OCBC has announced a significant collaboration with three of Singapore’s leading universities—National University of Singapore (NUS), Nanyang Technological University (NTU), and Singapore Management University (SMU)—to advance research in quantum technology. This 12-month partnership aims to explore innovative applications in derivative pricing, data security, and fraud detection.
The collaboration aligns with Singapore’s ambition to become a global hub for quantum technology, supported by a nearly $220 million (S$300 million) investment in research and talent development. This initiative includes building processors for quantum computers and developing industry-specific applications under the National Quantum Computing Hub.
The research findings will be published in technology-focused journals, potentially accelerating the adoption of quantum technology in the banking sector. OCBC, one of the first banks to offer formal quantum technology training, aims to have over 100 employees trained to an intermediate level by 2026.
Quantum computing offers enhanced computational power, enabling faster and more precise financial simulations, whilst post-quantum cryptography aims to secure data against future cyber threats. “The industry-academia exchange is deeply meaningful to us,” said Praveen Raina, Head of Group Operations and Technology at OCBC, highlighting the practical benefits of merging academic expertise with real-world applications.
This collaboration marks a proactive step by OCBC to integrate emerging technologies into its operations, ensuring long-term security and innovation in the financial sector.
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