(Sept 26): Standard Chartered plc’s venture building arm and Fujitsu Ltd teamed up on quantum computing, the latest in a slew of financial firms investing in faster technology to speed up services.
Project Quanta will give customers a platform to explore and develop quantum computing and quantum-inspired applications, according to a joint statement from SC Ventures and Fujitsu on Thursday. These include pre-built algorithms for fraud detection, risk simulation and derivative pricing.
Companies around the world are building quantum computing systems in an attempt to provide broad practical uses at faster speeds. While tech firms have been at the forefront of developments, banks from JPMorgan Chase & Co to HSBC Holdings plc are also looking for potential benefits.
“By joining forces with Fujitsu, we want to unlock quantum resources and talent on one platform for corporates looking to scale their quantum capabilities,” Apurv Suri, the client engagement and partnerships lead of SC Ventures, said in the statement.
McKinsey & Co projects quantum computing revenue could surge to US$72 billion (RM304.02 billion) within a decade, up from about US$4 billion last year.