Safeheron and RFI Launch Post-Quantum Security Pilot With Global Banks

Highlights:

• Banks and regulators will test quantum-resistant wallets and blockchain transfers through the Post-Quantum Security Pilot.
• Bison Bank and DK Bank will test Safeheron’s technology on a quantum-resistant NEAR testnet.
• Regulators will study governance and operational risks before financial institutions adopt post-quantum technology more widely.

The Responsible Fintech Institute (RFI) and Safeheron have launched a pilot to test post-quantum security for digital asset transactions. Banks and regulators across Europe, the Middle East and Asia joined the initiative to test quantum-resistant wallets and blockchain transfers. The project aims to test stronger transaction security before powerful quantum computers create practical risks for existing cryptography.

Today, Safeheron and the Responsible Fintech Institute (RFI) launched a cross-jurisdiction pilot on post-quantum cryptography for digital asset transactions.

Post-quantum security becomes real the moment a transaction is actually signed with it.

Glad to be doing this together…

— Safeheron (@Safeheron) August 24, 2026

Bison Bank and DK Bank will test quantum-resistant wallets and onchain transfers through a shared application environment. ADGM, Bhutan’s GFSO and Malta’s MFSA will observe the first technical phase before joining the later governance work.

RFI will coordinate governance and engagement among institutions across different jurisdictions. Meanwhile, Safeheron will lead protocol development and engineering for the technical tests. RFI said other financial institutions are discussing participation, although it did not identify them or confirm their roles.

Participants will assess whether the shared architecture can support cross-border operations while meeting resilience and governance requirements. Each regulator will participate according to its supervisory mandate. Meanwhile, Bison Bank and DK Bank will conduct the technical testing.

The institutions are testing future protections before powerful quantum computers can threaten cryptography used across financial systems. Bison Bank and DK Bank will conduct the exercise without using customer funds or live transactions. “No single bank, vendor, or regulator solves this alone,” RFI Chairman Chia Hock Lai said.

Lai said shared testing could help participants develop a common security and compliance reference across jurisdictions. GFSO Managing Director David Peters also highlighted the need to protect digital asset transactions and client funds.

Post-Quantum Security Pilot Moves Into Institutional Testing

Bison Bank and DK Bank will generate wallets and conduct onchain transfers using Safeheron’s protocol on a quantum-resistant NEAR testnet. The banks will experiment without using the public NEAR mainnet or customer funds.

Safeheron developed an MPC protocol supporting ML-DSA-65, a NIST-standardized signature system designed to withstand future quantum attacks. NIST included ML-DSA-65 under FIPS 204 when it finalized the post-quantum digital signature standard in August 2024.

The pilot proposes a non-custodial 2-of-2 MPC structure that lets institutions retain key control while participating in transaction signing. The structure also aims to keep operational requirements manageable for participating financial institutions.

The organizers have also not published performance benchmarks, testing volumes or a timetable for completing the technical phase. Safeheron security chief Jag Foo said, “Quantum-ready infrastructure has never been more critical, and the time to act is now.”

Financial Authorities Prepare for Future Quantum Risks

Financial regulators participating in the pilot will move from observing technical tests to examining governance, resilience and cross-border interoperability. The governance workstream will allow regulators to assess how post-quantum infrastructure could operate within existing financial oversight frameworks. Safeheron plans to open-source its post-quantum cryptography code so independent researchers can inspect and audit the implementation.

Meanwhile, the BIS warned financial institutions last year that quantum migration requires coordinated planning rather than a simple algorithm replacement. The organization recommended cryptographic agility, layered defenses and phased migration to help financial institutions manage the transition.

In another development, HKMA included quantum readiness in its Fintech strategy. HKMA’s assessment gave Hong Kong’s banking sector a quantum preparedness score of 2.3 out of 10. The assessment also found that 32% of surveyed banks had not started preparing for quantum-related cryptographic risks.

Hong Kong Monetary Authority has entered the quantum realm and given the banking sector a 2.3/10 score for quantum preparedness.

"The HKMA will continue to support the banking sector's PQC transition, with the aim of achieving full sectoral readiness (a QPI score of 10) by 2030" pic.twitter.com/ySixBtUipc

— Project Eleven (@projecteleven) July 28, 2026

In Singapore, MAS and ABS created the ACT task force in July to address cyber risks from advanced AI models. MFSA cybersecurity head Alan Decelis said the pilot will help regulators understand post-quantum technology through controlled institutional testing. MFSA will examine operational resilience and governance issues that institutions could face when adopting quantum-safe infrastructure.