Insider Brief
- The Hong Kong University of Science and Technology (HKUST) and the Hong Kong Monetary Authority (HKMA) have launched a Post-Quantum Cryptography (PQC) Toolkit to help banks plan their transition to quantum-safe cryptography.
- The toolkit provides guidance and practical tools for assessing cryptographic assets and dependencies, setting migration priorities, assigning responsibilities and developing transition timelines.
- The initiative supports the HKMA’s goal of raising the banking sector’s Quantum Preparedness Index (QPI) from 2.3 out of 10 in July 2026 to 10 by 2030.
PRESS RELEASE — The Hong Kong University of Science and Technology (HKUST) and The Hong Kong Monetary Authority (HKMA) today (2 November) launched the Post-Quantum Cryptography (PQC) Toolkit (Toolkit), with support from industry participants. The Toolkit sets out a structured and comprehensive framework to guide banks in planning and advancing their PQC transition journeys.
The Toolkit supports banks in establishing clear governance and accountability, assessing cryptographic exposure, identifying transition needs, as well as monitoring implementation progress. The Toolkit also brings together key planning considerations to facilitate an orderly and risk-based transition.
In particular, the Toolkit includes a suite of practical tools to help banks get started with practical assessment and planning, such as taking stock of their cryptographic assets and dependencies, defining transition priorities, strengthening engagements with suppliers and developing practical transition timelines accordingly.
In response to the potential cybersecurity risks associated with future advances in quantum computing, the HKMA launched the Quantum Preparedness Index (QPI) 1 in July 2026 to assess the banking sector’s preparedness for the quantum-safe cryptography. The initial QPI score of 2.3 out of 10 indicated that, while the sector had begun addressing quantum-related developments, its overall readiness for the transition to PQC remains at an early stage. Co-developed by the HKMA and HKUST, the Toolkit aims to support banks in translating awareness into concrete actions, driving the sector towards full quantum readiness, that is, a QPI score of 10 by 2030.
The collaboration reflects HKUST’s role in advancing understanding of emerging technologies and their implications for business and society. Drawing on the multidisciplinary expertise across cybersecurity, cryptography, finance, economics, corporate governance, and technology applications, HKUST is contributing to one of the critical challenges emerging from advances in quantum computing.
Mr. Arthur YUEN, Deputy Chief Executive of the HKMA , said, “The Quantum Preparedness Index has established a clear starting point for the sector. The next step is to help banks translate that understanding into clear responsibilities, informed priorities and practical plans. Through our collaboration with HKUST and the industry, the Toolkit provides a common foundation that banks can adapt to their own circumstances. Our aim is to make it easier for banks to begin the work and sustain progress throughout the transition.”
Prof. Frederik ANSEEL, Dean of the School of Business and Management at HKUST (HKUST Business School) , said, “Preparing for the quantum era is a leadership challenge. Banks can build the knowledge and organizational capability they need even while the timing of the threat remains uncertain. Our collaboration with the HKMA and industry translates academic research and practical experience into guidance that banks can use. By starting with manageable steps and learning from trials, banks can strengthen their preparedness over time.”
The collaboration brings together the HKMA’s supervisory perspective, HKUST’s academic expertise and practical insights from the industry. Through this co-development approach, the Toolkit will be updated over time to reflect evolving technological developments, international standards and industry implementation experience. The PQC Toolkit is available via this link .