The Monetary Authority of Singapore has partnered with the Banque de France to test new protections to shield financial communications and data from potential quantum computing risks. This collaborative initiative employed post-quantum cryptography (PQC) algorithms together with existing methods to sign and encrypt email messages.

Using Microsoft Outlook paired with PQC plugins, including CRYSTALS-Dilithium and CRYSTALS-Kyber, Monetary Authority of Singapore and Banque de France reported the successful exchange of digitally signed and encrypted emails. However, their findings suggest that simply standardising PQC cryptographic algorithms and libraries for digital signatures and encryption is insufficient. The two entities highlighted that broader PQC adoption and compatibility will require further standardisation in application protocols and frameworks, such as public key infrastructure, digital certificates, key exchanges, and secure email systems.

The two organisations also see promising opportunities for this technology to integrate with payment networks, helping financial institutions protect sensitive information against the emerging threat of quantum computing. Preparing finance for a quantum-safe future According to the announcement, the Monetary Authority of Singapore remains committed to exploring strategies to counteract this looming cybersecurity threat. In August, the agency collaborated with several banks and tech vendors, including DBS Bank, HSBC, and SPTel, to explore how quantum key distribution (QKD) solutions might defend against quantum-related cyber risks.

Looking ahead, Monetary Authority of Singapore plans to advance its work with Banque de France, with upcoming trials focusing on using PQC for essential financial activities, particularly cross-border transactions on payment networks. Officials from the Monetary Authority of Singapore stated that emphasis is now shifting to cryptographic agility, ensuring systems are adaptable and can integrate quantum-resistant algorithms. Financial institutions that proactively prepare for the quantum era will not only mitigate future risks but also strengthen public trust in digital financial services.

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