On September 29, 2025, the Monetary Authority of Singapore (MAS), together with DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral, published a technical report on the successful completion of a proof-of-concept sandbox evaluating Quantum Key Distribution (QKD) for secure communications in the financial sector, according to a summary by Charltons Quantum.
The sandbox followed an MoU signed in August 2024 and validated the potential of QKD to strengthen cyber resilience in financial services. MAS Chief Technology Officer Vincent Loy called the sandbox “a significant step in exploring the potential use of quantum-safe solutions within IT systems and networks within the financial sector.”
The report identified both opportunities and challenges for quantum-safe adoption, noting the need for QKD providers to continue strengthening security assurance for trusted nodes and to achieve greater interoperability between different providers. A hybrid QKD and PQC approach was tested during the sandbox, combining both technologies for layered security.