RFI launches cross-border post-quantum pilot

Singapore-based Responsible Fintech Institute (RFI) has started a cross-regional pilot with digital wallet provider Safeheron to test post-quantum cryptography for institutional digital asset transactions. The trials include a multi-party computation (MPC) protocol that supports the ML-DSA-65 digital signature standard.

RFI will manage governance and coordinate across jurisdictions. Safeheron will supply the technology and run test implementations. The company has said it plans to publish its post-quantum cryptography code as open source as the pilot progresses.

The pilot runs in a shared application environment and involves selected banks, intermediaries and regulators from multiple jurisdictions. Participating authorities named by the organisers include Abu Dhabi Global Market, the Gelephu Financial Services Office and the Malta Financial Services Authority. Banks listed among participants include Bison Bank and DK Bank. RFI says the work will concentrate on institutional-grade transactions rather than consumer use cases.

Technically, the trials will evaluate how an MPC protocol performs when paired with post-quantum cryptographic algorithms for signing and authorising transactions. The project will test whether the ML-DSA-65 standard, implemented with MPC and other post-quantum measures, can support custody, transfer and settlement workflows where multiple parties share signing authority.

RFI will oversee policy alignment and cross-jurisdiction coordination. Safeheron will develop the code used in the tests and maintain the shared test environment so participants can compare results directly. Organisers say the setup is intended to let participants assess interoperability and governance processes alongside cryptographic performance.

Chia Hock Lai, RFI chairman, said: “No single bank, vendor, or regulator solves this alone. 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, added: “Safeheron has long advocated for open-source cryptography, because accountability and good governance demand it. We intend to open-source our PQC code. Cryptography securing institutional assets should stand up to independent scrutiny, not ask for trust.”

Interest in quantum-resistant technology has grown as quantum computing development continues. A report by the law firm Mathys & Squire found that major US banks including Bank of America, Wells Fargo and JPMorgan filed more than 100 patents related to quantum-resistant and post-quantum cryptography technologies. Financial institutions and regulators have said they are concerned that sufficiently powerful quantum computers could weaken public-key cryptography used to secure many electronic banking and digital asset transfers.

RFI and Safeheron intend the pilot to produce empirical results that participating entities can use to inform regulatory guidance and operational standards.