LONDON andMOUNTAIN VIEW, Calif., July 13, 2020 /PRNewswire/ --Standard Chartered Bank and Universities Space Research Association (USRA) have signed a Collaborative Research Agreement to partner on quantum computing research and developing quantum computing applications.
In finance, the most promising use cases with real-world applications include quantum machine learning models (generating synthetic data and data anonymisation) and discriminative models (building strong classifiers and predictors) with multiple potential uses such as credit scoring and generating trading signals. As quantum computing technology matures, clients should benefit from higher quality services such as faster execution, better risk management and the development of new financial products.
Kahina Van Dyke, Global Head of Digital Channels and Client Data Analytics at Standard Chartered, said: "Similar to other major technological advancements, quantum computing is set to bring widespread benefits as well as disrupt many existing business processes. This is why it's important for companies to future-proof themselves by adopting this new technology from an early stage. 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."
Bernie Seery, Senior VP of Technology at USRA noted that "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 organizations that produced over 50 peer-reviewed publications over the last seven years."
Alex Manson, Global Head of SC Ventures, Standard Chartered's innovation, fintech investment and ventures arm, stated: "The world is currently in the process of identifying commercial use cases where quantum computer capabilities will surpass classical computers. We have a conviction that some of these use cases will transform the way we manage risks in financial services, for example by simulating portfolios and exponentially speeding up the generation of market data. We will work with USRA to identify such use cases in financial services, with a view to implementing them within our bank, as well as potentially offering this service to other market participants over time."
Mark Johnson, Vice President, Processor Design, Development and Quantum Products at D-Wave said: "Quantum computing research and development are poised to have a profound impact on the industries responsible for solving today's most complex problems. That's why researchers and businesses alike are looking to quantum computing today to start demonstrating tangible value. We're proud to work with USRA and Standard Chartered Bank as they improve global access to quantum systems and undertake essential research and development."
At USRA's Research Institute for Advanced Computer Science, Dr. Davide Venturelli, Associate Director for Quantum Computing, notes that quantum annealing is implementing a powerful approach to computing, featuring unique advantages with respect to other traditional and novel approaches, that should be studied, theoretically and experimentally, to advance the state of art of computing technologies for the benefit of nearly all disciplines.
Standard Chartered's team, led by Dr. Alexei Kondratyev, Global Head of Data Science and Innovation, and USRA have collaborated in quantum computing research since 2017. An earlier success in investigating the quantum annealing approach to computational problems in portfolio optimisation use cases led to this strategic partnership, where USRA will continue to support fundamental academic research in quantum physics and artificial intelligence and Standard Chartered will focus on future commercial applications.
In 2012, USRA partnered with NASA to found the Quantum Artificial Intelligence Laboratory (QuAIL): the space agency's hub to evaluate the near-term impact of quantum technologies. With QuAIL, the USRA team has investigated the physics, the engineering and the performance of multiple generations of quantum annealing processors built by D-Wave Systems, as well as participating in U.S. government research programs that looked into application of quantum annealing for combinatorial optimization, aviation, earth science and machine learning. NASA Ames Research Center is currently hosting a D-Wave 2000Q annealing system that will be made available for free for research by U.S. Universities, thanks to the support of this partnership.
Standard Chartered and USRA intend to develop this initial collaboration beyond quantum annealing to all unconventional computing systems that could provide an advantage to applications of interest, such as gate-model noisy-intermediate scale quantum (NISQ) processors and Coherent Ising machines.
For more information, contact: Standard Chartered: Group Media Relations Contact: Shaun Gamble, [emailprotected] Tel: +44 2078855934
USRA: PR Contact: Suraiya Farukhi, [emailprotected] Technical Contact: David Bell, [emailprotected]
Foundedin 1969, under the auspices of the National Academy of Sciences at the request of the U.S. Government, the Universities Space Research Association (USRA) is a nonprofit corporation chartered to advance space-related science, technology and engineering. USRA operates scientific institutes and facilities, and conducts other major research and educational programs, under Federal funding. USRA engages the university community and employs in-house scientific leadership, innovative research and development, and project management expertise.RIACS is a USRA department for research in fundamental and applied information sciences, leading projects on quantum computing funded by NASA, DARPA, the US Airforce and NSF.
About Standard Chartered
We are a leading international banking group, with a presence in 59 of the world's most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more stories and expert opinions please visitInsightsatsc.com. Follow Standard Chartered onTwitter,LinkedInandFacebook.
