The World Economic Forum (WEF) has released a pivotal white paper in collaboration with the Financial Conduct Authority (FCA), titled “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”. This January 2024 publication underscores the urgent need for global cooperation as the financial sector transitions from a digital economy to a quantum economy, highlighting both the immense opportunities and cybersecurity challenges posed by quantum computing.

Quantum: A Double-Edged Sword for Finance

Quantum computing offers transformative benefits for the financial sector, such as accelerated portfolio optimization, enhanced fraud detection, and improved risk management. Yet, it simultaneously threatens the very foundation of cybersecurity. With quantum’s ability to break traditional encryption methods, sensitive data and financial transactions face significant risks. The white paper warns that such vulnerabilities could erode trust in the financial system and destabilize global markets.

The urgency to prepare is evident, with some quantum threats, such as “Harvest Now, Decrypt Later” attacks, already emerging. Governments and regulators, including the United States with its National Security Memorandum on Quantum (2022), have begun advocating for quantum security readiness by 2035. However, as noted in the paper, transitioning to a quantum-secure infrastructure is a monumental task requiring unprecedented coordination between regulators, industry leaders, and technology providers.

A Collaborative Framework: Four Guiding Principles

To address the complex challenges posed by quantum technologies, the WEF and FCA have proposed four guiding principles to inform global regulatory and industry approaches:

1. Reuse and Repurpose: Leverage existing regulatory frameworks and tools to address quantum risks, rather than creating entirely new systems.
2. Establish Non-Negotiables: Define baseline requirements for quantum security, ensuring consistency and interoperability across organizations and jurisdictions.
3. Increase Transparency: Foster open communication between regulators and industry players to share best practices, strategies, and knowledge.
4. Avoid Fragmentation: Prioritize global collaboration to harmonize regulatory efforts and avoid inconsistencies that could burden multinational organizations.

These principles aim to create a unified, forward-looking strategy that balances innovation with security.

A Four-Phase Roadmap for Quantum Security

The white paper introduces a phased roadmap to help the financial sector transition toward quantum security:

1. Prepare: Raise awareness of quantum risks, assess cryptographic infrastructure, and build internal capabilities.
2. Clarify: Formalize engagement between stakeholders, map current regulations, and model the cost and complexities of transitioning to quantum-safe systems.
3. Guide: Address regulatory gaps, translate technical standards into actionable frameworks, and develop industry-wide best practices.
4. Transition and Monitor: Implement cryptographic management modernization and adopt iterative, adaptable regulatory approaches to remain resilient in the quantum economy.

This roadmap emphasizes adaptability, encouraging stakeholders to continuously refine their strategies as quantum technologies evolve.

The Path Forward: Collaboration as a Catalyst

The transition to a quantum-secure financial sector is not merely a technological shift but a comprehensive rethinking of how industries and regulators approach cybersecurity. The interconnected nature of global finance means that collaboration between mature and emerging markets is crucial to avoid vulnerabilities that could undermine the entire system.

Regulators and financial institutions must act with urgency. As Sebastian Buckup, Head of Network and Partnerships at the World Economic Forum, notes in the report:
“The quantum economy era is fast approaching, and we need a global public-private approach to address the complexities it will introduce. We welcome this opportunity to collaborate with the FCA to chart the roadmap for a seamless and secure transition for the financial services sector.”

Similarly, Suman Ziaullah, Head of Technology, Resilience, and Cyber at the FCA, emphasizes:
“Quantum computing presents considerable opportunities but also threats. The financial sector relies heavily on encryption to protect sensitive information, the exposure of which could cause significant harm to consumers and markets. Addressing this requires a truly collaborative effort to transition to a quantum-secure future.”

Global Impact: Ensuring Resilience in an Evolving Landscape

As quantum technologies mature, they will redefine the landscape of cybersecurity. The financial sector, as one of the most sensitive and interconnected industries, must prioritize preparedness to ensure stability, protect consumers, and maintain trust.

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The Quantum Security for the Financial Sector: Informing Global Regulatory Approaches white paper offers an essential foundation for continued dialogue and action. By adhering to the guiding principles and roadmap outlined in the report, stakeholders can navigate this transformation with foresight and cooperation.

