorization, and transaction finality.
The HKMA white paper cited one bank that tested post-quantum protection for distributed-ledger connectivity. It also referenced HSBC’s use of quantum-safe technology during a 2024 transfer of tokenized gold.
HKMA and HKUST Will Develop a Post-Quantum Toolkit
The regulator is developing a post-quantum cryptography toolkit with Hong Kong University of Science and Technology’s business school and banking-industry participants. The package will help lenders identify vulnerable systems, set migration priorities and improve their ability to replace cryptographic components.
The HKMA also plans workshops, training and industry guidance, with extra practical support for smaller banks. Future index assessments will track whether lenders move from awareness and planning into testing and operational deployment.
Banks must now inventory the encryption used across payments, identity systems, customer records and tokenized platforms before beginning phased migrations to quantum-resistant standards.
