Monetary Authority of Singapore Supporting Research Exploring Advantages of Quantum System for Machine Learning Applied to Financial Industry
(GTreview) The Monetary Authority of Singapore (MAS) under its artificial intelligence and data analytics (AIDA) grant scheme, is supporting the research project titled “Exploring the advantages of a quantum system for machine learning applied to credit scoring”, aims to build a predictive machine learning model implemented on a quantum computer in order to tackle inefficiencies in approving trade finance.
The research will be conducted by a collaboration between trade finance distribution platform Tradeteq and the Singapore Management University (SMU) to explore quantum computing-based solutions for the financial industry.
Michael Boguslavsky, head of artificial intelligence (AI) at Tradeteq, who is part of the research team on this project was interviewed recently. He explained that Tradeteq’s artificial intelligence (AI) credit scoring capabilities are already industry leading and this project with SMU is going to further develop their technology. Tradeteq are exploring the development of quantum-based neural networks to more quickly and more accurately give credit scores to SMEs and transactions, allowing them access to trade finance which, under normal credit reporting, would not have been possible.
Boguslavsky explained that he does not expect quantum tech to be in our production system this year or even when the project finishes in two years. That is more about us exploring possibilities for where our system could be in five or 10 years. That is not something they plan to deploy imminently to any clients. Quantum computing is still at a very early stage of development. It is not yet suited for anything other than very small pilot problems or problems which were specifically designed to be solved by quantum computing.
NOTE: The interview with Michael Boguslavsky is extensive and worth reading.