UK Research and Innovation Initiative to Invest £153M in Quantum Tech Which Will Significantly Impact Financial Services
(CrowdFundInsider) The UK government, via the UK Research and Innovation (UKRI), is planning to invest £153 million, in order to create new products and services that are based on recent advancements in quantum technologies.
Quantum tech is expected to have a major impact on the financial services sector.
Large banking institutions, insurance service providers and regulatory agencies are currently assessing the different opportunities and advising their clients on quantum computers for quantitative finance, asset pricing and effective portfolio management.
Precise quantum clocks for accurately timestamping digital transactions to advanced high frequency trading and various quantum security solutions to protect financial data are also being developed.
The Commercializing Quantum Technologies Challenge, via UKRI’s Industrial Strategy Challenge Fund (ISCF), has awarded £90 million across 42 initiatives in order to realize the potential of the latest quantum technologies.
A project led by Rigetti UK in partnership with Standard Chartered Bank, Oxford Instruments, Phasecraft and the University of Edinburgh has received £6.4 million in funding to support the commercialization of quantum computing in the United Kingdom. The 3-year initiative will focus on creating a sophisticated commercial quantum computer – which will be accessible via the Cloud and will develop practical applications in machine learning, materials simulation and finance.