The Banque de France (BdF) and the Monetary Authority of Singapore (MAS) announced the completion of a joint experiment in post-quantum cryptography (PQC) conducted across continents over conventional internet technologies. The PQC experiment aims to strengthen communication and data security in the face of quantum computing advancements.
The joint BdF-MAS initiative trialed its first use of quantum-resistant cryptographic algorithms for the signing and encryption of emails. The goal was to strengthen the current level of security for electronic communications in the future, while retaining compatibility with existing Internet standards, technologies and communication channels. In this context, emails are particularly sensitive, as they may carry confidential information, making them a prime target for cyberattacks. This experiment not only demonstrates the practical feasibility of these new security methods but also their effectiveness in widely-adopted application environments.
Hybrid approach
The project followed a hybrid approach, combining current algorithms with post-quantum algorithms to ensure security and compatibility with existing systems, while preparing for the cybersecurity threats posed by quantum computing.
Key findings of the experiment report:
- Using Microsoft Outlook as the email client coupled with a PQC email plugin, BdF and MAS exchanged digitally-signed and encrypted emails using PQC algorithms, namely CRYSTALS-Dilithium and CRYSTALS-Kyber.
- Standardizing PQC cryptographic algorithms and libraries for digital signatures and encryption, is not enough. Application protocols and standards like public key infrastructure, digital certificates, key exchanges and secure emails must also be standardized to incorporate PQC cryptographic algorithms to facilitate adoption and interoperability of PQC.
- There is potential to integrate this technology into payment networks. By integrating PQC algorithms into payment networks, financial institutions can future-proof their security measures against the looming threat of quantum computing, ensuring the long-term integrity and confidentiality of sensitive financial data.
Denis Beau, first deputy governor at BdF, said in a statement: “Although quantum computing opens up promising new prospects in various fields, it also brings a threat to cyber security, particularly in protecting our communications. In this context, Banque de France, in its role of central bank, has been anticipating and multiplying experiments in post-quantum cryptography with its partners since 2022. The results of this first cooperation with the Monetary Authority of Singapore in the field of post-quantum cryptography reassure us of our ability to make our inter-institutional communications resilient. We are pleased that this cooperation can continue into a second phase.”
Jacqueline Loh, deputy managing director for Corporate Development at MAS, said in a statement: “The looming threat of quantum-powered decryption is transforming cybersecurity strategies in financial services globally. The focus is now shifting towards cryptographic agility and ensuring systems can adapt by integrating with quantum-resistant algorithms. Financial institutions that prepare early for the quantum era will not only mitigate future risks but also position themselves to retain public trust in digital financial services. The collaborative efforts with Banque de France on post-quantum cryptography have been immensely valuable to MAS. We are thankful for this opportunity to work together on such a crucial initiative and look forward to continuing our shared journey in advancing quantum resilience.”