HSBC will be joining partnering with the Massachusetts Institute of Technology (MIT) for quantum computing developments, said Steve Suarez, global head of Innovation, Global Functions at the bank, speaking at Quantum.Tech in London, UK. This is in addition to an academic partnership with Exeter University, industry collaboration with the IBM Accelerator Program, and investments in startups such as quantum software provider Classiq.
Speaking at the conference on HSBC’s perspective on quantum developments, Suarez said: “This is one technology you don’t want to get caught on the backfoot. What we want to do is get in early and understand the technology (and) then we can look at our opportunities or threats and make sure that we can go after them.”
J.P. Morgan meanwhile announced that it’s become a member of the Q-NEXT quantum research center. Q-NEXT is a US Department of Energy (DOE) National Quantum Information Science Research Center led by DOE’s Argonne National Laboratory. With the addition of J.P. Morgan, the Q-NEXT collaboration now comprises 27 institutional partners: 14 companies, 10 universities and three DOE national labs.
The bank will collaborate with Q-NEXT to advance the use of quantum technologies for fundamental algorithms and advance the state of quantum information research. Additionally, the firm is interested in engaging with community members to build algorithms specific to financial use cases for future impact and application.