Hong Kong banks score just 2.3 out of 10 on HKMA's first quantum readiness index

The Hong Kong Monetary Authority (HKMA) has published its first Quantum Preparedness Index for the banking sector — and the result is low: 2.3 out of 10. The regulator has set a target of full sector readiness by 2030 as tokenized finance expands, Cointelegraph reports.

• Roughly half of surveyed banks have no formal post-quantum cryptography transition plan at all.
• The index, developed with KPMG and Quinlan & Associates, scores readiness across four dimensions: awareness (2.4), planning (2.5), practical readiness (2.3), and pilot projects (1.8).
• Experts estimate a 49% chance of a cryptographically relevant quantum computer emerging within 10 years, and over 50% within 15 years.

The HKMA plans to run workshops and co-develop a post-quantum cryptography toolkit with academic partners — the approach centers on "cryptographic agility," the ability to swap encryption algorithms without major disruption.

The initiative follows naturally from the HKMA's "Fintech 2030" strategy, where tokenization is one of four strategic pillars: by the end of 2025, Hong Kong had issued HK$29 billion in tokenized deposits and held over HK$14 billion in digital assets under custody, CryptoTimes notes. We've already covered a similar industry-wide concern — a consortium of nine companies including BlackRock and Coinbase pledged $15 million to quantum-proof Bitcoin.

*None of this should be read as personalized investment advice.*