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HSBC and IBM partner on financial quantum computing applications

The deal will also aid HSBC's efforts to reduce fraud and achieve net-zero goals

IBM has signed a three-year agreement with HSBC to develop quantum computing applications for the finance industry.

As part of the deal, HSBC will join IBM’s Quantum Accelerator program, allowing it access to the firm’s premium quantum computing systems, which includes the recently announced 127-qubit processor Eagle.

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"By investing in quantum computing we are innovating for the future, to make banking easier for our customers,” said Colin Bell, HSBC Europe CEO.

“This technology has the potential to transform how we run areas of the bank by addressing challenges which classical computers may never be able to solve, alone. Our work with IBM, a leading provider of quantum computing, is essential to harnessing this potentially game-changing technology for financial services,” added Bell.

In addition to optimizing pricing and services, HSBC will leverage quantum computing to identify and combat fraudulent activity, and further its net zero goals.

The bank also intends to upskill its employees through internal training programs and besides recruiting quantum computing researchers to build a dedicated quantum research capability within its innovation team.

"Financial institutions and organizations around the world are eagerly awaiting real-world applications of quantum computing and exploring industry applications for quantum computing should be a key tenet of any enterprise strategy today," said Dr. Darío Gil, senior vice president and director of IBM Research. 

"We are excited to team with HSBC to explore applications of quantum technology to their business operations and help turn their aspirations into reality."

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