French and Singaporean banking giants are taking a decisive step in the race for post-quantum security. The Banque de France (BDF) and the Monetary Authority of Singapore (MAS) have just achieved a world first: successfully testing a banking communication system resistant to future quantum attacks.
A pioneering experiment in the face of the quantum threat
On November 7, 2024 in Singapore, the BDF and MAS technical teams completed a series of groundbreaking tests. Using a plugin specially developed for Microsoft Outlook, the two institutions successfully exchanged emails secured by post-quantum cryptography (PQC), a first in the international banking sector.
This experimentation is based on the standards established by the American National Institute of Standards and Technology (NIST), thus guaranteeing compatibility with existing infrastructures.
The stakes are high in the face of the “harvest now, decipher later” threat. This strategy, feared by experts, would allow malicious actors to store encrypted data today to decrypt it once quantum computers are sufficiently powerful.
Denis Beau, first vice-governor of the BDF, underlines that “ these results reassure us about our ability to make our interinstitutional communications resilient. »
This advance marks the start of a profound transformation of banking security systems, until now vulnerable to future quantum computing capabilities.
Technical challenges and strengthened international cooperation
The implementation of this new technology raises several major challenges. Post-quantum encryption keys are significantly larger than their classical counterparts, requiring adaptation of existing infrastructures.
The technical report published by the MAS highlights the absence of standards for the hybridization of PQC algorithms with current systems, a major obstacle to overcome.
To respond to these challenges, France and Singapore are intensifying their collaboration. Both countries are actively participating in the Bank for International Settlements' Leap project, aimed at developing PQC solutions for international payment networks.
Singapore has also launched a co-financing program to encourage the development of PQC use cases, while France is strengthening its investments in quantum research.
The Franco-Singaporean teams are already planning the next phase of their research, targeting the integration of PQC into real-time payment systems and central bank digital currency infrastructures.
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