To address this concern, the MoU will provide a collaborative framework for trialling the application of quantum security solutions in financial services. In the coming months, MAS and participating banks will experiment with Quantum Key Distribution (QKD) solutions jointly provided by SPTel and SpeQtral.
The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MoU) with banks and tech companies in the country to collaboratively work on quantum security for financial services. The companies involved include DBS, HSBC, OCBC, UOB, SPTel and SpeQtral.
Quantum computing harnesses the laws of quantum mechanics to process information in a fundamentally new way, enabling us to solve complex real-world problems. Yet, it could potentially be used to break commonly used cryptography and encryption algorithms too.
