Share page with AddThis


HSBC joins IBM’s quantum accelerator

HSBC towerHSBC has announced a three-year collaboration with IBM to explore the use of quantum computing.

The agreement, which will see HSBC join IBM’s accelerator programme, is designed to boost the bank’s quantum capabilities and examine how the technology can be applied to the financial services market.

More specifically, HSBC will explore the use of quantum computing for pricing and portfolio optimisation, identifying fraud and also managing its net-zero reporting.

In addition to internal training programmes and the recruitment of quantum computing research scientists, HSBC will also get access to IBM’s quantum computing technology including Eagle, a 172-quibuit processor.

“[Quantum computing] has the potential to transform how we run areas of the bank by addressing challenges which classical computers may never be able to solve alone,” said HSBC CEO Colin Bell who described the quantum as “potentially game-changing technology for financial services”.

The advanced processing capability of quantum technology enables computers to perform much more advanced calculations.

"Financial institutions and organisations around the world are eagerly awaiting real-world applications of quantum computing and exploring industry applications for quantum computing should be a key tenet of any enterprise strategy today," said Dr. Darío Gil, senior vice president and director of IBM Research.

In recent weeks, the financial services market has seen a number of quantum “breakthroughs” announced, including a cyber security project involving Denmark's Danske Bank and a portfolio management application involving Spain’s CaixaBank.

©2022 fundsTech

Most read features

Roundtable: The digital transformation opportunity

The funds industry is looking at adopting new types of technology, from automation to ESG reporting, blockchain and tokenisation. A FundsTech roundtable in March explored how these will revolutionise the sector.

Tokenisation: The incredible potential of tokenisation

Tokenisation offers a new generation of investors access to a wide range of asset classes. But a lack of analysts is one reason why the market may not be ready for the possibilities, finds Nicholas Pratt.

Regulation: Panel calls for simplicity in ESG reporting

The industry accepts the need for more rigour in ESG fund reporting, but the work will be pointless if investors don’t understand the end result. Nicholas Pratt reports.

Cryptocurrencies: Crypto funds face long wait for regulatory approval

While crypto currencies forge onwards, access for investors who prefer to invest through regulated vehicles remains muted. A wait-and-see stance by regulators lies at the centre of this, finds Nicholas Pratt.

Managing the impact of ESG reporting

A rise in ESG reporting requirements is impacting asset managers in every conceivable way. The solution, discovers Nicholas Pratt, is to use all of this newly found data to form a closer relationship with the next generation of investors.

Sponsored Profiles

The importance of trust when building successful client-vendor teams

Petra Roche and Anna Kanior-FlorekFundTech speaks to Metrosoft’s Petra Roche and Anna Kanior-Florek about cross-organisational relationships and why mutual trust...

The digitally connected Global Transfer Agent

Anand Ramachandran, Vice President, Global Head of Solutions, Richard Clarkson, Head of Solutions, Funds and Swapnil Joshi, Senior Strategy Manager from Oracle Financial Services Global...

Data consolidation takes centre stage in asset management M&A

MergersConsolidation between asset management firms is overwhelmingly expected to increase. Operational challenges remain thanks to legacy systems. But in a recent...

Are you being microserved?

As asset managers grapple with new digital technology, FundsTech talks to Calastone’s Adam Belding about the importance of software architecture and the benefits...