The Responsible Fintech Institute (RFI), a Singapore-based non-profit aiming to bridge TradFi and DeFi, and institutional digital asset infrastructure provider Safeheron have launched a pilot to evaluate post-quantum cryptography for digital asset transactions.
The initiative will be centred on a post-quantum cryptography (PQC) programme to evaluate and test new encryption algorithms, built around a multi-party computation (MPC) protocol that supports the ML-DSA-65 digital signature standard.
According to the RFI, banks and regulators from multiple jurisdictions will examine cross-border interoperability, operational resilience, governance considerations, and technical evaluation.
Participant testing will cover wallet generation and onchain transfer activity on the NEAR blockchain’s testnet.
The RFI will lead governance, convening, and cross-jurisdiction stakeholder coordination, with Safeheron leading protocol and engineering work.
Current pilot members include regulatory bodies Abu Dhabi Global Market (ADGM), Gelephu Financial Services Office (GFSO), and Malta Financial Services Authority (MFSA), along with Bison Bank and DK Bank.
The RFI says further institutions are in talks to join the programme.
Regarding the initiative, Chia Hock Lai, chairman of the RFI, states: “By bringing policymakers and financial institutions across jurisdictions together to test the same post-quantum architecture, and transparently sharing that research with every participant, we are building a compliance and security reference the whole industry can stand on — and a standard we all helped write.”
Jag Foo, chief security and policy officer at Safeheron, says: “By integrating NIST's post-quantum signature standard with advanced MPC technology, we are building the architecture required to secure the next generation of financial networks.
“Cryptography securing institutional assets should stand up to independent scrutiny, not ask for trust.”
António Henriques, CEO of Bison Bank, comments: “We are pleased to support discussions around post-quantum security and to contribute to broader industry understanding of how financial institutions can prepare for the evolving risk landscape.”
David Peters, managing director of the GFSO, notes: “Ensuring the continuing integrity of these transactions and protecting client funds is critical to the smooth functioning of the investment market.”
Alan Decelis, head of supervisory ICT risk and cybersecurity at the MFSA, adds: “Participating in this initiative provides a valuable opportunity to contribute a supervisory perspective while developing our understanding of the operational, governance and resilience considerations associated with the transition towards quantum-safe financial services.”
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