The Singapore Monetary Authority (MAS) and Banque de France (BDF) have successfully conducted an experiment utilizing post-quantum computing (PQC) to safeguard payment networks against potential threats posed by quantum computing. This initial phase involved securing email communications through a PQC plugin for Microsoft Outlook. The two institutions exchanged digitally signed and encrypted emails using PQC standards established by the U.S. Department of Commerce in August. This collaboration is crucial for future-proofing the financial system against the 'harvest now, decrypt later' scenario, which poses significant risks. The experiment highlighted some challenges, including the significantly larger PQC keys that could trigger existing security measures if email servers are not uniformly updated. The MAS released a technical report detailing the outcomes of the experiment, emphasizing the need for international coordination in the transition to PQC. The BDF expressed confidence in the resilience of inter-institutional communications and indicated plans to address remaining challenges in subsequent research phases.

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