Imminent Quantum Threat: Banks Are Already Preparing In France And Singapore

The Banque de France (BDF) and the Monetary Authority of Singapore (MAS) have achieved a significant milestone in banking security by successfully testing a communication system resistant to quantum attacks. On November 7, 2024, they conducted groundbreaking tests using a specially developed plugin for Microsoft Outlook, allowing the secure exchange of emails through post-quantum cryptography (PQC).

However, implementing this new technology presents several challenges, including the larger size of post-quantum encryption keys, which require infrastructure adaptations. The MAS report identifies the lack of standards for integrating PQC algorithms with current systems as a major hurdle. To tackle these issues, France and Singapore are enhancing their cooperation through initiatives like the Leap project by the Bank for International Settlements, aimed at developing PQC solutions for global payment networks.

The next phase of their collaboration will focus on integrating PQC into real-time payment systems and central bank digital currencies infrastructures, marking a transformative step in securing banking systems against future quantum computing capabilities.