The Signal
HKMA Launches Post-Quantum Toolkit as Banks Lag on Readiness
The Hong Kong Monetary Authority announced a post-quantum cryptography toolkit on November 2, while a July survey found that 32% of respondent banks had not begun transition work. The HKMA says the toolkit offers a framework and practical t
Quantum.world Team · Written with AI · fact-checked ·
Quantum computers have no arrival date; bank migrations take years
The Hong Kong Monetary Authority announced a post-quantum cryptography (PQC) toolkit on November 2, as its preparedness survey showed that many banks had yet to formalize plans for replacing encryption that future quantum computers could threaten. HKMA Chief Executive Eddie Yue said the quantum timeline could be three, five or more years away, while preparing for PQC could itself take several years.
“Hong Kong is well placed to capitalise on new growth opportunities in fintech.”
Eddie Yue, Chief Executive of the Hong Kong Monetary Authority
A 2.3 score exposes the preparation gap
The toolkit was developed by the HKMA and The Hong Kong University of Science and Technology, with support from industry participants. It follows the authority’s first Quantum Preparedness Index score for Hong Kong’s banking sector: 2.3 out of 10, announced in July. The index assesses four areas: awareness, planning, trials and practical preparation.
About 68% of banks surveyed had developed awareness or moved into planning or pilot work, while 32% had not begun transition work. Roughly half had yet to draw up a formal post-quantum plan. The survey covered work conducted in early 2026. It also found that around half of respondent banks had discussed quantum computing at board level, and about one-third had started exploring or piloting related applications.
The HKMA said it aims to support full sector readiness, measured as a score of 10, by 2030. In its July announcement, the authority said it would support the transition with practical guidance, skills training and industry exchange. The measures were intended to help banks prepare for PQC and build relevant capabilities, while exploring potential future applications of quantum technology responsibly.
What the HKMA says its toolkit provides
The toolkit is listed in the HKMA’s regulatory document repository as a current document for all authorized institutions, with an issue date of November 2, 2026. The authority describes it as a structured and comprehensive framework with practical tools to guide banks through their PQC transition journeys. The announcement says the toolkit will evolve through industry application, validation and feedback as PQC standards and implementation practices mature.
Yue described the guidance as covering governance arrangements, assessment plans, implementation and cryptographic agility—the ability to adapt cryptographic systems. In remarks at Hong Kong FinTech Week, he said the HKMA was working with HKUST and industry partners to offer banks a framework and tools for preparing for the transition. The toolkit is presented as guidance for a process that may take years, rather than as a declaration that banks have completed preparations.
From a readiness score to sector preparation
The July survey showed that respondent banks were at different stages: some had awareness or were planning or piloting, while others had not started transition work. The HKMA’s preparedness announcement described the index as a forward-looking measure of maturity in awareness, planning, trials and practical preparation. Its initial result was 2.3 out of 10.
The HKMA and HKUST’s toolkit announcement sets out what the authority is offering to support the next stage: a framework and practical tools for banks, with the material expected to be refined through use and feedback. The July announcement set the authority’s stated target of full sector readiness by 2030. The survey figures provide the baseline against which that target was announced; they do not report a later readiness score.