Spanish lender BBVA is stepping up its efforts in quantum computing and released the results of six proof of concept (PoC) trials that use the technology.

In this initiative, the bank worked alongside Spain’s Senior Council for Scientific Research (CSIC), Accenture, Fujitsu, Zapata Computing, and Multiverse.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The aim of the PoCs was to identify use cases where quantum technology offers more advantage over traditional computing techniques.

BBVA global head of research and patents Carlos Kuchkovky said: “At BBVA we believe that quantum technology will be key to solving some of the major challenges facing society this decade.

“Addressing these challenges dovetails with BBVA’s strategic priorities, such as fostering the more efficient use of increasingly greater volumes of data for better decision-making as well as supporting the transition to a more sustainable future.”

The initiative focused on the development of quantum algorithms, static and dynamic portfolio optimisation, credit scoring process optimisation, currency arbitrage optimisation as well as derivatives valuations and adjustments.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Though still in an exploratory stage, the results of the initiative has indicated various advantages that quantum technology over other solutions.

Kuchkovky added:  “Although this technology is still in an early stage of development, its potential to impact the sector is already a reality.

“Our research is helping us identify the areas where quantum computing could represent a greater competitive advantage, once the tools have sufficiently matured. We believe this will be, for certain concrete tasks, in the next two to five years.”

In April 2020, another Spanish lender CaixaBank developed a credit risk classification model leveraging quantum computing.

Standard Chartered Bank too entered into a collaborative research agreement with the Universities Space Research Association (USRA) recently on quantum computing research and applications.