The new three-year collaboration is designed to bolster HSBC's expertise in quantum computing and ensure its organizational readiness to take full advantage of the 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 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 will upskill colleagues in quantum technology through internal training programmes, as well as recruiting quantum computing research scientists, to build a dedicated capability within its innovation team.
The IBM Quantum team and clients are researching and exploring how quantum computing will help a variety of industries and disciplines, including finance, energy, chemistry, materials science, optimization and machine learning, among others.
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