(Funds-Europe) It is possible that the introduction of quantum hardware and algorithms will transform the way that financial optimisation and simulation problems are solved within the financial services world. Standard Chartered has been looking closely at the advances that this discipline may bring to financial services; two years ago, it began a joint project with the Universities Space Research Association (USRA), a Maryland-based non-profit research corporation that organises quantum computing collaboration with external partners through the Quantum Artificial Intelligence Laboratory (QuAIL). This project utilised quantum computing hardware based at the NASA Ames Research Centre in California.
Alexei Kondratyev, managing director and head of the Data Analytics Group at Standard Chartered, who co-ordinated the bank’s contribution to this project, said about quantum computing “. . . will massively disrupt how computation is done and financial services is highly open to disruption from a high-performance computing perspective. Recognising that an important new technology is on the horizon, it is essential to be prepared and to realise early-mover advantage where we can.”quantum computing is likely to be the next major development in financial services.”