The Monetary Authority of Singapore (MAS) has announced the successful completion of its Quantum Key Distribution (QKD) sandbox.
The sandbox trialled the use of quantum-safe technology to secure sensitive financial communications within the financial services sector.
Conducted in collaboration with several banks and technology partners, it explored how QKD could strengthen the cybersecurity foundations of Singapore’s financial system.
MAS said a technical report detailing the results, takeaways, and challenges will be published soon.
This follows a milestone achieved in November 2024, when MAS and Banque de France completed an experiment using post-quantum cryptography to secure international electronic communications.
While quantum computing remains in its early stages, MAS noted that the technology is developing rapidly and could eventually render existing encryption methods obsolete, putting sensitive customer data and financial transactions at risk.
To prepare for this emerging threat, MAS published an advisory in February 2024 outlining measures that financial institutions should take as part of a broader quantum-safe transition.
“MAS will start to engage FIs to prepare a roadmap towards quantum-safe transition, as a full transition is complex and will take time.
We will review how FIs manage their cryptographic inventory and identify critical assets to be prioritised for quantum-safe migration,”
said Chia Der Jiun, Managing Director, MAS, at the MAS Annual Report 2024/2025 media conference.
MAS added that it is confident further work by the industry can address existing challenges and pave the way for wider adoption of QKD in the future.
Featured image: Edited by Fintech News Singapore, based on image by legion via Freepik
