More than 40 financial professionals assessed their organizations’ quantum readiness at the inaugural Asia Fintech Forum, moving beyond theoretical discussion to practical application during a workshop led by SpecterAI Quantum Security, the company says. The session centered on Mosca’s inequality (X + Y > Z), prompting participants to quantify data security needs, migration timelines and the relevance of the quantum threat.
“Put the three variables together, and something that sounds like a future technology issue can quickly become a business readiness issue today,” explained workshop co-lead Edmond Tung. Dr. Peter Phuc Huynh, Chairman APAC of SpecterAI Quantum Security, emphasized that institutions need to define what they must protect and how long migration will take, rather than waiting for a specific date.
Mosca’s Inequality Framework Assesses Banking Data Confidentiality Needs
Workshop attendees applied the framework to estimate their own positions and then ranked common banking data by confidentiality requirements. The workshop addressed the specific risk of “harvest now, decrypt later” attacks, where current encrypted data is collected and stored for future decryption with a quantum computer.
Dr. Huynh explained, “Institutions do not need to know the exact date to act. That is what this workshop set out to make concrete.” The session also covered the post-quantum standards finalized by the U.S. National Institute of Standards and Technology in August 2024, specifically FIPS 203, 204 and 205.
Chia Hock Lai, Chairman of the Responsible Fintech Institute, emphasized the importance of proactive security measures for Asia’s financial sector. “To architect Asia’s financial frontier responsibly, our ecosystem must stay ahead of systemic vulnerabilities like ‘harvest now, decrypt later’ threats,” Lai stated. The workshop’s approach of applying Mosca’s inequality to real-world scenarios, rather than simply discussing quantum computing as a future technology, was intended to drive concrete action.
Edmond Tung, workshop co-lead, further clarified that the framework transforms a seemingly distant technological concern into a present-day business readiness issue. “Having experts like SpecterAI engage our delegates with Mosca’s framework moves the industry from passive observation to concrete migration roadmaps; it exemplifies the forward-looking collaboration the Responsible Fintech Institute aims to drive across ASEAN and beyond.” Tung added, “The question is no longer just when will a quantum computer break today’s encryption? The more important question is: will we have enough time to prepare before it does?”
In our workshop, rather than simply talking about quantum computing and post-quantum cryptography, we wanted the audience to think about what it means for their own organizations.
Edmond Tung, workshop co-lead
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