UK Research and Innovation Initiative to Invest £153M in Quantum Tech which will Significantly Impact Financial Services

The UK government, via the UK Research and Innovation (UKRI), is planning to invest £153 million, in order to create new products and services that are based on recent advancements in quantum technologies.

Quantum tech is expected to have a major impact on the financial services sector.

This is notably part of a larger investment in the United Kingdom’s National Quantum Technologies Program which is set to provide £1 billion worth of investments over a 10-year period.

Large banking institutions, insurance service providers and regulatory agencies are currently assessing the different opportunities and advising their clients on quantum computers for quantitative finance, asset pricing and effective portfolio management.

Precise quantum clocks for accurately timestamping digital transactions to advanced high frequency trading and various quantum security solutions to protect financial data are also being developed.

The Commercializing Quantum Technologies Challenge, via UKRI’s Industrial Strategy Challenge Fund (ISCF), has awarded £90 million across 42 initiatives in order to realize the potential of the latest quantum technologies.

A project led by Rigetti UK in partnership with Standard Chartered Bank, Oxford Instruments, Phasecraft and the University of Edinburgh has received £6.4 million in funding to support the commercialization of quantum computing in the United Kingdom. The 3-year initiative will focus on creating a sophisticated commercial quantum computer – which will be accessible via the Cloud and will develop practical applications in machine learning, materials simulation and finance.

Roger McKinlay, Challenge Director, stated:

“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 organizations to help them develop their ideas for innovation and commercialization.”

The challenge will be launched via a 3-phased approach, allocating a share of £7 million in funding for conducting feasibility studies, £1 million for germinator initiatives and £47 million for large projects requiring extensive collaboration.

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