Banque de France, MAS completed post-quantum cryptography trial

The technology aims to protect data from cybersecurity threats posed by quantum computing.

The Banque de France (BdF) and the Monetary Authority of Singapore (MAS) have completed a joint experiment in post-quantum cryptography (PQC) to strengthen communication and data security across continents.

In particular, the initiative aims to protect data from cybersecurity threats posed by quantum computing.

The initiative trialed the first use of quantum-resistant cryptographic algorithms for signing and encrypting emails, with the goal of enhancing the security of electronic communications whilst retaining compatibility with existing internet standards, technologies, and communication channels.

The trial found that standardizing PQC algorithms is insufficient and there is a need to standardize application protocols such as public key infrastructure and digital certificates.

In addition, the technology has the potential to be integrated into payment networks which can help financial institutions future-proof their security measures against quantum computing threats.

BdF and MAS will continue to collaborate in the next stage of experimentation, extending PQC to critical financial transactions, particularly cross-border transactions on payment networks.