- The financial services industry is incorporating quantum technologies into innovation strategies for quantitative finance and data security
- Project involving Standard Chartered Bank awarded £6.4 million in 2020 to establish an advanced commercial quantum computer in the UK
- UKRI is presenting new funding opportunities for businesses to engage in commercial quantum technology innovation. For further information visit: Commercialising quantum technologies challenge – UKRI
The UK Government, through UK Research and Innovation (UKRI), is investing £153 million, to develop new products and services based on advances in quantum technologies that will have a significant impact on financial services. This is part of a larger investment in the UK National Quantum Technologies Programme which is on track to delivering £1B investment over its 10-year life.
Major banks, insurance providers and regulators are already assessing the opportunities and advising clients on quantum computers for quantitative finance, asset pricing and portfolio optimisation.
Precise quantum clocks for timestamping transactions to advance high frequency trading and quantum security solutions to protect sensitive financial transaction data are currently being addressed.
The Commercialising Quantum Technologies Challenge, through UKRI’s Industrial Strategy Challenge Fund (ISCF), has so far awarded a total of £90 million across 42 projects to realise the potential of the new generation of quantum technologies.
Among the projects to be awarded funding is one led by Rigetti UK in partnership with Standard Chartered Bank, Oxford Instruments, Phasecraft and the University of Edinburgh who have been awarded £6.4 million to accelerate the commercialisation of quantum computing in the UK. The three-year project will develop an advanced commercial quantum computer in the country, make it available over the cloud and pursue practical applications in machine learning, materials simulation and finance.
The UK’s ambition is to be the world’s first quantum-ready economy, by being positioned as a global leader in an emerging quantum industry presented with a market opportunity estimated to be in excess of £10 billion by 2030.
Roger McKinlay, Challenge Director, Commercialising Quantum Technologies Challenge said, “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 organisations to help them develop their ideas for innovation and commercialisation.”
UKRI’s Commercialising Quantum Technologies Challenge supports industry-led innovation projects to remove technology barriers and deliver quantum-enabled product and services.
In 2021 the ISCF Commercialising Quantum Technologies challenge is running three funding competitions:
Commercialising Quantum Technologies: feasibility studies round 2
- Open until 10th March
- UK Registered businesses can apply for a share of up to £7 million for feasibility studies or market research projects.
- Feasibility study projects total eligible costs can be up to £500,000 and market research £50,000.
- For further information visit: https://apply-for-innovation-funding.service.gov.uk/competition/816/overview
Commercialising Quantum Technologies: germinator projects round 1
- Open until 31st March
- UK registered organisations can apply for a share of up to £1 million for high risk, high return, quantum technology projects with defined commercial outputs.
- Total eligible costs must not exceed £50,000.
- For further information visit: https://apply-for-innovation-funding.service.gov.uk/competition/839/overview
Commercialising Quantum Technologies: Large collaborative projects round 2
- Open from 8 March until 28 April
- A share of up to £47m is available for projects which will accelerate the commercialisation of quantum technologies in the UK, increase private sector investment and deliver transformative applications across a range of industry sectors
- Projects will be between £2m and £20m in size, with a grant of up to £10m available
- The competition welcomes industry-led consortia addressing either of the following streams:
- Collaborative R&D projects aiming to deliver quantum technology products or services addressing user-defined industrial challenges
- Technology projects to remove shared technical barriers for the benefit of the UK’s growing quantum industry For further information visit: Commercialising quantum technologies challenge – UKRI
For further information visit: Commercialising quantum technologies challenge – UKRI
