HSBC and IBM have announced a three-year collaboration to explore the potential of quantum computing in the banking industry.
HSBC will explore how quantum computers can be used for pricing and portfolio optimization, advancing its net zero targets and identifying and tackling fraudulent activity.
The UK-based bank will train its employees on quantum technology and hire quantum computer research scientists for its innovation team.
In recent years, companies such as IBM and Google have made great strides in quantum computing, promising much better firepower than traditional computers. However, quantum computers that are fully comprehensive and error-free capable of performing multiple tasks are a long way off.
As technology has improved, more and more businesses are experimenting with quantum computing, with the IMB making their machines commercially available for remote access.
“By investing in quantum computing we are innovating for the future, to make banking easier for our customers. This technology has the potential to change the way we run areas of the bank by addressing challenges that classic computers alone could never solve on their own, ”said Colin Bell, CEO, HSBC Bank and HSBC Europe.
HSBC will join IBM’s Quantum Accelerator program, which will give the bank access to IBM’s quantum computers, including its 127 – qubit processor called Eagle.
“Financial institutions and organizations around the world are eagerly awaiting real-world applications of quantum computing and industry applications for quantum computing should be a key principle of any enterprise strategy today,” said Dr. Darío Gil, Vice -Special president and director, IBM Research.
According to IBM their quantum technology in finance, energy, chemistry, materials science, optimization and machine learning has over 175 users.
Recently based in Oxford QuantrolOx raised £ 1.4m in its seed funding round to develop its artificial intelligence software that streamlines and stabilizes quantum computers.
Earlier this year there was a subsidiary of the University of Sheffield Aegiq received £ 1.8m for its quantum computer networking technology.
HSBC to test IBM quantum computers in banking
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