APAC banks and payments firms urged to prepare for quantum threats

Quantum computing may crack encrypted financial data.

Banks and payments providers in the Asia Pacific (APAC) must prepare against quantum threats, warned the Emerging Payments Association of Asia (EPAA).

Across APAC, digital wallets, open banking, and real-time payment systems are widely used and deeply integrated. However, these payment systems have yet to incorporate resistance to quantum computing attacks, the EPAA warned in a report.

"Quantum computing has the potential to deliver extraordinary breakthroughs in healthcare, climate modelling and scientific research, but in the wrong hands it poses serious risks,” said Camilla Bullock, EPAA chief executive.

“We know scammers are already collecting encrypted data, waiting for quantum computers to break it,” she added.

Responding to quantum threats would require coordinated industry-wide action to manage technical, regulator, operational, reputation, and compliance risks, EPAA said.

In workshops held across Sydney, Hong Kong, Singapore, Malaysia, and online, only 20% of the participants said that their organisations’ senior stakeholders are aware of the quantum threat to cryptography, EPAA reported.