Singapore strengthens security in finance sector

August 19, 2024 | 15:05

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The Monetary Authority of Singapore (MAS) has cooperated with banks to seek solutions on quantum security in finance sector.

Singapore strengthens security in finance sector, Illustrative photo (Photo: Unsplash)

Singapore - The Monetary Authority of Singapore (MAS) has cooperated with banks to seek solutions on quantum security in finance sector.

Accordingly, the MAS on August 14 signed a Memorandum of Understanding (MoU) with DBS, HSBC, OCBC, UOB, SPTel and SpeQtral to embark on quantum security collaboration and study the application of Quantum Key Distribution (QKD) in financial services.

QKD is considered a potential tool to help financial institutions (FIs) protect the exchange of cryptographic keys to address the cybersecurity threats posed by quantum computing.

Quantum computing technology has been developing rapidly and has demonstrated potential to break commonly used cryptography and encryption algorithms. This poses a major cybersecurity concern.

Early this year, the MAS issued advice to all FIs on the cybersecurity risks associated with quantum technology, and provided recommendations for them to safeguard themselves against the identified threats, including carrying out proof-of-concept trials with quantum security solutions.

In addition, the MAS has launched a quantum track under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to provide funding support for quantum projects and capabilities.

This MoU builds on these initiatives and provides a collaborative framework for trialling the application of quantum security solutions in financial services provided by SPTel and SpeQtral.

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By VNA

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