HSBC has joined forces with IBM on a three year project to explore the new frontiers of quantum technology.
As part of the agreement, the bank will join the IBM Quantum Accelerator program, giving it access to IBM's premium plan of quantum computing systems, including its recently announced 127-qubit processor, Eagle, as well as IBM's quantum expertise, to help validate and progress potential quantum use cases.
HSBC says will explore the use of quantum computing for pricing and portfolio optimisation, to advance its net zero goals, and to mitigate risks, including identifying and addressing fraudulent activity.
The bank intends to train staff in quantum technology, as well as actively recruite quantum computing research scientists, to build a dedicated capability within its innovation team.
Colin Bell, chief executive officer, HSBC Bank plc and HSBC Europe, says: "By investing in quantum computing we are innovating for the future, to make banking easier for our customers. 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."