February 21, 2024

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Quantum Computing Reshaping Financial Sector in U.S.

In the U.S., collaboration between various entities is paramount to creating a sustainable digital technology acceleration, especially in the financial sector. As a country that values innovation and economic growth, the United States recognises the importance of fostering collaboration among different entities to propel digital technology in the financial sector. This collaboration involves key players such as government agencies, financial institutions, technology companies, regulatory bodies, and academic institutions.

Image credits: pme.uchicago.edu

In academia, industry, and government, a team of experts has published a comprehensive paper in Nature Reviews Physics, establishing a definitive resource on the utilisation of quantum computers to expedite solutions for the finance sector. The study, facilitated by the collaborative intellectual hub in Chicago, addresses challenges in optimisation, machine learning, and stochastic modelling at the intersection of finance and computing.

The team includes scientists from the U.S. Department of Energy’s Argonne National Laboratory, an American multinational financial services firm, a Research firm, and another private company which specialises in quantum computing, the University of Chicago’s Pritzker School of Molecular Engineering, and the University of Delaware. The CQE, an intellectual hub fostering collaboration between academia, government, and industry for quantum research, played a pivotal role in bringing these diverse expertise together.

The report is intentionally crafted for researchers who may be something other than quantum computing experts. Marco Pistoia, Head of Global Technology Applied Research at an American multinational financial services firm, expressed, “We wanted this to be appreciated by a larger audience. Our paper can be the starting point for researchers to understand the landscape better and then dive deeper into the areas that they’re interested in.”

Quantum computing, harnessing the principles of physics at the atomic level, outpaces traditional computing by performing computations at unprecedented speeds. A quantum computer can accomplish in minutes what would take a supercomputer 10,000 years. Yuri Alexeev, an Argonne scientist and co-author of the report, highlighted the enormous potential speedup offered by quantum computing, “We are talking about a potential speedup of millions of times for solving certain problems.”

The finance sector is particularly intrigued by the supersonic speed advantage that quantum computing offers. In finance, where time and accuracy are critical, the ability to obtain solutions rapidly can yield substantial benefits.

The report delves into three critical categories of challenges: optimisation, machine learning, and stochastic modelling. Optimisation involves rapidly obtaining the best solution to a problem, enabling financial companies to select assets for maximum returns with minimal risk. The integration of quantum algorithms with machine learning, the second category, enhances the speed of predictions, crucial for understanding patterns in the stock market. The third category, stochastic modelling, is revolutionised by quantum computing, providing faster and more accurate predictions about market evolution.

Convening different sectors to apply quantum technology solutions to industry challenges has been a central focus of the CQE. The Bloch, a CQE-led coalition, has played a vital role in positioning Chicagoland as a U.S. Regional Technology and Innovation Hub for quantum technologies. With a potential project funding of up to US$70 million, The Bloch aims to build capacity for quantum companies, create pathways for quantum jobs, and establish end-to-end quantum industry solutions, including in the finance sector.

As highlighted in the report, the collaboration signifies a pivotal moment in quantum computing for finance. Pistoia emphasised, “All the work we examined confirms that quantum computing for finance is a vibrant field.”

The collaboration between academia, industry, and government sets the stage for quantum computing to revolutionise financial solutions, marking a significant leap forward in the intersection of digital technology and the finance sector.

Looking ahead, the collaborative efforts showcased in this quantum computing endeavour are poised to redefine the landscape of financial solutions. As the finance sector braces for a future characterised by ever-increasing complexity and data-driven challenges, quantum computing emerges as a transformative force capable of unlocking new possibilities.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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