Classiq, NTT target quantum-based credit risk analysis
Finance is a quickly expanding application arena for quantum technology, and the latest evidence of that is partnership between quantum software firm Classiq and NTT Data focused on credit risk analysis.
Classiq said this week it is working with the Tokyo-based provider of networking, IT and business services “to implement novel credit risk analysis algorithms using quantum computers.”
This kind of analysis is used to calculate the credit-worthiness of borrowers or vendors to quantify and limit the risk of loss to a lender. It is another obvious target for quantum computing in finance, where we already have seen the rise of other risk management and analysis use cases.
“NTT DATA is looking forward to collaborating with Classiq,” said Shunichi Amemiya, Head of Research and Development HQ, NTT DATA, in a statement. “We are interested in applying quantum computer technology to financial engineering and believe that the need to compute complex business models will increase in the future. Classiq’s platform enables us to effectively generate and run quantum algorithms for the issues in applying to our supposed use case.”
Classiq’s Quantum Algorithm Design platform will allow NTT DATA to capture, synthesize, analyze and optimize quantum algorithms that scale, leading to hardware-independent implementation of novel credit risk analysis algorithms that are not limited by historical approaches to creating quantum algorithms, the companies said. Classiq has been working on solutions that allow early users of quantum algorithms to bypass what otherwise would be manual, tedious gate-level programming processes on large-scale systems.
NTT Group, which is NTT Data’s parent company, has been among Japan’s more aggressive early investors in quantum technology.
Meanwhile, Classiq has been pushing to make quantum software easier to use, and last month announced pre-built functional software blocks to help developers add their own intellectual property on top of Classiq’s platform as they create applications.