HSBC has announced it will work with IBM to explore applications for quantum computing in financial services in a new three-year partnership.

Specifically, the UK bank is looking to develop quantum computing for pricing and portfolios, to advance its net zero goals, and to mitigate risks, including identifying and addressing fraudulent activity.

“By investing in quantum computing we are innovating for the future, to make banking easier for our customers,” said Colin Bell, chief executive of HSBC and HSBC Europe. “This technology has the potential to transform how we run areas of the bank by addressing challenges which classical computers may never be able to solve, alone.”

The bank said the move is designed to boost its expertise and “ensure its organisational readiness” to take advantage of the technology.

HSBC is joining the IBM Quantum Accelerator programme which will give it access to the company’s quantum computing systems, including its recently announced 127-qubit processor.

HSBC is training employees quantum technology, as well as recruiting quantum computing research scientists.

“Financial institutions and organizations around the world are eagerly awaiting real-world applications of quantum computing, and exploring industry applications for quantum computing should be a key tenet of any enterprise strategy today,” said Dr. Darío Gil, senior vice president and director of IBM Research. “We are excited to team with HSBC to explore applications of quantum technology to their business operations and help turn their aspirations into reality.”

Share Story: