British banking group HSBC has joined forces with technology giant IBM to explore applications of quantum computing in the financial services space.
During the three-year partnership, HSBC will explore the use of quantum computing to enhance pricing and portfolio optimisation, further sustainability goals, mitigate risk and prevent fraud.
The partnership will also be leveraged by the bank to enhance its capabilities in quantum computing and take full advantage of the technology.
Through the alliance, HSBC will become part of the IBM Quantum Accelerator programme and gain access to IBM’s expertise and quantum computing systems, which includes a 127-qubit processor, called Eagle.
HSBC will train its employees in quantum technology and onboard quantum computing research scientists to build a dedicated team.
HSBC Bank and HSBC Europe CEO Colin Bell said: “By investing in quantum computing we are innovating for the future, to make banking easier for our customers.
“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. Our work with IBM, a leading provider of quantum computing, is essential to harnessing this potentially game-changing technology for financial services.”
IBM Research senior vice president and director Dario Gil said: “Financial institutions and organisations 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.
“We are excited to team with HSBC to explore applications of quantum technology to their business operations and help turn their aspirations into reality.”
Over 175 entities from various fields are working with IBM Quantum technology to develop quantum computing capabilities and explore practical applications.