Quantinuum, a quantum computing company, has announced a partnership with UK-based financial services major HSBC.

Together, the companies will focus on a series of projects to explore the potential near- and long-term benefits of quantum computing for the banking industry.

Specifically, they will focus on projects dealing with cybersecurity, fraud detection, and natural language processing (NLP).

In the initial stage, the collaboration aims to demonstrate the use of quantum computing-hardened cryptographic keys and post-quantum cryptographic algorithms to tackle cyber threats.

HSBC global head of quantum technologies Philip Intallura said: “We are excited to embark on this partnership with Quantinuum and explore the further applications of quantum technology in the financial services sector.

“Our collaboration provides us a great opportunity to access cutting-edge quantum hardware and take our use cases to a truly transformational level.”

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In the second phase of the partnership, HSBC and Quantinuum will examine and research the possible business advantages of quantum machine learning (QML) and quantum natural language processing (QNLP).

The companies hope to collaborate on advanced QML techniques for fraud detection.

Additionally, they will explore QNLP, a language-based artificial intelligence (AI), which could facilitate native NLP tasks such as question answering and text similarity, which is particularly useful in regulated markets dealing with customer data.

Quantinuum chief product officer Ilyas Khan said: “Our collaboration with HSBC brings together a deep expertise in the application of quantum computing across a set of areas that are critical in global finance, such as protecting vital data and assets, managing risk, and creating first-of-its-kind customer service approaches.”