(ComputerWeekly) Standard Chartered is the latest bank to commit to researching the potential use of quantum computing in the banking industry, through an academic partnership.
The bank is collaborating with US-based Universities Space Research Association (USRA) to develop quantum computing applications. USRA is a not-for-profit organisation, with a group of 49 universities its members.
“The world is currently in the process of identifying commercial use cases where quantum computer capabilities will surpass classical computers,” said Alex Manson, global head of Standard Chartered Ventures. “We have a conviction that some of these use cases will transform the way we manage risks in financial services, for example by simulating portfolios and exponentially speeding up the generation of market data.”
“Similar to other major technological advancements, quantum computing is set to bring widespread benefits as well as disrupt many existing business processes,” said Kahina van Dyke, global head of digital channels and client data analytics at the bank. “This is why it’s important for companies to future-proof themselves by adopting this new technology from an early stage.”