A collaborative effort between the Responsible Fintech Institute and technology provider Safeheron has introduced a practical trial aimed at assessing post-quantum cryptography applications in digital asset transactions.
Announced from Singapore on August 23, 2026, the program draws in chosen banking entities and supervisory bodies from various regions to shift quantum-protected financial systems from theoretical concepts into hands-on evaluation.
At its core, the trial centers on a research effort in post-quantum cryptography that employs a multi-party computation protocol compatible with ML-DSA-65, the digital signature specification outlined in NIST FIPS 204.
Participants will examine processes such as creating wallets and conducting transfers on the quantum-resistant NEAR test network.
Concurrently, the project explores issues of cross-border compatibility, operational durability, and oversight frameworks alongside the technical assessments.
Chia Hock Lai, who chairs the Responsible Fintech Institute, emphasized the collective nature of the challenge, noting that no individual bank, supplier, or authority can address it in isolation.
He explained that uniting policymakers and financial organizations from different areas to evaluate a shared post-quantum framework, while openly distributing findings among all involved, helps establish a shared benchmark for compliance and protection that the sector can adopt and refine together.
Jag Foo, Safeheron’s chief security and policy officer, highlighted the accelerating influence of artificial intelligence, which may hasten the arrival of quantum-related threats.
He stressed the urgency of developing quantum-prepared systems and described how combining the NIST-approved signature standard with sophisticated multi-party computation creates the foundation needed for future financial networks.
Safeheron plans to release its post-quantum code openly, arguing that tools safeguarding institutional holdings must withstand external review rather than rely solely on confidence.
Banking representatives expressed support for the collaborative approach.
António Henriques, chief executive of Bison Bank, welcomed opportunities for industry dialogue on post-quantum safeguards and efforts to deepen understanding of preparatory steps amid shifting risks.
David Peters of Bhutan’s Gelephu Financial Services Office underscored the value of identifying dependable methods to protect digital asset movements and client resources, which remain essential for market stability.
Alan Decelis, heading supervisory ICT risk and cybersecurity at the Malta Financial Services Authority, pointed to the need for early involvement, joint work, and practical insights into post-quantum tools.
The authority views the controlled setting as useful for offering regulatory input while examining operational, governance, and resilience factors tied to the shift toward quantum-safe services.
Quantum computing is anticipated to pose lasting challenges to the public-key methods that currently secure much of the financial infrastructure.
A 2025 Bank for International Settlements analysis stressed the importance of coordinated strategies, flexible cryptography, and staged transitions instead of simple replacements.
Recent regulatory steps reinforce this focus:
Singapore’s Monetary Authority and the Association of Banks in Singapore formed a task force in July 2026 addressing cyber risks from advanced AI, while Hong Kong’s Monetary Authority has incorporated quantum readiness into its longer-term fintech plans, targeting full sector preparation by 2030.
In the trial, institutions will operate within a common application setting that supports quantum-resistant multi-party computation signing under uniform conditions.
Supervisors will initially observe and later engage in governance discussions.
Organizers intend to release a white paper detailing the research, protocol structure, and outcomes so the broader market can review and expand upon them.
The core technology is also slated for eventual open-source release to enable independent audits and foster transparent industry norms.
Safeheron handles the protocol development, engineering, ML-DSA-65 implementation, and testing tools, while the Responsible Fintech Institute manages coordination, governance, and multi-region engagement.
Current participants feature regulators from Abu Dhabi Global Market, Gelephu Financial Services Office, and Malta Financial Services Authority, plus banks such as Bison Bank and DK Bank, with further organizations considering involvement.
Participation degrees may differ according to each entity’s agreed role.
The design stays aligned with actual institutional practices, incorporating a provisional non-custodial 2-of-2 multi-party computation model that reduces operational demands while retaining control over key ownership.
The effort seeks to clarify how secure digital asset flows might develop across borders as organizations adapt to quantum-safe requirements and related supervisory expectations on cyber strength.
The Responsible Fintech Institute, an independent nonprofit, concentrates on linking conventional and decentralized finance via standards and responsible practices. Safeheron specializes in digital asset custody infrastructure featuring advanced cryptography such as multi-party computation.