Quantum computing: HSBC partners with Quantinuum

HSBC has launched a new partnership with quantum computing provider Quantinuum.

Quantum computing, once a theoretical technology, has moved much closer into the financial services world in recent years.

The applications of quantum computing, which radically increases the processing power of computers by vast magnitudes, have been touted as a new era for banks. 

From cyber security to credit modelling, quantum technology is predicted to finally be close to adoption. 

The partnership between HSBC, which has 39 million customers in 62 countries, and Cambridge-based Quantinuum will involve a number of projects scoping “short- and long-term business uses cases”.

“Our collaboration with HSBC brings together a deep expertise in the application of quantum computing across a set of areas that are critical in global finance, such as protecting vital data and assets, managing risk, and creating first-of-its-kind customer service approaches,” said Ilyas Khan, Chief Product Officer of Quantinuum.

“As we move towards quantum computers that simply cannot be simulated by classical computers, customers will benefit from significant value in terms of innovation, and knowledge,” Khan added.

HSBC already has a quantum team, led by Philip Intallura, and through the new partnership will initially focus on the bank’s cybersecurity defenses with quantum-computing hardened cryptographic keys. 

Cyber threats are a core area of concern among experts as quantum computers become more commonplace. 

HSBC also plans to use Quantinuum’s expertise in quantum natural language processing capabilities for fraud detection and online customer support. 

HSBC has  $3trn in assets and 39 million customers in 62 countries around the world.