SOURCE Universities Space Research Association
- Giant atoms enable quantum processing and communication in one - MIT News - August 4th, 2020
- Computer Scientist Don Towsley Named to Team Developing the Quantum Internet - UMass News and Media Relations - August 4th, 2020
- COVID-19 Impact on Quantum Computing Market Research, Growth, Industry Analysis, Size and Share 2025 | IBM Corporation, Google - My Kids Health - August 4th, 2020
- IBM and the University of Tokyo Unveil the Quantum Innovation Initiative Consortium to Accelerate Japan's Quantum Research and Development Leadership... - August 2nd, 2020
- Insights & Outcomes: a new spin on quantum research, and the biology of sex - Yale News - August 2nd, 2020
- This simple explainer tackles the complexity of quantum computing - Boing Boing - July 29th, 2020
- UK firm reaches final stages of the NIST quest for quantum-proof encryption algorithms - www.computing.co.uk - July 29th, 2020
- Looking Back on The First-Ever Photo of Quantum Entanglement - ScienceAlert - July 29th, 2020
- Quantum reckoning: The day when computers will break cryptography - ITWeb - July 29th, 2020
- Ripple CTO: Quantum computers will be a threat to Bitcoin and XRP - Crypto News Flash - July 29th, 2020
- The 6 Biggest Technology Trends In Accounting And Finance - Forbes - July 29th, 2020
- Ripple Executive Says Quantum Computing Will Threaten Bitcoin, XRP and Crypto Markets Heres When - The Daily Hodl - July 25th, 2020
- D-Waves quantum computing cloud comes to India - The Hindu - July 25th, 2020
- Hear how three startups are approaching quantum computing differently at TC Disrupt 2020 - TechCrunch - July 25th, 2020
- The Hyperion-insideHPC Interviews: Dr. Michael Resch Talks about the Leap from von Neumann: 'I Tell My PhD Candidates: Go for Quantum' - insideHPC - July 25th, 2020
- The Computational Limits of Deep Learning Are Closer Than You Think - Discover Magazine - July 25th, 2020
- China's newest technology stock exchange is thriving despite the pandemic - The Economist - July 25th, 2020
- Almost One-Third of Life Science Companies Set to Begin Quantum Computing Evaluation This Year - Lab Manager Magazine - July 17th, 2020
- Europe Quantum Computing Market 2020 | Scope of Current and Future Industry 2025 - Owned - July 17th, 2020
- Opinion |Dance of the synchronized quantum particles - Livemint - July 17th, 2020
- Quantum Software Market 2020: Potential Growth, Challenges, and Know the Companies List Could Potentially Benefit or Loose out From the Impact of... - July 17th, 2020
- Quantum Computing Market Brief Analysis and Application, Growth by 2026 - 3rd Watch News - July 17th, 2020
- The crypto-agility mandate, and how to get there - Help Net Security - July 13th, 2020
- Standard Chartered teams up with Universities Space Research Association on development of quantum computing apps - FinanceFeeds - July 13th, 2020
- How American Express is tapping the benefits of hybrid cloud - The Enterprisers Project - July 13th, 2020
- MIT's New Diamond-Based Quantum Chip Is the Largest Yet - Interesting Engineering - July 11th, 2020
- Chicago Quantum Exchange Welcomes Seven New Partners in Tech, Computing and Finance - HPCwire - July 11th, 2020
- In 1st Of Its Kind Webinar On Quantum Information And Computation In India, IIIT Hyderabad Successfully Conducts Quantum Talks 2020 - IndianWeb2.com - July 11th, 2020
- Satoshi Nakamoto Inspiration Gives Advice On Bitcoins Next Move - Forbes - July 11th, 2020
- QCI Hosts Webinar Series Featuring Optimizations that Deliver Quantum-Ready Solutions at Breakthrough Speed - Stockhouse - July 11th, 2020
- Quantum Computing Technologies Market to Witness a Pronounce Growth During 2025 - News by aeresearch - July 11th, 2020
- Topological Quantum Computing Market Growth By Manufacturers, Type And Application, Forecast To 2026 - 3rd Watch News - July 6th, 2020
- Quantum Software Market (impact of COVID-19) Growth, Overview with Detailed Analysis 2020-2026| Origin Quantum Computing Technology, D Wave, IBM,... - July 6th, 2020
- Regional Analysis and Strategies of Quantum Computing Technology Market during the Forecasted Period 2020-2030 - 3rd Watch News - July 6th, 2020
- Healthcare Shopping: The new age of consumerism - The Financial Express - July 6th, 2020
- Six things you need to learn about quantum computing in finance - eFinancialCareers - July 4th, 2020
- Cybersecurity in the quantum era - ETCIO.com - July 4th, 2020
- There's a Hidden Economic Trendline That Is Shattering the Global Trade System - IDN InDepthNews | Analysis That Matters - July 4th, 2020
- How Will The World Look Like In 2025 And The Future Of Cybersecurity - Entrepreneur - July 4th, 2020
