Partners to Host Workshop on Quantum Computing in Finance on June 11th
Montreal, Quebec, June 10th, 2024 - The Platform for Digital and Quantum Innovation of Quebec (PINQ²), a non-profit organization (NPO) founded in 2021 by the Ministry of Economy, Innovation and Energy of Quebec (MEIE - Ministère de l’Économie, de l’Innovation et de l’Énergie du Québec) and the Université de Sherbrooke, proudly unveils its official partnership with Enterprise Quantum, a leading consulting firm specializing in quantum strategic consulting for the finance industry, headquartered in Ontario.
This strategic collaboration promises significant advancements for the financial sector by informing financial services firms of the transformative opportunities to be pursued from leveraging quantum computing. The partnership focused on education, quantum strategy development, and integration into the broader ecosystem for experimentation and proofs of concept. Key areas of impact include:
Enhanced Computational Power:
Quantum computers will, at scale, solve certain problems exponentially faster than classical computers, allowing banks to process large data volumes and perform complex calculations more efficiently. This computational advantage accelerates risk assessments, optimizes investment portfolios, and enhances decision-making processes.
Improved Optimization and Risk Analysis:
Quantum algorithms are being developed to offer real-time risk analysis, enabling banks to assess portfolio performance, value at risk and adjust strategies dynamically. Optimizing complex financial models leads to better investment decisions and improved risk management.
Advanced Encryption and Cybersecurity: Quantum computers will be able to decrypt some common encryption protocols used today. Quantum-resistant cryptography algorithms are being standardized to provide stronger encryption, ensure transaction security and protect sensitive customer information, while new security mechanisms based on quantum mechanics promise greater even stronger security in the future. As cyber threats evolve, attention to quantum security becomes crucial to maintaining trust in financial services.
Simulating Financial Markets: Quantum computing can simulate various market scenarios, allowing banks to assess potential risks and develop better decision-making strategies. From stress testing to predicting market fluctuations, quantum simulations empower financial institutions to stay ahead in a dynamic landscape.
"PINQ² is at the forefront of digital innovation, focusing on sectors with high social and economic impact, such as finance. Collaborating with Enterprise Quantum demonstrates our commitment to exploring new opportunities by leveraging the combined expertise of both organizations in quantum computing, which has promise for the financial sector," stated Éric Capelle, Managing Director of PINQ². declared Éric Capelle, general director of PINQ².
“Quantum computing represents a rare opportunity for a Canadian financial services firm to be truly forward-thinking, driving transformative value for those banks who boldly prepare. While Enterprise Quantum focuses on strategy and planning for the coming quantum revolution, PINQ2 is ideally positioned to help enterprises realize those objectives with Quebec-hosted quantum hardware, algorithms and talent. Together we can guide enterprises throughout their entire quantum journey,” stated Ryan Sim, Executive Strategy Consultant with Enterprise Quantum.
The collaboration kicks off with a Quantum Readiness Day for Finance on June 11th, where experts from both organizations will explore the practical applications of quantum computing in finance. Industry leaders will participate and shape the future of banking through quantum innovation.
About PINQ²
The Platform for Digital and Quantum Innovation is a non-profit organization created by the Université de Sherbrooke and the ministère de l’Économie, de l’Innovation et de l’Énergie du Québec (Ministry of Economy, Innovation and Energy of Quebec) in 2021. Its mission is to support organizations in accelerating their digital transformation, to enhance collaboration, and to simplify technology transfers between industries and research, in addition to training the talents of tomorrow.
About Enterprise Quantum
Enterprise Quantum is a Canadian quantum strategy consultancy that exists to guide enterprises through their quantum journey from end to end, through learning, planning, mobilising, experimenting and ultimately driving value at scale. Enterprise Quantum provides an objective, balanced, experienced, business and client focused perspective, connecting enterprise clients with the Canadian and global quantum ecosystem.
Media contact – PINQ²
Simon Faucher
sfaucher@zonefrancherp.com
514-402-3873
Media Contact – Enterprise Quantum
Ryan Sim
rsim@enterprisequantum.ca
289-624-4209