Standard Chartered to explore research and application of quantum computing

Standard Chartered Bank and Universities Space Research Association (USRA) have agreed to partner on quantum computing research and developing quantum computing applications.

Standard Chartered’s team, led by Dr. Alexei Kondratyev, Global Head of Data Science and Innovation, and USRA have collaborated in quantum computing research since 2017. An earlier success in investigating the quantum annealing approach to computational problems in portfolio optimisation use cases led to this strategic partnership.

Standard Chartered and USRA intend to develop this initial collaboration beyond quantum annealing to all unconventional computing systems that could provide an advantage to applications of interest, such as gate-model noisy-intermediate scale quantum (NISQ) processors and Coherent Ising machines.

The most promising use cases with real-world applications include quantum machine learning models (generating synthetic data and data anonymisation) and discriminative models (building strong classifiers and predictors) with multiple potential uses such as credit scoring and generating trading signals.

As quantum computing technology matures, clients should benefit from higher quality services such as faster execution, better risk management and the development of new financial products.

“Quantum computing research and development are poised to have a profound impact on the industries responsible for solving today’s most complex problems. That’s why researchers and businesses alike are looking to quantum computing today to start demonstrating tangible value,” said Mark Johnson, Vice President, Processor Design, Development and Quantum Products at D-Wave.

“The world is currently in the process of identifying commercial use cases where quantum computer capabilities will surpass classical computers. We have a conviction that some of these use cases will transform the way we manage risks in financial services, for example by simulating portfolios and exponentially speeding up the generation of market data,” said Alex Manson, Global Head of SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm.

“We will work with USRA to identify such use cases in financial services, with a view to implementing them within our bank, as well as potentially offering this service to other market participants over time.”

“The partnership with USRA gives us access to world-class academic researchers and provides us with a unique opportunity to explore a wide range of models and algorithms with the potential to establish quantum advantage for the real-world use cases,” added Kahina Van Dyke, Global Head of Digital Channels and Client Data Analytics at Standard Chartered.