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HSBC chooses IBM support for its quantum leap

By Sandra Helsel posted 05 Apr 2022

(ComputerWeekly)  Karl Flinders, kly recently discussed HSBC’s three-year collaboration with IBM to explore how quantum computing can benefit its business. Inside Quantum Technology summarizes Fliders’ article below.
The agreement will give the UK bank access to expertise and quantum computing systems.
The bank currently expects to apply quantum computing to pricing and portfolio management, risk and fraud detection and prevention, and will be used to support its environmental goals.
“HSBC will explore the use of quantum computing for pricing and portfolio optimisation, to advance its net-zero goals, and to mitigate risks, including identifying and addressing fraudulent activity,” said the bank in a statement.
As part of the agreement, HSBC will join IBM’s Quantum Accelerator programme, giving it access to IBM quantum computing systems. This includes its 127-qubit processor, Eagle. Using the skills and resources at IBM, HSBC will test out potential uses for quantum computers in its business.

IBM is Diamond Sponsor of IQT-San Diego “The World’s Quantum Enterprise” event May 10-12, 2022

“[Quantum computing] 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,” said HSBC CEO Colin Bell. “Our work with IBM, a leading provider of quantum computing, is essential to harnessing this potentially game-changing technology for financial services.”
Darío Gil, director of IBM Research, 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.”
Through the collaboration with IBM, HSBC will build a dedicated capability within its innovation team by training existing staff in quantum technology and recruiting quantum computing research scientists.

Sandra K. Helsel, Ph.D. has been researching and reporting on frontier technologies since 1990.  She has her Ph.D. from the University of Arizona.

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