Singapore – With the proliferation of cyber risks in the financial industry, the Monetary Authority of Singapore has recently signed a memorandum of understanding with the country’s leading banks, including DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral.
The initiative, formalised on August 14, 2024, is designed to explore quantum security solutions to combat cyber threats in financial services. It further aims to create a framework for the country to test QKD solutions provided by SPTel and SpeQtral.
This will be centred on evaluating QKD’s potential in financial services, validating its security features, and enhancing technical expertise through knowledge exchange.
Vincent Loy, assistant managing director (technology) at MAS, said, “As quantum technology advances, it is vital for the financial sector to safeguard against potential cybersecurity threats that may be brought about by the technology. The proof-of-concept trials will help MAS and financial institutions better understand QKD’s potential impact on operations and address challenges early.”
“These technology trials can also inform and shape technology and cyber risk management policies towards quantum-proofing our financial systems. We are excited to partner the industry on this initiative and look forward to the learnings and experience that it will bring to our financial sector,” added Loy.
