The Monetary Authority of Singapore (MAS) and the Bank of France (BDF) have completed a post-quantum computing (PQC) experiment to address the threat of quantum computing to payment networks.
BDF and MAS exchanged digitally signed and encrypted emails using the PQC Mail plugin, successfully leveraging existing Internet infrastructure and post-quantum cryptographic standards developed by the U.S. National Institute of Standards and Technology.
A technical report released by MAS pointed out that quantum computing could lead to the threat of "collect now, decrypt later" and that international organizations are needed to develop standards to ensure the confidentiality, authentication and integrity of payment networks.
PQC keys are larger than existing keys and may trigger security measures that require international coordination. BDF and MAS will study the remaining challenges in the next phase.
