UK Government to invest £153m to develop quantum technologies for financial services
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The UK Government, through UK Research and Innovation (UKRI), is investing £153 million to develop new products and services based on advances in quantum technologies that will have a significant impact on financial services.
This is part of a larger investment in the UK National Quantum Technologies Programme which is on track to delivering £1 billion investment over its 10-year life.
Major banks, insurance providers and regulators are already assessing the opportunities and advising clients on quantum computers for quantitative finance, asset pricing and portfolio optimisation.
Precise quantum clocks for timestamping transactions to advance high-frequency trading and quantum security solutions to protect sensitive financial transaction data are currently being addressed.
The Commercialising Quantum Technologies Challenge, through UKRI’s Industrial Strategy Challenge Fund (ISCF), has so far awarded a total of £90m across 42 projects to realise the potential of the new generation of quantum technologies.
Among the projects to be awarded funding is one led by Rigetti UK in partnership with Standard Chartered Bank, Oxford Instruments, Phasecraft and the University of Edinburgh who have been awarded £6.4m to accelerate the commercialisation of quantum computing in the UK.
The three-year project will develop an advanced commercial quantum computer in the country, make it available over the cloud and pursue practical applications in machine learning, materials simulation and finance.
The UK’s ambition is to be the world’s first quantum-ready economy, by being positioned as a global leader in an emerging quantum industry presented with a market opportunity estimated to be in excess of £10bn by 2030.
Roger McKinlay, challenge director, Commercialising Quantum Technologies Challenge, said: “Quantum technologies are expected to have a huge impact on the financial services industry. Banks, insurance providers and regulators are already thinking ahead to the implications this technology will have on businesses, the economy and society.
“We are looking to fund the best teams of UK companies and research organisations to help them develop their ideas for innovation and commercialisation.”
UKRI’s Commercialising Quantum Technologies Challenge supports industry-led innovation projects to remove technology barriers and deliver quantum-enabled product and services.
In 2021 the ISCF Commercialising Quantum Technologies challenge is running three funding competitions:
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