Banks are testing quantum-safe digital asset wallets and transfers on NEAR’s testnet.

MPC technology supports ML-DSA-65 signatures for post-quantum transaction security.

Regulators are assessing governance, resilience, and cross-border interoperability risks.

Banks and regulators have launched a cross-regional pilot to test quantum-safe infrastructure for digital asset wallets and transfers on the NEAR testnet. The initiative is designed to assess post-quantum cryptography, operational resilience, governance, and cross-border interoperability before quantum computing creates practical risks for existing financial systems, giving participants a controlled way to examine how future security standards could fit into regulated financial workflows.

Banks Test Post-Quantum Digital Asset Transfers

The Responsible Fintech Institute (RFI) launched the pilot with Safeheron as its technology partner. Bison Bank and DK Bank will test wallet generation and on-chain transfers through a shared application environment. Regulators from Abu Dhabi, Bhutan, and Malta will initially observe the technical work.

The pilot uses a multi-party computation (MPC) protocol supporting ML-DSA-65, a signature standard established under NIST’s FIPS 204 framework. MPC allows multiple parties to sign transactions without reconstructing a complete private key in one location.

Testing will take place on the quantum-resistant NEAR testnet rather than the public network.

As a result, the exercise does not indicate that current quantum computers can compromise NEAR, the participating banks, or customer assets. Instead, it provides a controlled environment for testing future security standards.

Chia Hock Lai, chairman of RFI, said, “No single bank, vendor, or regulator solves this alone.” He added that the project could create a shared compliance and security reference through transparent cross-border testing.

Safeheron Chief Security and Policy Officer Jag Foo said quantum-ready infrastructure has become increasingly important as artificial intelligence accelerates technological change. He also confirmed that Safeheron intends to open-source its post-quantum cryptography code.

Regulators Examine Governance and Quantum Readiness

The pilot will examine more than cryptographic performance. Participants will assess cross-border interoperability, operational resilience, governance, and how quantum-safe infrastructure could function within regulated financial environments. Regulators will later contribute to a dedicated governance workstream.

Alan Decelis of the Malta Financial Services Authority said early engagement is necessary to understand how post-quantum technologies could operate across financial systems. He said the initiative gives regulators an opportunity to examine operational and governance considerations in a controlled setting.

The project also reflects broader financial-sector preparation for quantum risks. A 2025 Bank for International Settlements paper emphasized coordinated planning, cryptographic agility, and phased migration rather than treating quantum readiness as a simple algorithm replacement.

Meanwhile, the Hong Kong Monetary Authority has incorporated quantum readiness into its Fintech 2030 strategy. The authority has introduced a Quantum Preparedness Index and targets full sector-wide quantum readiness by 2030.

The pilot is expected to produce a whitepaper covering its research, protocol design, and testing results. Safeheron also plans to release the underlying technology publicly, enabling independent security reviews and broader industry testing.