HSBC works with IBM to accelerate readiness for quantum computing

The bank envisions the application of quantum capabilities for priorities such as portfolio pricing and optimization, sustainability, risk and fraud

Expand internal talent with quantum specialists

March 29, 2022

ARMONK, NY, March 29, 2022 /PRNewswire/ — HSBC and IBM announced today that they will work together to explore applications for quantum computing in financial services.

The new three-year collaboration is designed to bolster HSBC’s expertise in quantum computing and ensure its organizational readiness 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 for quantum computing systems, including its recently announced 127-qubit processor, Eagleas well as IBM’s quantum expertise, to help validate and progress 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 risks, including identifying and addressing fraudulent activity. The bank will upskill its colleagues in quantum technology through internal training programs, in addition to actively recruiting quantum computing research scientists, to develop a dedicated capacity within its innovation team.

Colin BellCEO 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 areas of the world. bank by addressing challenges that classical computers may never be able to solve on their own. Our work with IBM, a leading provider of quantum computing, is essential 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 industry applications for quantum computing should be a key tenet of any business strategy today,” said Dr. Dario Gil, senior vice president and director of IBM. Investigate. “We are excited to partner with HSBC to explore applications of quantum technology in their business operations and help them turn their aspirations into reality.”

A recent report by the IBM Institute for Business Value, the quantum decadedescribes how the exponential power of quantum computing could dramatically reshape how financial institutions and other organizations tackle their most pressing challenges in a post-pandemic world with a discovery-driven approach that can drive new, deeply integrated, hyper-automated business models.

More than 175 clients, including Fortune 500 companies, startups, academic institutions and research labs, work with IBM Quantum technology to advance quantum computing and explore practical applications. The IBM Quantum team and clients are researching and exploring how quantum computing will help a variety of industries and disciplines, including finance, energy, chemistry, materials science, optimization and machine learning, among many others. others.

For IBM information and solutions on applying quantum computing to financial services and other industries, visit https://www.ibm.com/quantum.

Media contacts

IBM

Tineke Dullaart-Mertens

tineke.mertens@nl.ibm.com
31-6 200 150 92

HSBC

mark hadley

mark.hadley@hsbc.com
+44 (0)7468703058

HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves clients around the world from offices in 64 countries and territories in our geographic regions: Europe, Asia, North America, Latin Americathe middle East Y North Africa. with assets of US$2.958 billion in December 31, 2021HSBC is one of the world’s largest banking and financial services organizations.

About IBM
IBM Quantum is an industry-first initiative to build universal quantum systems for commercial and scientific applications. To learn more about IBM’s quantum computing efforts, visit www.ibm.com/quantum-computing/

To learn more about IBM’s insights and solutions for the global financial services industry, visit www.ibm.com/financial-services.

IBM SOURCE

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