The Bank is considering the application of quantum capabilities for priorities such as pricing and portfolio optimization, sustainability, risk and fraud
Develop internal talents with quantum specialists
March 29, 2022
ARMONK, NY, March 29, 2022 /PRNewswire/ — HSBC and IBM today announced that they will work together to explore applications of quantum computing in financial services.
The new three-year collaboration is designed to strengthen HSBC’s expertise in quantum computing and ensure its organization is ready to take full advantage of the technology.
As part of the deal, the bank will join the IBM Quantum Accelerator program, giving it access to IBM’s premium plan of quantum computing systems, including its recently announced 127-qubit processor, Eagle, as well as quantum expertise from IBM, to help validate and advance potential quantum use cases.
HSBC will explore the use of quantum computing for pricing and portfolio optimization, to advance its net zero goals and to mitigate risk, including identifying and addressing fraudulent activity. The bank will strengthen the skills of its colleagues in quantum technology through internal training programs, as well as by actively recruiting quantum computing researchers, in order to create a dedicated capacity within its innovation team.
Colin BellChairman and CEO of HSBC Bank plc and HSBC Europe, said: “By investing in quantum computing, we are innovating for the future, to make banking easier for our customers. This technology has the potential to transform the way we manage banking sectors into challenges that conventional computers may never be able to solve on their own. Our work with IBM, a leading provider of quantum computing, is key to harnessing this potentially game-changing technology for financial services.
“Financial institutions and organizations around the world are eagerly awaiting real-world applications of quantum computing and exploring the industrial applications of quantum computing should be a key tenet of any business strategy today. said Dr. Darío Gil, senior vice president and director of IBM. Research. “We are delighted to team up with HSBC to explore the applications of quantum technology to their business operations and help turn their aspirations into reality.”
A recent report from IBM’s Institute for Business Value, The quantum decadedescribes how the exponential power of quantum computing could radically reshape the way financial institutions and other organizations address their most pressing challenges in a post-pandemic world with a discovery-driven approach that could spur new business models hyper-automated and deeply integrated.
More than 175 customers, including Fortune 500 companies, start-ups, academic institutions and research labs, work with IBM Quantum technology to advance quantum computing and explore practical applications. The IBM Quantum team and clients research and explore how quantum computing will help a variety of industries and disciplines, including finance, energy, chemistry, materials science, optimization and l machine learning, among many others.
For IBM solutions and information on applying quantum computing to financial services and other industries, visit https://www.ibm.com/quantum.
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HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographic regions: Europe, Asia, North America, Latin Americathe Middle East and North Africa. With assets of US$2.958 billion at December 31, 2021HSBC is one of the largest banking and financial services organizations in the world.
IBM Quantum is an industry-first initiative to create universal quantum systems for business and scientific applications. For more information about IBM’s quantum computing efforts, please visit www.ibm.com/quantum-computing/
To learn more about IBM insights and solutions for the global financial services industry, visit www.ibm.com/financial-services.