HSBC and Quantinuum partner on Quantum Computing for banking

By Gloria Methri

HSBC is working with tech firm Quantinuum on a series of projects to explore the potential of quantum computing for banking including cybersecurity, fraud detection, and natural language processing. The two companies aim to demonstrate the use of quantum computing-hardened cryptographic keys to mitigate current and future cyber threats.

HSBC will use Quantinuum’s Quantum Origin platform, which leverages quantum algorithms on classical infrastructure to make cryptographic keys that are used to protect transactions and make identification processes stronger. A third-party hardware security module (HSM) provider will run Quantum Origin. An HSM is a physical computing device that safeguards cryptographic keys.

The second part of the collaboration will explore the potential benefits of quantum machine learning (QML) and quantum natural language processing (QNLP) for HSBC’s business.

QNLP can enhance banking applications that use unstructured data, such as answering online customer support questions, analysing market sentiments, and predicting future performance. It trains quantum states and processes that encode word meanings.

“We are excited to embark on this partnership with Quantinuum and explore the further applications of Quantum technology in the financial services sector,” said HSBC’s global head of quantum technologies Philip Intalluria. “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 bringing long-term value to the bank.”

Quantinuum chief product officer Ilyas Khan added, “Our collaboration with HSBC brings together 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.”