Researchers from Multiverse Computing and Protiviti, working with Ally Financial, have released a study demonstrating how a new algorithm run on a quantum annealing system (a technology for finding optimal solutions) can optimize investment portfolios automatically with returns that match traditional portfolios.
Applications of quantum-inspired optimization problems can yield solutions anywhere from 1% to 10% more accurate than existing approaches and can come to solutions anywhere from two to three times as fast, according to Troels Steenstrup, technology head of KPMG’s Global Quantum Hub.
Sandbox AQ’s vision has attracted some of the world’s top business leaders including Eric Schmidt, who is now chairman of Sandbox AQ’s board of directors.
Classiq, which provides a breakthrough Quantum Algorithm Design platform, today announced that it is working with NTT DATA to implement novel credit risk analysis algorithms using quantum computers. Credit risk analysis exists to determine the creditworthiness of borrowers or vendors to quantify and limit the risk of loss to the lender.
Multiverse Computing today announced a partnership with IonQ, the leader in trapped-ion quantum computing, which will enable financial services organizations to model risk more accurately and quickly than ever before, using the IonQ Quantum Cloud platform within Singularity®, Multiverse’s computing financial solution.
Quantum algorithms that speed up banking operations 100x are here Forget what Goldman Sachs said about useful quantum computing being five years away in finance. Banks
Rigetti & Co., Inc. (“Rigetti”), a pioneer in full-stack quantum computing, announced it has entered into a definitive merger agreement with Supernova Partners Acquisition Company II, Ltd. (“Supernova II”) (NYSE:SNII), a publicly traded special purpose acquisition company. When the transaction closes, the publicly traded company will be named Rigetti Computing, Inc. and its common stock is expected to be listed on the NYSE under the ticker “RGTI.”
Riverlane has been awarded the first contract to supply quantum software to the UK’s National Quantum Computing Centre (NQCC). The NQCC, funded through UK Research and Innovation, is dedicated to accelerating the development of quantum computing in the UK.
Quantum computing is proving to be enormously exciting for financial institutions. Already, Goldman Sachs and Deutsche Börse are exploring quantum algorithms to calculate risk model simulations 1,000 times faster than currently possible, while BBVA is looking to quantum to optimise investment portfolio management.
Why should wealth management firms be paying attention to quantum and how might advisors use it in the future? Quantum computers have the potential to help advisory firms be more efficient and grow their businesses.
