HSBC has been named the top UK financial services institution for quantum computing innovation.
In collaboration with HorizonX Consulting, The Quantum Insider has launched what it describes as the world’s first comprehensive benchmarking tool designed to track enterprise adoption of quantum technology across industries.
JP Morgan, HSBC, and Goldman Sachs have been named the top three quantum innovators in the new index.
According to the Quantum Innovation Index, the three banks – along with seven other financial services institutions – are demonstrating a “clear commitment” to quantum research and implementation.
The Finance Quantum Innovation Leaders ranking:
1. JPMorgan
2. HSBC
3. Goldman Sachs
4. Wells Fargo
5. Citi
6. Fidelity Investments
7. BBVA
8. Moody’s
9. Mastercard
10. Scotiabank
Commenting on the ranking on LinkedIn, Phil Intallura, head of quantum technologies at HSBC said: “HSBC Quantum has been innovating for three years. This is the moment I’m most proud of. In the first-ever Quantum in Finance benchmark, HSBC scores an incredible 96/100. But the benchmark is the tip of the iceberg. Over three years, immense effort has gone into building the foundation for success.”
Intallura said that over the past three years the bank has developed a dedicated, passionate team; groundbreaking scientific contributions; companywide quantum training initiatives; global thought leadership in quantum in finance; a portfolio of incredible collaborators and experts; and executed meaningful and strategic proof of concepts.
The news comes as the UK government calls on key specialists to join a board to explore the “transformative potential” of quantum technologies.
With at least 160 companies active up and down the country, the UK is home to the second largest quantum sector globally, strongly supported by investment from the public and private sectors.
Last Summer, HSBC joined Singapore’s central bank in signing a Memorandum of Understanding (MoU) to collaborate on quantum security.
The move will sees the two organisations, alongside several other banks and technology firms, study the application of Quantum Key Distribution (QKD) to help address quantum computing cyber threats by protecting the exchange of cryptographic keys.
HSBC has also been working with Quantinuum since June 2023 to push the boundaries on how it can apply quantum technology and post-quantum cryptography to real world uses cases.
In September 2024, it announced that it had successfully trialled the first application of quantum-secure technology for buying and selling tokenised physical gold.
In November, UK-based Quantum Motion announced it has been working with Goldman Sachs to investigate how quantum computing can be used in financial services to perform complex calculations, including options pricing.
The scale-up, which was founded by professor John Morton, University College London (UCL), and professor Simon Benjamin, Oxford University, worked alongside the bank to explore how intricate multi-qubit operations can be applied within pricing algorithms.
At the beginning of last year, JPMorgan Chase led a $300 million funding round in Quantinuum.
Quantinuum said the funds will be used to develop the world’s first universal fault-tolerant quantum computers, while also increasing the firm’s product range.
JPMorgan Chase has specialist teams working on quantum technologies within the financial services industry and has been working with Quantinuum and its predecessor companies since 2020.
