HSBC joins forces with IBM to bolster quantum computing readiness

(SeekingAlpha) News Editor Meghavi Singh, has provided a look at the collaboration announced by HSBC and IBM to explore quantum computing in financial services. Of note is that Singh worked with HSBC Bank for 10+ years in Wealth Management and Regulatory Reporting. Inside Quantum Technology summarizes her article below:

HSBC (NYSE:HSBC) and IBM (NYSE:IBM) are collaborating on exploring 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.

Per the terms:
–The bank will join the IBM Quantum Accelerator program, giving it access to IBM’s premium plan of quantum computing systems to help validate and progress potential quantum use cases.
–The bank 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.

Colin Bell, Chief Executive Officer, HSBC Bank plc and HSBC Europe, said: “This technology has the potential to transform how we run areas of the bank by addressing challenges which classical computers may never be able to solve, alone. Our work with IBM, a leading provider of quantum computing, is essential to harnessing this potentially game-changing technology for financial services.”

NOTE: IBM is Diamond Sponsor of IQT-San Diego “The World’s Quantum Enterprise” event May 10-12, 2022