Hong Kong Monetary Authority whitepaper shows 68% of banks plan for quantum era.

The Hong Kong Monetary Authority has released its first Quantum Preparedness Index, revealing the banking sector currently scores 2.3 out of 10 in readiness for quantum-related cyber risks. A survey of banks conducted in early 2026 indicates that 68 percent are now aware of, or actively planning for, the quantum era, though half still lack formal post-quantum planning. This initial assessment, detailed in a new whitepaper, benchmarks awareness, planning, pilots, and practical preparedness as the industry lays the foundation for a future shaped by quantum computing.

Quantum Preparedness Index Measures Banking Sector Readiness

The banking sector’s readiness for quantum-related cyber threats is remarkably low, according to the newly released Quantum Preparedness Index from the Hong Kong Monetary Authority. Scoring 2.3 out of 10, the initial assessment reveals the industry is in the earliest stages of preparing for a future where current encryption methods could be rendered obsolete by quantum computers. This benchmark, developed under the HKMA’s Fintech Promotion Blueprint, assesses banks across four key areas: awareness, planning, pilots, and practical preparedness, providing a granular view of the challenges ahead. While the threat of quantum decryption remains largely theoretical, the HKMA’s whitepaper, released alongside the QPI, indicates a growing recognition of the need to prepare. The survey conducted in early 2026 found that approximately 68 percent of banks surveyed either demonstrate awareness of quantum developments or are actively planning or piloting solutions.

However, this proactive engagement is not universal; around 32 percent have yet to begin their transition, suggesting a considerable portion of the sector remains vulnerable. The survey also revealed that roughly half of the banks surveyed currently lack any formal post-quantum planning, despite increasing awareness of the potential risks. The HKMA intends to address this gap through a series of initiatives, aiming for full sectoral readiness, a QPI score of 10, by 2030. These include a Post-Quantum Cryptography toolkit, co-developed with The Hong Kong University of Science and Technology, designed to help banks prioritize transition planning and enhance cryptographic agility. The HKMA states that during the transition to Post-Quantum Cryptography, banks should also continuously enhance their cyber resilience, tech maturity and innovation capabilities. A series of workshops will focus on building bank capabilities and exploring responsible applications of quantum technologies. The full whitepaper, detailing the QPI findings and recommendations, is available on the HKMA website, offering a detailed roadmap for navigating the quantum era.

This benchmark aims to gauge the industry’s understanding of quantum risks and support proactive preparation. Despite increasing awareness, a substantial gap exists between recognizing the threat and actively preparing for it. Discussions are occurring, and around half of surveyed banks reported quantum computing being discussed at board level, but concrete action is lagging.