Bank of England
General Technology

Banking and the Quest for Quantum Dominance

July 7, 2020

As we have been saying at QZ for a long time, Banking and Finance will be one of the first major use cases of Quantum Computing. Coupled with the funds and the need to explore any advantage, banks are looking at Quantum Computing with interest. The latest piece from “the times” explores how RBS (Royal Bank of Scotland) is working with Quantum Computing company 1QBit.

After demonstrating the possibilities of quantum computing to RBS leaders in 2015, RBS became investors in 1Qbit, hoping that they could steal a march on this nascent technology. Investing in 2015 and subsequently RBS have backed the Canadian start-up 1Qbit.

The Quantum Computing Start-up 1QBit is working with RBS (Royal Banl of Scotland) on Finance Applications

RBS is working with 1QBit’s algorithms to see how much it should set aside for bad loans. This comes as other companies are working on ways to use quantum computing for option pricing, portfolio optimization and almost anything that can fit the highly specific algorithms that Quantum Computers can run. Competitors include the Spanish company Multiverse who are actively attacking the finance sector, so too are companies such as QuantFi looking to leverage Quantum technology in finance.

To read more from the times article click here and you can visit the profile page for 1QBit here. Interestingly Quantum Computing is increasingly getting written about in the mainstream media. Don’t forget to follow us on FB/LinkedIn/Twitter.