Standard Chartered Bank (SCB) has forged a collaborative research agreement with the Universities Space Research Association (USRA) on quantum computing research and applications.

SCB and USRA have been collaborating on quantum computing research since 2017, led by the bank’s global head of data science and innovation Alexei Kondratyev.

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Under this extended partnership, USRA will support the academic research in quantum physics and artificial intelligence (AI), while SCB will look at commercial applications of the same.

Currently, quantum machine learning models and discriminative models with multiple uses like credit scoring and generating trading signals are the applicable use cases in the financial sector.

The bank said that its clients can benefit from better risk management and development of new financial products, as the quantum computing technology develops.

Standard Chartered global head of digital channels and client data analytics Van Dyke said: “Similar to other major technological advancements, quantum computing is set to bring widespread benefits as well as disrupt many existing business processes.

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“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.”

The latest strategic partnership was brought about by the “quantum annealing approach to computational problems in portfolio optimisation use cases”.

The partners will work towards developing the alliance beyond quantum annealing to all unconventional computing systems.

USRA SVP of technology Bernie Seery said: “This partnership with the private sector enables a diversity of research through a competitively selected portfolio of quantum computing research projects involving academic institutions and non-profits, growing an ecosystem for quantum artificial intelligence that has already involved over 150 researchers from more than 40 organisations that produced over 50 peer-reviewed publications over the last seven years.”