The Monetary Authority of Singapore (MAS) has issued a new directive outlining supervisory expectations for financial institutions to achieve quantum resilience by the end of the decade. Managing Director Chia Der Jiun announced the initiative during the MAS Annual Report media conference today, citing the growing risk that future quantum computers could bypass current encryption methods protecting global financial transactions.

The roadmap is structured into three sequential phases. First, financial institutions must complete a comprehensive inventory of their cryptographic assets to identify vulnerabilities. The second phase requires the development of a prioritized migration plan, followed by the third phase: building the technical governance frameworks to execute a full transition to post-quantum cryptography (PQC). MAS expects to release formal milestones for these phases later this year.

This move aligns Singapore with other global regulators, such as the G7 Cyber Expert Group and the ECB, who have recently accelerated their timelines for quantum-safe security. Singapore’s central bank warned of significant economic risks if the financial sector fails to prepare for the eventual reality of cryptographically relevant quantum computers (CRQCs).