Hong Kong's Banks Scored 2.3 Out of 10 on Quantum Readiness. The Fix Is Boring, and That Is the Point

On 2 November 2026, Hong Kong FinTech Week saw the Hong Kong Monetary Authority and the Hong Kong University of Science and Technology introduce a Post-Quantum Cryptography Toolkit for banks. This came just a month after the HKMA launched its Quantum Preparedness Index, which measures the sector's readiness for quantum-safe cryptography.

The inaugural score was 2.3 out of 10, indicating a lack of practical readiness. This score reflects the sector's awareness, planning, pilot projects, and actual readiness. A score of 2.3 means the banking sector has begun paying attention but barely commenced the necessary work. Half of the surveyed banks had no formal post-quantum plan, and 32 percent had not even started the transition.

The HKMA chief executive, Eddie Yue, cautioned that quantum computing could arrive within three to 15 years and potentially break existing cryptography quickly once it does. The toolkit includes four essential steps: governance and accountability, assessing cryptographic exposure, identifying transition needs and setting priorities, and monitoring implementation progress.

While the toolkit is available through the HKMA's Fintech Knowledge Hub, it does not specify specific algorithms or set deadlines for individual banks. The focus is on the sector-level goal of achieving a QPI score of 10 by 2030, signifying full quantum readiness. This initiative is crucial not just for banks but for any organization dealing with sensitive data, as preparing for the quantum era presents a significant leadership challenge.