OCBC Bank is taking a bold step into the future of computing by training around 100 employees in quantum computing over the next three years. This move comes as Singapore aims to establish itself as a quantum powerhouse, with a national push to develop expertise in this emerging technology.
Peter Koh, OCBC’s head of group technology architecture, says the bank will work with partners to experiment with quantum computing and potentially open up new roles in financial solutions, pricing, and anti-fraud. The training program, which began in May, includes online and physical workshops led by experts from Singtel, the National University of Singapore, and Udemy.
OCBC is among the earliest banks to begin formal training in quantum computing, with a goal to triple its pool of quantum-savvy talent. Deputy Prime Minister Heng Swee Keat has announced a $300 million investment top-up over the next five years to groom at least 200 experts in quantum-related topics. Tech giants like IBM and Google are also making headway in building quantum computers, but have yet to release them to the market.
Quantum Computing: The Next Generation of Technology
Quantum computing is poised to revolutionize various industries, including finance, healthcare, and cybersecurity. OCBC Bank has taken a significant step forward by announcing its plans to train around 100 employees in quantum computing over the next three years. This move is part of a national push to develop quantum expertise and establish Singapore as a quantum powerhouse.
The Need for Quantum Expertise
The importance of developing quantum expertise cannot be overstated. With the earliest quantum computing applications expected as soon as 2030, experts warn that businesses must crack on with quantum computing strategies to stay ahead of the curve. The race is on for banks and operators of critical systems to develop expertise in quantum technologies, as these advancements could render today’s passwords vulnerable and lead to massive data breaches.
OCBC’s Quantum Computing Training Program
OCBC’s training program is designed to equip its employees with the skills needed to develop new applications and strengthen defenses against emerging cyber-security threats. The program will progressively train around 100 employees in quantum computing across the next three years, with a focus on roles related to technology, business, and cybersecurity. Trainees will attend classes during work hours, starting with 16 hours of self-directed introductory classes to expose them to the basics of quantum computing and its impact on industries.
The Basics of Quantum Computing
The basics of quantum are vastly different from traditional computing. Unlike traditional computers that process calculations using binary digits like switches that can be either 0 or 1, quantum computers use quantum bits, which can exist in many states at once until they are measured, making it possible to solve more complex problems faster. This fundamental difference has the potential to enhance financial predictions, as AI models will be able to process more data with greater accuracy.
Partnerships and Collaborations
OCBC is working with partners, including Singtel, to provide its trainees access to a quantum-safe network, a telecommunications infrastructure built for quantum key distribution (QKD) – a secure method of sharing passcodes using quantum particles to prevent hacking by fraudsters equipped with quantum computers. This collaboration will help equip various industries with quantum cyber-security expertise and resources, focusing on safeguarding critical infrastructure.
The Future of Quantum Computing
The future of quantum computing holds immense promise, with the global quantum sector estimated to be worth around US$1.3 trillion (S$1.75 trillion). Tech giants such as IBM, Google, and others from China have made headway in the race to build a quantum computer, but have yet to release it to the market. As the technology continues to evolve, it is essential for businesses and governments to invest in developing expertise and infrastructure to stay ahead of the curve.
Singapore’s Quantum Ambitions
Singapore has announced a $300 million investment top-up over the next five years to groom at least 200 experts who hold at least a master’s degree in quantum-related topics, and grants to build quantum computers and equipment locally. This national push is aimed at establishing Singapore as a quantum powerhouse, leveraging the technology to drive economic growth and innovation.
Conclusion
OCBC’s decision to invest in quantum computing training is a significant step forward in preparing for the next generation of technology. As the global quantum sector continues to evolve, it is essential for businesses and governments to develop expertise and infrastructure to stay ahead of the curve. With its national push to establish itself as a quantum powerhouse, Singapore is well-positioned to reap the benefits of this technological advancement.
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