The full report, published by the World Economic Forum, highlights the need for a unified global approach to quantum security, serving as a rallying call for industry and regulatory leaders alike.

Source: World Economic Forum, “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”, January 2024.

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Dubai expo spices up regional organic products industry

DUBAI, UAE, Nov. 25, 2024 /PRNewswire/ — The 22nd Middle East Organic and Natural Product Expo 2024, which concluded in Dubai on Wednesday (Nov 20), succeeded in registering tremendous growth in terms of exhibitor as well as visitor numbers.

The expo featured more than 550 exhibitors, an 80% surge from the past year, and attracted 15,200 trade visitors, a 25% rise when compared to the past show, strengthening its position as the region’s biggest and most comprehensive organic and natural products event.

“We are thrilled to announce the successful conclusion of the 22nd Middle East Organic and Natural Product Expo 2024. This year’s event witnessed a remarkable growth in both the number of exhibitors and visitors, reflecting the increasing interest and commitment towards organic living. The Expo has delivered on its promise, providing exceptional value to all stakeholders involved. We extend our heartfelt gratitude to all participants, partners, and visitors for their unwavering support and contribution to making this event a tremendous success. Together, we are fostering a healthier, more sustainable future,” said Shinu Pillai, Exhibition Director of the Middle East Organic and Natural Products Expo.

From lively exhibitor stands to informative conference sessions and several special sessions such as Organic Super Kitchen, Beauty Corner, Yoga Extravaganza, a special pavilion for tea and coffee, Fresh Produce Pavilion, and Superfoods Pavilions, the Expo offered a comprehensive platform for visitors to explore everything natural and organic, spanning food and drink, living, health, nutrition, beauty & cosmetics and beyond.

The Sri Lanka Export Development Board, which successfully organised the Sri Lankan Pavilion at the Expo, received enthusiastic response. “Given the rising global demand for natural and organic products, our participation in the Expo was incredibly timely. We received an overwhelmingly positive response at the Expo so much so that we are already planning our participation in the next edition of the Expo,” said Ms Vinoka Perera, Assistant Director, National Organic Control Unit, Sri Lanka Export Development Board.

The Expo also witnessed the global debut of Malaysia External Trade Development Corporation’s (MATRADE) Malaysia International Halal Showcase, titled MIHAS@Dubai. “With its very first edition, MIHAS@Dubai provided us with direct access to the thriving Halal and organics industry in the region. Our collaboration with Middle East Organic and Natural Product Expo helped us further expand our reach and impact,” said Datuk Seri Reezal Merican Naina Merican, Chairman, MATRADE.

“We are excited about the new opportunities arising from our collaboration with the Middle East Organic and Natural Product Expo. MIHAS debut in Dubai within the expo allowed us to enhance our presence in the region,” said Datuk Mohd Mustafa Abdul Aziz, CEO, MATRADE. 

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“The inclusion of the world’s largest Halal fair added a new and exciting dimension to the Expo, enriching the experience for all attendees. This collaboration underscored our commitment to promoting sustainable and ethical practices in the organic and Halal industries,” said P Ravi, Director, Global Links Exhibition Organizers & Conferences, which organizes the organics expo.

Some of the first-time participants were in awe of the Expo. “The event was a remarkable experience for us, especially as it marked our first participation in an international fair. We received a significant number of enquiries, which exceeded our expectations and opened up new business opportunities for us,” said Patnaree Royruangpanich, Co-Founder & CMO, S&P Bioenergy Co., Ltd, Thailand.

The Agricultural and Processed Food Products Export Development Authority (APEDA), the nodal agency for the promotion of agricultural and processed food products exports from India, showcased India’s inherent advantage and strength in natural and organic products as part of the Indian Pavilion at the Expo. “We successfully organized a buyer-seller meeting during the event, which was instrumental in bringing buyers and sellers together,” said Ms Vinita Sudhanshu, General Manager, APEDA.

