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Crédit Agricole CIB to Partner With Pasqal and Multiverse Computing on Quantum Computing Applications

quantum finance
quantum finance
Crédit Agricole CIB and European tech leaders Pasqal and Multiverse Computing today announced a partnership to design and implement new approaches running on classical and quantum computers in order to outperform state of the art algorithms for capital markets and risk management.

Crédit Agricole CIB and European tech leaders Pasqal and Multiverse Computing today announced a partnership to design and implement new approaches running on classical and quantum computers in order to outperform state of the art algorithms for capital markets and risk management.

International companies and institutions have already started investing heavily in quantum technologies. Europe, for instance, launched the Quantum Flagship Plan in October 2018, and France followed recently by announcing a EUR 1.8 billion investment plan.

Just like quantum physics, quantum computing is likely to have a profound impact on a number of industries in the coming years, including Finance. While Finance has been making substantial use of algorithms requiring advanced mathematics and statistics so far, now it is the turn of quantum physics to help solve quantitative financial problems. In fact, quantum theory and technology, assembled in what is called quantum computing, start demonstrating promising applications in the field of capital markets and risk management.

Crédit Agricole CIB has teamed up with two world class quantum technology companies to apply quantum computing to real world finance applications. French company Pasqal is developing a quantum computer based on neutral atoms arrays, a state-of-the-art 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. A great advantage in terms of shortening the time-to-market.

Ali El Hamidi, Crédit Agricole CIB’s project sponsor: “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 is a huge challenge, and we are confident to make it a success, jointly with our talented partners Pasqal and Multiverse Computing.”

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Georges-Olivier Reymond, CEO of Pasqal, said: “I strongly believe in that partnership to foster the usage of quantum computing for finance. To our knowledge it is the first ever in which all the stakeholders, software developer, hardware provider and end-user are working together on a problem. All the teams are very excited and this development will be the corner stone of future industrial applications for neutral atom quantum computers.”

Enrique Lizaso, CEO of Multiverse Computing, said: “We are thrilled with the opportunity of working together with Credit Agricole CIB and Pasqal in this ambitious project, that will put into production the most advanced tools currently only used in large non-financial institutions in US and China. This is a landmark project in finance in the world.”

If you found this article to be informative, you can explore more current quantum news here, exclusives, interviews, and podcasts.

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Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

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The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Picture of Jake Vikoren

Jake Vikoren

Company Speaker

Picture of Deep Prasad

Deep Prasad

Company Speaker

Picture of Araceli Venegas

Araceli Venegas

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