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Credit Agricole CIB kickstarts quantum project

Credit Agricole CIB kickstarts quantum project

The corporate and investment banking arm of CIB has teamed up with Pasqaland and Multiverse to explore applications for quantum computing in finance.

French company Pasqal is developing a quantum computer based on neutral atoms arrays, a leading edge technology currently being trialled to build industrial quantum computers. Spanish company Multiverse Computing specialises in quantum algorithms which can be run both on quantum and classical computers.

The French bank says the project will seek to apply quantum computing to real world finance applications for capital markets and risk management, with the aim of outperforming current state-of-the-art algorithms.

Ali El Hamidi, Crédit Agricole CIB’ sproject sponsor, says:“Quantum computing is radically different from almost everything we know and use today, in terms of theory, hardware and algorithms. This project will assemble many different competencies around the table: bankers, physicists, mathematicians, computer scientists, IT architects, all cooperating to this remarkable journey. This isa huge challenge, and we are confident we will make it a success.”

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