MAS and Banque de France Successfully Test Quantum-Resistant Email Security, Paving Way for Secure Financial Networks
The Monetary Authority of Singapore (MAS) and Banque de France (BDF) have completed a groundbreaking experiment implementing post-quantum cryptography (PQC) for secure email communications, marking a crucial step toward protecting financial networks against future quantum computing threats.
The joint initiative successfully demonstrated the integration of quantum-resistant cryptographic algorithms, specifically CRYSTALS-Dilithium and CRYSTALS-Kyber, within Microsoft Outlook using a specialized PQC email plugin. This hybrid approach combines existing security protocols with post-quantum algorithms, ensuring compatibility with current systems while preparing for emerging quantum threats.
“Financial institutions that prepare early for the quantum era will not only mitigate future risks but also position themselves to retain public trust in digital financial services,” said Jacqueline Loh, Deputy Managing Director of Corporate Development at MAS.
While the initial focus was on securing email communications, the experiment revealed broader implications for the financial sector. The technical findings highlighted the need for standardization beyond PQC algorithms themselves, extending to application protocols, public key infrastructure, and digital certificates.
Denis Beau, First Deputy Governor at BDF, emphasized the timeliness of this initiative: “Although quantum computing opens up promising new prospects in various fields, it also brings a threat to cyber security. The results reassure us of our ability to make our inter-institutional communications resilient.”
Looking ahead, both institutions plan to expand their collaboration to apply PQC technology to critical financial transactions, particularly cross-border payments. This next phase will explore the practical challenges of integrating quantum-resistant security measures into existing payment network infrastructure.
The successful experiment represents a proactive step in addressing the “harvest now, decrypt later” threat, where adversaries could store encrypted data today for decryption once quantum computers become available. By pioneering these security measures, MAS and BDF are helping to future-proof the global financial system against emerging quantum threats.
