As a result, HSBC is exploring how quantum cryptography can protect highly sensitive trading data against possible cyber threats as powerful as quantum attacks.

In a world-first trial, HSBC protected its HSBC AI Markets terminal with quantum protection, using Quantum Key Distribution, to shield a €30m ($32.4m) trade into dollars.

In addition, this trial, powered by BT, Toshiba, and AWS, proves the bank is dedicated to staying ahead of the curve to protect its customers’ and clients’ assets in the modern day.

Furthermore, HSBC’s scientists and cyber crime experts will use the insight from this test to inform how the technology can be integrated into the firm’s most important trading tools to protect them in the future.

Colin Bell, CEO of HSBC Bank and HSBC Europe, said: “The quantum revolution is not on the horizon; it’s already here. By investing and experimenting in quantum technologies now, HSBC is not just preparing for the future; we’re shaping it.

“Today’s trials will define tomorrow’s triumphs. Successfully pioneering quantum protection for our FX trading is a significant step with far-reaching implications for the blueprint of our future cybersecurity.

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“We are determined to do whatever we can to protect our customers’ assets, both now and in the future. This trial marks an important step in this commitment.”

HSBC global head of FX and emerging markets rates and commodities, Richard Bibbey, added: “In the world of foreign exchange trading, currency dynamics are evolving faster than ever. Ensuring the security of our client’s data is paramount and we must constantly innovate and stay ahead of the curve.

“This ground breaking quantum experiment marks a considerable leap in the world of finance. For the first time, we have leveraged the power of quantum communications to further reinforce our secure trading and transactions.”

HSBC processed 4.5 billion payments for its customers in 2022, worth an estimated £3.5trn ($4.4trn).

In November 2023, Absa Bank (Mauritius) agreed to purchase the domestic wealth and personal banking and business banking businesses of HSBC in Mauritius.