To Counter Quantum Threat, Hong Kong Plans Overhaul of Financial Encryption

At Hong Kong FinTech Week 2025, Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA), summarizes the achievements of the “Fintech 2025” strategy and unveils “Fintech 2030.” Photo: HKMA

At Hong Kong FinTech Week 2025, Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA), summarizes the achievements of the “Fintech 2025” strategy and unveils “Fintech 2030.” Photo: HKMA

The Hong Kong Monetary Authority (HKMA) plans to develop a blueprint for transitioning to post-quantum cryptography (PQC) to future-proof the city’s financial system against the threat of quantum computers breaking current encryption methods.

The initiative is part of the central bank’s new “Fintech 2030” vision unveiled this week.

Howard Lee, a deputy chief executive at the HKMA, described the plan as initiating a project with banks to ensure an adequate response is ready before quantum computing becomes a tangible threat. He said that while the risk is not immediate, the HKMA wants the industry to take the potential danger seriously and prepare in advance.

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