MAS partners with banks, tech on quantum security enhancement

The central bank also launched a grant scheme to fund quantum projects.

The Monetary Authority of Singapore (MAS) signed an agreement with DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral to enhance quantum security and study the application of Quantum Key Distribution (QKD) in financial services.

This initiative aims to assess QKD's effectiveness in quantum-safe communications, validating its security features such as detecting eavesdropping attempts, and enhancing technical skills amongst participants to support future adoption of quantum security solutions.

QKD can help financial institutions protect the cryptographic key exchange to address the cybersecurity threats of quantum computing.

In February, MAS advised all financial institutions on the cybersecurity risks associated with quantum technology and gave recommendations on safeguarding, including carrying out proof-of-concept trials with quantum security solutions.

MAS also launched a quantum track under the Financial Sector Technology and Innovation Grant Scheme to provide funding support for quantum projects and capabilities.