The Hong Kong Monetary Authority (HKMA) unveiled its next-phase FinTech development blueprint, "Fintech 2030," on November 3, highlighting plans to advance preparations for post-quantum cryptography (PQC). While quantum computing remains an emerging technology in its early stages, its potential impact on current data protection and online verification encryption methods is widely recognized.

Julia Leung, Executive Director (Banking Supervision) of the HKMA, noted that quantum computing could pose risks to modern encryption, particularly in identity authentication and privacy protection. As a result, the HKMA is proactively engaging with banks and technology firms to discuss transition strategies for encryption methods, ensuring close collaboration with the industry.

Given the profound implications for the financial sector—which relies heavily on secure encryption for sensitive data—the HKMA will assist the industry in understanding associated risks and formulating early response measures to facilitate the shift toward post-quantum cryptography.

At the FinTech blueprint press conference, HKMA Deputy Chief Executive Arthur Yuen emphasized continued collaboration with the People's Bank of China to enhance cross-border payment services. Efforts include expanding the scope of personal remittance providers and developing payment scenarios relevant to residents' daily needs, enabling real-time transactions.

Regarding digital bond issuance, Yuen acknowledged that transitioning from traditional to fully digital processes requires gradual implementation. The third batch of bond issuances will incorporate further digitalization, with automation as a long-term goal.