Singapore: Monetary Authority of Singapore and industry partners published report on quantum-safe communications in financial sector

On 29 September 2025, the Monetary Authority of Singapore (MAS), together with Development Bank of Singapore, Hongkong and Shanghai Banking Corporation, Oversea-Chinese Banking Corporation, United Overseas Bank, Singapore Power Telecommunications and SpeQtral, published a technical report after completing a proof-of-concept sandbox on Quantum Key Distribution (QKD) for secure financial communications. The initiative applies to financial institutions involved in data transfer and communications infrastructure. The sandbox tested QKD’s technical viability and found that it can strengthen network security, including links between data centres and bank premises. The report highlighted the need for better interoperability between QKD providers and stronger security standards for tamper-resistant, auditable trusted nodes. The Monetary Authority of Singapore also noted that strong management support and sufficient resources are vital for advancing quantum-safe initiatives.