Singapore MAS advisory tells firms to inventory and plan
20 FEBRUARY 2024, SINGAPORE
The Monetary Authority of Singapore issued an advisory, MAS/TCRS/2024/01, on 20 February 2024. It tells financial firms to inventory their cryptography and plan for post-quantum migration. The advisory sets the foundational steps, knowing what cryptography a firm has and planning the transition, as supervisory expectations rather than binding rules at this stage.
The document is an advisory, not a rule, but the MAS signalled that supervisory expectations would follow later in 2026. Firms should therefore treat the advisory as the first step toward firmer requirements rather than optional reading. Starting the inventory and plan now positions a firm to meet the expectations when they arrive.
Singapore's status as a major global financial centre gives the advisory reach beyond its borders. Expectations the MAS sets influence how internationally active firms manage quantum risk, because those firms often align their global practices with the standards of the key markets they operate in. An early advisory from such a regulator signals where sector expectations are heading.
Why it matters. The MAS advisory gives financial firms a clear starting instruction, inventory and plan, and flags that supervisory expectations will follow in 2026. Because Singapore is a leading financial hub, the advisory's influence extends to internationally active firms. Those that complete a cryptographic inventory and build a migration plan now will be ready when the MAS turns its advisory into firmer supervisory expectations.