HSBC and Quantinuum are partnering to explore the potential benefits of quantum computing in financial services, focusing on cybersecurity, fraud detection, and natural language processing. The collaboration aims to strengthen security using quantum computing-hardened cryptographic keys and develop advanced quantum machine learning techniques for fraud detection. Additionally, they will investigate quantum natural language processing, a novel form of AI that could improve customer service in regulated markets.
HSBC and Quantinuum Partner to Explore Quantum Computing in Financial Services
HSBC, a leading global bank, and Quantinuum, the world’s largest quantum computing company, have announced a series of exploratory projects to investigate the potential benefits of quantum computing in the financial services sector. The partnership will focus on specific projects in cybersecurity, fraud detection, and natural language processing.
Philip Intallura, Global Head of Quantum Technologies at HSBC, expressed excitement about the collaboration, providing access to cutting-edge quantum hardware and potentially transforming the bank’s use cases. Ilyas Khan, Chief Product Officer of Quantinuum, highlighted the deep expertise in quantum computing that the partnership brings to critical areas in global finance, such as protecting data and assets, managing risk, and creating innovative customer service approaches.
Strengthening Cybersecurity with Quantum Computing
One of the initial goals of the multi-stage collaboration is to demonstrate the use of quantum computing-hardened cryptographic keys, combined with post-quantum cryptographic algorithms, to mitigate current and future cyber threats. This effort is increasingly important as the capabilities of classical and quantum computers continue to converge.
Quantinuum’s Quantum Origin platform uses quantum computer operations to strengthen cryptographic keys that protect transactions and identification processes. Deployed on existing classical cybersecurity infrastructure, Quantum Origin is the first commercial product to use a quantum computer to produce provably unpredictable cryptographic keys. This extra layer of security could help protect HSBC’s most valuable data.
Building a Quantum Business Advantage
In the second part of the collaboration, HSBC and Quantinuum will research and explore the potential benefits of quantum machine learning (QML) and quantum natural language processing (QNLP) for HSBC’s business. With fraud detection as a priority, the partnership will examine advanced QML techniques enhanced by qubit routing and circuit optimization techniques provided by Quantinuum’s software development platform, TKET.
The collaboration will also explore QNLP, a novel form of language-based AI that uses an explainable model instead of the “black box” methods of traditional classical large-language models. QNLP will be based on training quantum states and processes that encode word meanings, potentially enabling native NLP tasks such as question answering or text similarity. This approach could be valuable in regulated markets dealing with customer data.
Through this research collaboration, HSBC and Quantinuum aim to be at the forefront of developing and implementing quantum-based solutions that have the potential to revolutionize the banking industry.
Philip Intallura, Global Head of Quantum Technologies at HSBC, said “We are excited to embark on this partnership with Quantinuum and explore the further applications of Quantum technology in the Financial Services sector. Our collaboration provides us a great opportunity to access cutting-edge quantum hardware and take our use cases to a truly transformational level. We are looking forward to seeing the results of our joint work and bring long-term value to the bank.”
Ilyas Khan, Chief Product Officer of Quantinuum said, “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. As we move towards quantum computers that simply cannot be simulated by classical computers, customers will benefit from significant value in terms of innovation, knowledge.”
Smart Summary
HSBC and quantum computing company Quantinuum are partnering to explore the potential benefits of quantum computing in banking, focusing on cybersecurity, fraud detection, and natural language processing. The collaboration aims to strengthen security, manage risk, and create innovative customer service approaches in the financial services sector.
- HSBC and Quantinuum are partnering to explore the potential benefits of quantum computing in financial services.
- The multi-stage project will focus on cybersecurity, fraud detection, and natural language processing.
- Philip Intallura, Global Head of Quantum Technologies at HSBC, and Ilyas Khan, Chief Product Officer of Quantinuum, express excitement about the collaboration and its potential to bring long-term value to the bank.
- The partnership aims to strengthen cybersecurity by using quantum computing-hardened cryptographic keys and post-quantum cryptographic algorithms to protect against current and future cyber threats.
- Quantinuum’s Quantum Origin platform will be used to produce provably unpredictable cryptographic keys, offering an extra layer of security for HSBC’s data.
- The collaboration will also research quantum machine learning (QML) and quantum natural language processing (QNLP) for potential business advantages, such as improved fraud detection and customer service.
- HSBC and Quantinuum aim to be at the forefront of developing and implementing quantum-based solutions that could revolutionize the banking industry.