The Monetary Authority of Singapore (MAS), along with DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral, has signed a Memorandum of Understanding (MoU) to explore quantum security in financial services. The collaboration focuses on Quantum Key Distribution (QKD) to address cybersecurity threats posed by quantum computing. Rapid advances in quantum technology could potentially compromise existing cryptographic methods, prompting MAS to issue an advisory in February 2024, urging financial institutions to explore quantum security solutions. The MoU sets a framework for trialing QKD in the financial sector, including proof-of-concept sandboxes and validating QKD’s security properties. MAS Assistant Managing Director Vincent Loy emphasiSed the importance of these trials in preparing the financial sector for future quantum challenges and enhancing cyber risk management.