IBM, HSBC partner to explore applications of quantum computing in finance

The multi-year deal will see HSBC joining the IBM Quantum Accelerator program via which the bank will get access to the latter's premium plan of quantum computing systems, including the new 127-qubit processor "Eagle" as well as its quantum expertise, to help validate and progress potential quantum use cases.

British banking group HSBC and IBM today announced a three-year collaboration on exploring applications for quantum computing in financial services. The partnership aims to bolster the bank's expertise in quantum computing and ensure its organizational readiness to take full advantage of the rapidly-emerging technology.

"We are excited to team with HSBC to explore applications of quantum technology to their business operations and help turn their aspirations into reality," said Dr Darío Gil, Senior Vice President and Director of IBM Research.

The multi-year deal will see HSBC joining the IBM Quantum Accelerator program via which the bank will get access to the latter's premium plan of quantum computing systems, including the new 127-qubit processor "Eagle" as well as its quantum expertise, to help validate and progress potential quantum use cases.

The bank will explore the use of quantum computing for pricing and portfolio optimisation, to mitigate risks including identifying and addressing fraudulent activity as well as to advance its net-zero goals.

In addition, HSBC will upskill colleagues in quantum technology via internal training programmes, as well as actively recruit quantum computing research scientists, to build a dedicated capability within its innovation team, IBM said in a statement on Tuesday.

Commenting on this partnership, Colin Bell, Chief Executive Officer, 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. Our work with IBM, a leading provider of quantum computing, is essential to harnessing this potentially game-changing technology for financial services."