The participation by Uganda was aimed at exploring opportunities for Ugandan agricultural producers and distributors. “Uganda’s organic sector has tremendous potential for growth, and the Middle East Organic and Natural Products Expo became a vital platform for promoting Ugandan organic products,” said Hon. Lt. Col (Rtd) Bright Rwamirama, Ugandan Minister of State for Animal Industry.

Following the grand success of the 22nd edition, the 23rd Middle East Organic and Natural Products Expo 2025 is all set to be held from November 17 to 19 at Dubai World Trade Centre.

More information available at https://organicandnatural.com/

Contact: Jennie Robin
Phone: +971 4 8747 528
Email: [email protected]

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Partnership Enhances Security for XAUm, Matrixdock’s Gold-Backed Digital Asset, with a Focus on Key Asian Financial Hubs

SINGAPORE, Nov. 25, 2024 /PRNewswire/ — Matrixdock, a leading platform for tokenized real-world assets (RWA), is pleased to announce a strategic partnership with Brink’s, a global leader in secure logistics and asset protection. This partnership ensures the secure transportation and vaulting of LBMA-certified gold, which underpins Matrixdock’s recently launched XAUm token, with a focus on vaults located in Singapore and Hong Kong, two of Asia’s premier financial hubs.

XAUm, an ERC-20 token fully backed by physical gold, offers investors a trusted and transparent digital asset tied to London Bullion Market Association (LBMA) accredited gold. The partnership with Brink’s guarantees that the gold reserves backing XAUm are securely held in high-security, fully insured vaults in Singapore and Hong Kong, enhancing the credibility and security of the token for investors across the globe, particularly in the Asia-Pacific region.

“Brink’s reputation for excellence in secure logistics, combined with the strategic location of vaults in Singapore and Hong Kong, provides unparalleled security and confidence for our XAUm investors,” said Eva Meng, Head of Matrixdock. “This partnership underscores our commitment to maintaining the highest standards of trust and transparency for our tokenized real-world assets.”

Zac McKenna, Head of Digital Assets at Brink’s, emphasized the importance of secure custody solutions in the growing RWA tokenization space: “At Brink’s, we are proud to support the tokenization of real-world assets by providing the secure infrastructure that makes these digital products credible and reliable. Our collaboration with Matrixdock enables us to bring our extensive expertise in secure logistics to the forefront of the blockchain ecosystem.”

Brink’s, with its extensive experience in secure asset management and its well-established presence in Asia, will ensure that the LBMA gold backing XAUm is safely transported, stored, and protected in its world-class vaults. Ben Van Kerkwijk, Vice President of Brink’s Global Services – Asia Pacific, added: “Our premier vaulting facilities in Singapore and Hong Kong are trusted by top-tier clients around the world. We are pleased to provide the same world-class protection for the physical gold that backs Matrixdock’s XAUm token, further enhancing the security and trust for investors in the region.”

This partnership allows Matrixdock to offer a robust gold-backed digital asset that aligns with the security and regulatory requirements of global investors.

XAUm provides investors with seamless access to the value of physical gold while benefiting from the efficiency, liquidity, and transparency of blockchain technology. By focusing on secure vaulting in Singapore and Hong Kong, Matrixdock strengthens its offering in the growing Asian market for tokenized assets.

For more information, please visit www.matrixdock.com.

About Matrixdock

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Founded in February 2023 by Matrixport, Matrixdock is a premier platform that offers access to high-quality Real World Assets (RWA) through advanced tokenization technology. As the first in Asia to introduce a tokenized short-term treasury bill product, STBT, Matrixdock has rapidly emerged as an industry leader, earning the Ecosystem Excellence TADS Award in 2023 for Trading & Liquidity Solutions.

Matrixdock is dedicated to becoming the gateway for clients seeking top-tier RWA investments. With a steadfast focus on building a trusted and secure RWA ecosystem for crypto, Matrixdock provides diversified investment opportunities while setting new standards for trust and governance in the digital asset space.

About Brink’s

The Brink’s Company (NYSE:BCO) is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. Our customers include financial institutions, retailers, government agencies, mints, jewelers, and other commercial operations. Our network of operations in 52 countries serves customers in more than 100 countries.

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