The Banque de France (BdF) and the Monetary Authority of Singapore (MAS) have successfully completed a pioneering joint experiment in post-quantum cryptography (PQC), aimed at enhancing the security of internet communications and data transfers across continents.
The BdF-MAS initiative tested the first application of quantum-resistant cryptographic algorithms for the signing and encryption of emails. This project aims to improve future electronic communication security while ensuring compatibility with existing internet standards, technologies, and communication channels.
Drawing on recommendations from the French National Cybersecurity Agency (ANSSI) and the National Institute of Standards and Technology (NIST), the initiative combines current algorithms with post-quantum algorithms to maintain security and compatibility within existing frameworks.
Denis Beau, first deputy governor of BdF, remarked, “Banque de France has been actively exploring and conducting experiments in post-quantum cryptography with its partners since 2022. The outcomes of this initial collaboration with the Monetary Authority of Singapore in post-quantum cryptography instill confidence in our capability to ensure resilience in inter-institutional communications.”
The partners highlighted the potential for integrating this technology into payment networks, helping financial institutions to bolster their security measures against the emerging threat of quantum computing.
Jacqueline Loh, deputy managing director of MAS, emphasized, “The impending threat of quantum-powered decryption is reshaping cybersecurity strategies in financial services worldwide. There is a growing emphasis on cryptographic agility and the necessity for systems to evolve by incorporating quantum-resistant algorithms. Financial institutions that proactively prepare for the quantum era will not only reduce future risks but also enhance public trust in digital financial services.”