The Monetary Authority of Singapore, working with DBS, HSBC, OCBC, UOB, SPTel and SpeQtral, has published a technical report summarising a proof-of-concept sandbox that evaluated the use of Quantum Key Distribution (QKD) to support quantum-safe communications in the financial sector. The sandbox deployed a QKD solution jointly provided by SPTel and SpeQtral to validate that QKD can be used to securely transfer sensitive data, and is positioned as part of MAS’s wider work following an August 2024 memorandum of understanding between the parties and a 2024 post-quantum cryptography (PQC) experiment with Banque de France. The report highlights QKD’s potential to strengthen security for connections including between data centres and financial institution premises, while flagging the need for stronger QKD security assurance and comprehensive standards for tamper-resistant, auditable trusted nodes with multi-layer security measures. It also points to interoperability challenges across different QKD providers and the need for seamless integration into diverse IT environments, alongside organisational requirements such as senior management backing to build in-house capability and fund quantum-safe initiatives. Separately, MAS and the same group of partners have been jointly appointed by the Infocomm Media Development Authority of Singapore to be a network operator for Singapore’s National Quantum-Safe Network Plus.

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