HSBC would like to collect strong examples of where homomorphic encryption (HE) has been put into production at scale, and with the approval or oversight of an esteemed regulator working in the financial sector.
Explaining the science
Methods and techniques for HE are being fervently developed in academia and offer great promise in industry. However, in strongly-regulated fields such as finance, the practical uptake of HE is much slower due to a lack of understanding of any potential risks.
The project aims to understand the global applications of homomorphic encryption, and will gather this information through existing connections of The Alan Turing Institute, including strong working relationships with the Financial Conduct Authority. Insights from regulator-informed application of HE in adjacent sectors, such as insurance, in which data was shared across borders will also inform the work.
The Alan Turing Institute will conduct research in which they engage with companies and regulators globally to build a picture of activity in this space.