CAMBRIDGE, UK and BROOMFIELD, CO, May 30, 2023 – Quantum computing company Quantinuum and London-based banking and financial services group HSBC have announced exploratory projects looking at the potential benefits of quantum computing for banking, with specific projects in the areas of cybersecurity , Fraud Detection and Natural Sciences Language Processing.
Philip Intallura, Global Head of Quantum Technologies at HSBC, said, “We are excited to partner with Quantinuum and explore the broader applications of quantum technology in the financial services sector.” Our collaboration gives us a great opportunity to access cutting-edge quantum hardware and our use cases to a truly transformative level. We look forward to seeing the results of our work together and creating long-term value for the bank.” “Our collaboration with HSBC brings together extensive expertise in the application of quantum computing across a range of areas that are critical to global finance , such as B. protecting important data and assets, managing risks and creating a unique customer service.” Approaches. As we move towards quantum computing, which simply cannot be simulated with classical computing, customers will reap significant value in terms of innovation and knowledge,” said Ilyas Khan, Quantinuum’s Chief Product Officer.
A first exploration of the multi-level collaboration aims to demonstrate the use of quantum computing-hardened cryptographic keys, including their unique combination with post-quantum cryptographic algorithms, to mitigate current and future cyber threats. This effort to strengthen resilience against advanced cyber threats is becoming increasingly important as the transition between classical computing and quantum computing capabilities draws closer.
Quantinuum’s Quantum Origin [LINK] is a cutting-edge platform that uses the operations of a quantum computer to strengthen the cryptographic keys used to protect transactions and identification processes. Deployed on top of the existing “classic” cybersecurity infrastructure, Quantum Origin is the first commercial product on the market to use a quantum computer to generate provably unpredictable cryptographic keys that could provide an additional layer of security to protect HSBC’s most valuable data. HSBC and Quantinuum will operate Quantum Origin through an HSM provider.
In a 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 being an HSBC priority, the collaboration will explore advanced QML techniques, augmented by qubit routing and circuit optimization techniques provided by Quantinuum’s architecture-agnostic software development platform, TKET.
Additionally, HSBC and Quantinuum will 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. This approach potentially enables native NLP tasks such as answering questions or matching text, which could be valuable in regulated markets where customer data is at stake.
Through this research collaboration, HSBC and Quantinuum are positioned to be at the forefront of the development and implementation of quantum-based solutions that have the potential to revolutionize the banking industry.