Consortium launches cross-regional pilot on post-quantum security with participation from banks and regulatory stakeholders

Launch of Post-Quantum Cryptography Pilot

The Responsible Fintech Institute (RFI) and Safeheron have launched a pilot initiative to evaluate post-quantum cryptography for digital asset transactions, with participation from selected financial institutions and regulatory stakeholders across multiple jurisdictions, as reported by ANI. The initiative aims to move quantum-safe financial infrastructure from concept into practical testing, bringing together banks and regulators to examine cross-border interoperability, operational resilience, and governance considerations.

The pilot centers on a post-quantum cryptography (PQC) research program built around a multi-party computation (MPC) protocol that supports ML-DSA-65, the NIST FIPS 204 digital signature standard. Testing will cover wallet generation and on-chain transfer activity on the quantum-resistant NEAR testnet. According to ANI, this approach allows participants to test the same post-quantum architecture in a regulated, cross-jurisdiction setting, with the goal of eventually open-sourcing the infrastructure.

The Quantum Threat and Industry Response

The initiative responds to the growing expectation that quantum computing will pose long-term risks to public-key cryptography. ANI referenced a 2025 Bank for International Settlements (BIS) paper on quantum-readiness, underscoring the need for coordinated planning across the financial system. The pilot positions itself as a proactive, industry-led effort to move quantum-safe financial infrastructure from concept into practical testing.

Industry leaders expressed urgency. Chia Hock Lai, Chairman of the Responsible Fintech Institute, said, "No single bank, vendor, or regulator solves this alone." He added that by bringing policymakers and financial institutions together to test the same post-quantum architecture and transparently sharing the research, the initiative aims to build a compliance and security reference for the whole industry.

Jag Foo, Chief Security & Policy Officer at Safeheron, emphasized the accelerant effect of AI on the quantum threat. "AI is accelerating the pace of change and likely bringing the quantum threat closer to reality -- quantum-ready infrastructure has never been more critical, and the time to act is now," he said.

Participant Perspectives

Several participants voiced support for the initiative. Antonio Henriques, CEO of Bison Bank, said: "As the financial sector prepares for the quantum era, the imperative to secure digital assets is greater than ever." Alan Henriques, Managing Director of Gelephu Financial Services, also noted the need to safeguard digital asset transactions.

Alan Decelis, Head of Supervisory ICT Risk and Cybersecurity at the Malta Financial Services Authority, advocated for collaboration and understanding in addressing post-quantum security challenges. Sam Shevlin, Head of Post-Quantum at Safeheron, described the pilot as one that "combines the rigor of the financial industry with the flexibility of cryptographic innovation."