OCBC deepens research in Quantum Technology with NUS, NTU and SMU
OCBC deepens research in Quantum Technology with NUS, NTU and SMU
This is the first time that a local bank is partnering three Singapore universities to advance quantum research.
(From left) Professor Wang Huaxiong, NTU; Mr Praveen Raina, Head of Group Operations and Technology, OCBC; Mr David Koh, Chief Quantum Advisor, Chief of Digital Security and Technology, MDDI, and Chief Executive, CSA; Professor Valerio Scarani, NUS; and Associate Professor Zhu Feida, SMU
Singapore, 17 July 2025 – OCBC announced today that it is deepening research in quantum technology with three of Singapore’s longest established universities – the National University of Singapore (NUS), Nanyang Technological University, Singapore (NTU Singapore), and Singapore Management University (SMU). The 12-month long research collaborations aim to develop innovative quantum applications in three key areas: derivative pricing, data security and fraud detection.
The signing of the research collaboration agreements with the three Institutes of Higher Learning (IHLs) was witnessed by Mr David Koh, Chief Quantum Advisor, Chief of Digital Security and Technology, MDDI, and Chief Executive, CSA.
The research collaborations are in line with Singapore’s ambition to be a leading hub for quantum technology development and deployment. Singapore will invest close to S$300 million to boost quantum technology research and talent – including efforts to build processors for quantum computers locally and develop quantum computing applications for industry use cases under the National Quantum Computing Hub.
The findings from the research collaborations with NUS, NTU and SMU will be published in technology-focused research papers and journals, benefitting the financial industry. This will enable the banking sector to assess the suitability of applying quantum technology to key banking operations and potentially accelerating the adoption of this technology.
These research collaborations also build on OCBC’s ongoing efforts to develop capabilities in quantum technology, now widely recognised as a paradigm-shifting field. Being one of the first banks to begin formal training in quantum technology for employees, OCBC’s goal is to train more than 100 employees in quantum technology at an intermediate proficiency level by 2026. At the end of 2024, around 50 employees have been trained and possess at least intermediate proficiency in the technology.
Quantum applications in finance
The research collaborations aim to harness the transformative potential that quantum computing and post-quantum cryptography offer.
Quantum computing can rapidly process extensive data sets and provide enhanced computational power, promising to solve problems beyond the reach of today’s supercomputers more efficiently. Post-quantum cryptography encrypts data using complex algorithms that are hard for quantum computers to break, securing systems and protecting sensitive information.
| Technology | IHL | Research Area |
|---|---|---|
| Quantum computing | Centre for Quantum Technologies, NUS | Leveraging quantum computing to accelerate Monte Carlo simulations – a widely used technique in financial derivative pricing. By harnessing quantum algorithms, these simulations have the potential to be executed significantly faster and with greater precision, enabling near real-time portfolio rebalancing and complex risk modelling. |
| SMU | Applying quantum machine learning (QML) techniques to enhance fraud detection capabilities. By utilising quantum computing to analyse complex, unstructured data, QML can uncover patterns and anomalies indicative of fraudulent activity. This improves the accuracy and speed of identifying suspicious transactions, enabling real-time detection and strengthening overall risk assessment and management. | |
| Post quantum cryptography | NTU | Deploying post-quantum cryptography (PQC) to enhance data security. These advanced encryption methods are designed to withstand potential quantum-enabled cyberattacks by malicious actors seeking to steal data. By proactively integrating PQC, the Bank aims to safeguard sensitive information and defend against emerging threats. |
Developing quantum capabilities
OCBC first developed a quantum roadmap in 2021 as part of a multi-year strategy to advance its technological capabilities and stay at the forefront of innovation. Collaborations with key players in the ecosystem to apply quantum technology to real world problems are underway.
One such partnership is with Singtel – a first for a financial institution – to adopt quantum key distribution, harnessing the telco’s quantum-safe network to transmit information. OCBC is also one of the banks collaborating with the Monetary Authority of Singapore on a proof-of concept sandbox to evaluate the use of quantum key distribution to securely transfer financial data.
Programmes have been launched to raise employee awareness about quantum technology, including the training of inhouse experts who can build new applications through practical sessions. One of these programmes was undertaken with the National Quantum Computing Hub (NQCH) QuTalent team at CQT, NUS, with the training focused on equipping participants with an understanding of quantum algorithms and their applications in finance.
Mr Praveen Raina, Head of Group Operations and Technology, OCBC, said: “The industry-academia exchange is deeply meaningful to us. It drives research and innovation by merging practical insights and real world use cases with domain expertise and knowledge. By working closely with NUS, NTU and SMU, in addition to our existing partnerships with key ecosystem players, we bring the reality of innovative quantum applications and solutions closer to life than before. This collaboration also illustrates how we are taking bold, proactive steps to test emerging technologies, even when their commercial potential is still unfolding.”
Assistant Professor Patrick Rebentrost, Principal Investigator, Centre for Quantum Technologies, and faculty member, Department of Computer Science, NUS School of Computing, said: “While my academic group has a deep understanding of the interface of quantum algorithms and mathematical finance, this project with OCBC gives us the opportunity to apply the theory in practice. In close collaboration with the team at OCBC, we are taking substantial steps towards the realisation of quantum algorithms for the pricing of complex financial derivatives. The project will further illuminate the potential and challenges for quantum computing in a real-world finance context.”
Professor Wang Huaxiong, School of Physical & Mathematical Sciences, NTU, Director, Strategic Centre for Research in Privacy-Preserving Technologies & Systems (SCRIPTS) and Co-Director, Digital Trust Centre (DTC), said: “As quantum computing advances, the urgency to secure digital systems against future threats becomes critical, especially in the banking sector, where trust and data protection are paramount. At NTU, we are leveraging our deep expertise in post-quantum cryptography to develop solutions that can withstand next generation cyberattacks. Through this collaboration with OCBC, we aim to deliver practical, scalable tools that help make our banking infrastructure more resilient and ensure long-term security and peace of mind for users."
Associate Professor of Information Systems (Practice) Paul Griffin, Principal Investigator, SMU’s School of Computing and Information Systems, said: "Quantum computing enables us to uncover patterns in fraud detection that are invisible to classical methods – particularly in noisy, high-dimensional data environments. This collaboration brings together cutting-edge quantum research with real-world financial challenges. Through this partnership with OCBC, we aim to translate quantum machine learning innovations into practical tools that strengthen trust and resilience in the banking sector."