- Better encryption for wireless privacy at the dawn of quantum computing - UC Riverside - June 30th, 2020
- Menten AIs combination of buzzword bingo brings AI and quantum computing to drug discovery - TechCrunch - June 30th, 2020
- Paper Outlines the Role of ERM in Managing Risks Related to New Technologies - Business Wire - June 30th, 2020
- Airbus CTO Grazia Vittadini: Aviation needs to tap emerging technologies, diverse talent to get climate-neutral - Verdict Medical Devices - Medical... - June 30th, 2020
- Is IT regulation in the DARQ? - IT PRO - June 30th, 2020
- Sen. Warner: 5G ORAN Bill Added to Must-Pass Legislation - Multichannel News - June 30th, 2020
- Is teleportation possible? Yes, in the quantum world - University of Rochester - June 25th, 2020
- JPMorgan Shows Its Chops in Quantum Computing. Heres Why It Matters. - Barron's - June 25th, 2020
- Physicist Chen Wang Receives DOE Early Career Award - UMass News and Media Relations - June 25th, 2020
- Teleportation Is Indeed Possible At Least in the Quantum World - SciTechDaily - June 25th, 2020
- Cambridge Innovation Capital plc: Annual results for the year ended 31 March 2020 - PharmiWeb.com - June 25th, 2020
- Docuseries takes viewers into the lives and labs of scientists - UChicago News - June 25th, 2020
- Should children be taught quantum computing and other sciences that are studied in college? - Explica - June 25th, 2020
- Canadas 5G Moment Of Truth - Forbes - June 25th, 2020
- The Inter-dependence of Quantum Computing and Robotics - Analytics Insight - June 21st, 2020
- 2 thoughts on Learn Quantum Computing With Spaced Repetition - Hackaday - June 21st, 2020
- New Way to Assess the Performance of Quantum Devices - AZoQuantum - June 21st, 2020
- Quantum Computing Market 2020 Key Players, Share, Trend, Segmentation and Forecast to 2026 - Cole of Duty - June 21st, 2020
- Learn Quantum Computing With Spaced Repetition - Hackaday - June 21st, 2020
- GlobalQuantum Software Market Report 2020 Sales Forecast to Grow Negatively in Western Regio post COVID 19 Impact Analysis Updated Edition Top Players... - June 21st, 2020
- Is China Threatening Americas Dominance In The Digital Space? - Forbes - June 21st, 2020
- Lockheed's ventures arm backs quantum computing and training tech firms - Washington Technology - June 18th, 2020
- Brighton scientists in the race to build quantum computer - The Argus - June 18th, 2020
- Toronto-based Association Quantum appoints Northern Hive PR - Business Up North - June 18th, 2020
- NTT Research Builds Upon its Micro Technologies and Cryptography Expertise with Distinguished New Hires - Business Wire - June 18th, 2020
- Coming out of lockdown is harder than going in - Science Business - June 18th, 2020
- Northern Hive PR rides a wave of new client wins - Business Up North - June 18th, 2020
- Global and Asia Pacific Quantum Computing Market Research Report 2020 CoronaVirus Efect on Industry and Companies, Anyon Systems, Cambridge Quantum... - June 17th, 2020
- Quantum Computing Market: Segmentation, Industry trends and Development to 2019-2029 - The Canton Independent Sentinel - June 17th, 2020
- Archer touts performing early-stage validation of quantum computing chip - ZDNet - June 16th, 2020
- Quantum computing is the next big leap - Lexology - June 16th, 2020
- Quantum Computing Market Analysis, Trends, Top Manufacturers, Growth, Statistics, Opportunities and Forecast To 2026 - Cole of Duty - June 16th, 2020
- The technical realities of functional quantum computers - is Googles ten-year plan for Quantum Computing viable? - Diginomica - June 13th, 2020
- Quantum Computing And The End Of Encryption - Hackaday - June 13th, 2020
- First master's thesis in Quantum Computing defended at the University of Tartu - Baltic Times - June 13th, 2020
- What's New in HPC Research: Hermione, Thermal Neutrons, Certifications & More - HPCwire - June 13th, 2020
- Preparing for the Jobs of the Future: The Coding School and MIT Physicists Are Making Quantum Computing Accessible to High School Students This Summer... - June 5th, 2020
- QCI Achieves Best-in-Class Performance with its Mukai Quantum-Ready Application Platform - Quantaneo, the Quantum Computing Source - June 5th, 2020
- India and Australia pump $12.7 million into AI, quantum computing and robotics renewing their cyber and crit - Business Insider India - June 5th, 2020
- Spain's CaixaBank Teams With IBM Services to Accelerate Cloud Transformation and Innovation in the Financial Services - AiThority - June 5th, 2020
- Riverlane partners with biotech company Astex - Cambridge Network - June 5th, 2020