In an interview with QuantMinds International, Standard Chartered’s MD of financial markets, Alexei Kondratyev, talked about the bank’s forays into quantum computing.
Quantum technologies promise to solve problems not solvable using classical computing, particularly in terms of running simulations that are not feasible on classical digital computers, explained Kondratyev.
As an example, he pointed to the simulation of complex quantum mechanical systems like molecules, which is why the pharmaceuticals industry has been at the forefront of research.
Finance is still finding its footing with quantum computing, and for now it remains at the research stage.
“The age of quantum computing is coming and we are not that far from widespread usage of quantum computing in real life,” said Kondratyev.
Standard Chartered is in a partnership with US space agency NASA’s University Space Research Association, in which it conducts research on soil optimization using quantum computing technology.
“It allows us to learn a lot about quantum computing and we believe that Standard Chartered can become a pioneer of various applications of quantum computing technologies in finance,” he said.
What that means is building an institutional knowledge of quantum computing within the organization and having a chance to try various quantum computing technologies, which should translate to competitive advantage over time.
“We hope to continue our research and get more results,” he added.