Singapore, 29 September 2025 - The Monetary Authority of Singapore (MAS), in collaboration with DBS, HSBC, OCBC, UOB, SPTel and SpeQtral[1], has successfully completed a proof-of-concept (PoC) sandbox to evaluate the use of Quantum Key Distribution (QKD)[2] for secure communications in the financial sector. This follows the signing of a Memorandum of Understanding (MoU) between the parties in August 2024 to explore the technical viability, effectiveness and applicability of quantum-safe technologies in financial services, as well as the Post-Quantum Cryptography (PQC) experiment with Banque de France last year.
Bolstering cyber resilience and securing financial services against quantum threats
The QKD sandbox enabled MAS and the participating banks (DBS, HSBC, OCBC, and UOB) to collaborate and deepen our understanding of quantum security technologies, such as QKD. The sandbox also provided insights into the benefits and limitations of QKD solutions, that will guide MAS and the participating banks in making informed decisions on quantum-safe strategies and bolster the sector’s cyber resilience against quantum threats.
Through the sandbox, MAS and the participating banks were able to deploy a QKD solution jointly provided by SPTel and SpeQtral to validate that QKD can be used to securely transfer sensitive data.
A technical report detailing the results and takeaways from the sandbox was published today. Key findings highlighted in the report include:
- QKD has the potential to strengthen the security of communication networks. Financial institutions (FIs) can use QKD to secure connections, including between data centres and FI premises.
- Need for QKD providers and the telecommunications sector to continue strengthening QKD security assurance. This includes establishing comprehensive standards for tamper-resistant, auditable trusted nodes[3] with multi-layer security measures.
- More work needs to be undertaken to achieve greater interoperability between different QKD providers. For QKD to be widely adopted in the financial sector, it needs to be able to readily interoperate across different QKD providers and seamlessly integrate into FIs’ diverse IT environments.
Beyond the valuable technical takeaways, the sandbox also highlighted the need for strong senior management support to build in-house competency and allocate sufficient budget and resources to work on quantum-safe initiatives.
Mr Vincent Loy, Assistant Managing Director (Technology) and Chief Technology Officer, MAS, said, “MAS is committed to collaborating with the financial industry to trial promising cybersecurity technologies that can help to safeguard critical financial systems and data against emerging quantum threats. The QKD sandbox marks a significant step in exploring the potential use of quantum-safe solutions within IT systems and networks within the financial sector. The insights gained have enhanced our understanding of QKD technology, helped explore possible ways to strengthen the cyber resilience of Singapore’s financial sector, and uplifted the capabilities of financial institutions to respond to potential cybersecurity threats posed by quantum computing.”
For a list of quotes from the industry, please refer to Annex A.
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For media queries, please contact:
Hidayah Rahim
Deputy Director (Communications)
Tel: +65 64225609
Email: hidayah_rahim@mas.gov.sg
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Annex A: Quotes from the industry
- Mr Eugene Huang, Group Chief Information Officer, DBS, said, “DBS is pleased to have contributed towards this industry milestone as Singapore continues to reinforce the resiliency of our financial system with quantum-safe networks. Having partnered our banking and technology peers to pilot the deployment of QKD to bolster network security, we now have a clearer understanding of the security standards and implementation challenges that need to be addressed to build a robust quantum strategy. With cybersecurity threats becoming increasingly sophisticated, DBS is committed to deepening our collaboration with the MAS and industry to ensure that banking services remain safe, secure and resilient for our customers.”
- Ms Tancy Tan, Chief Operating Officer, HSBC Singapore, said, "We are delighted to have participated in this consortium, which has provided valuable insights on QKD not just for us but for the entire financial sector. The migration to quantum safety is not only a necessity, but also an opportunity to develop novel technologies and enhance long-term quantum cybersecurity resilience. QKD can provide, in a defence-in-depth approach, added security in those places where it is most important, and is a milestone on the path toward fully functional quantum networks. With the recent establishment of our Quantum Centre of Excellence in Singapore, HSBC is committed to partnering with the Singapore ecosystem to drive the advancement of quantum technology."
- Mr Praveen Raina, Head of Group Operations and Technology, OCBC, said, “We thank MAS for facilitating this impactful industry collaboration. This initiative has deepened our understanding of quantum key distribution and its practical applications. As quantum technology continues to present both opportunities and challenges, we have made strategic investments in infrastructure, talent development and upskilling, while actively engaging with leading ecosystem players. We remain steadfast in our support of Singapore’s ambition to establish itself as a global leader in quantum innovation.”
- Mr Lawrence Goh, Head of Group Technology and Operations, UOB, said, “We are honoured to have successfully participated in the QKD sandbox with MAS and our industry peers. The sandbox has given all of us a glimpse of the potential as well as challenges presented by quantum security technologies in safeguarding communications in the financial sector. We will be looking very closely into this area and are committed in contributing to the resilience of the financial sector against quantum security threats.”
- Mr Lum Chune Yang, Co-Founder and Chief Executive Officer, SpeQtral, said, “Through this PoC, we've achieved significant progress in driving the adoption of quantum security within the Financial Sector in Singapore! Globally, QKD is already being used today by banks concerned about security and quantum threats, and we showed how it can be quickly deployed into different existing infrastructure of the participating entities to enable quantum safe communication. We also demonstrated how QKD can work alongside PQC to provide defence in depth.”
- Mr Titus Yong, Chief Executive Officer, SPTel, said, “As quantum technology advances, it is critical for both public and private sector organisations to adopt quantum-safe technologies to safeguard their data and digital infrastructure against potential cyberthreats. With our experience operating the Infocomm Media Development Authority’s National Quantum-Safe Network Plus (NQSN+), we are proud to support the sandbox with our secure and resilient network infrastructure and QKD capabilities, helping participants better understand and apply quantum security technologies. We look forward to continued collaborations with industry partners to advance their readiness for quantum-safe networking and bolster Singapore’s position in digital trust and innovation.”
[1] SPTel, a digital services and network provider, and SpeQtral, a quantum communications provider, have been jointly appointed by the Infocomm Media Development Authority of Singapore to be a network operator for Singapore’s first nationwide quantum-safe network, the National Quantum-Safe Network Plus (NQSN+).
[2] QKD is a secure communication method for exchanging cryptographic keys only known between shared parties.
[3] In QKD, a trusted node is a physically secure intermediary site that facilitates connections across longer distances and multiple sites.