HKMA launches quantum readiness index, Hong Kong banks score 2.3 out of 10

The Hong Kong Monetary Authority has introduced a Quantum Preparedness Index to measure how ready banks are for cybersecurity risks from quantum computing, giving the sector an initial score of 2.3 out of 10 and setting a target of full readiness by 2030. The benchmark was published with the regulator’s first white paper on quantum preparedness and shows most banks are still in the awareness, planning or pilot stages rather than operating quantum-resistant systems. The survey found that 68% of banks were aware of quantum risks or had moved into planning and pilot work, while 32% had not started the transition at all. About half had no formal post-quantum transition plan, roughly half had discussed the issue at board level, and only about one-third were actively studying or piloting quantum initiatives. The HKMA warned that quantum computers capable of running Shor’s algorithm at scale could threaten widely used cryptographic systems including RSA and elliptic curve cryptography, and said replacing embedded security mechanisms could take years. Hong Kong has linked that preparation effort to its broader push into tokenization and distributed ledger-based finance. Since 2023, authorities have conducted three tokenized green bond issuances totaling about HK$16.8 billion. In February 2026, Hong Kong Financial Secretary Paul Chan said banks in the city held more than HK$14 billion in digital assets under custody, up 180% year over year, while tokenized deposits had reached HK$29 billion. One surveyed bank has completed a pilot applying post-quantum cryptography for distributed ledger connectivity, HSBC tested quantum-resistant technology for tokenized gold operations in 2024, and the HKMA formed an expert group in June 2026 to expand tokenization in the debt market. The broader crypto industry faces the same threat, but without a central regulator to impose a timetable. Bitcoin’s shift to post-quantum cryptography would depend on community consensus, even as proposals including BIP-360 and BIP-361 have been put forward.