Authoritative Recognition! SpinQ Featured in "IDC Innovators: Quantum Finance, 2023" Report

On January 26, 2024, the internationally renowned consulting firm IDC (International Data Corporation) released its report titled "IDC Innovators: Quantum Finance, 2023." China's quantum computing innovation enterprise, SpinQ, distinguished itself among numerous industry companies with pioneering applications in quantum finance, earning a spot in this prestigious report.

 

 

The IDC Innovators report aims to recognize emerging IT vendors with innovative technological capabilities or groundbreaking business models. In this report, IDC conducted an in-depth analysis of three companies, including SpinQ, focusing on their quantum computing applications in the financial sector. IDC believes "these technologies can provide solutions to the large-scale computational challenges required by the financial industry."

 

According to IDC, SpinQ focuses more on engineering development and the widespread adoption of quantum computing products. The company has successfully applied quantum computing to the financial industry with significant results, collaborating deeply with financial institutions like Huaxia Bank and Ping An Bank, supporting their digital transformation in intelligent decision-making and operational management.

 

IDC's Senior Financial Industry Analyst, Si Erxun, stated, "Quantum computing is an emerging technology that has attracted significant attention from various countries, with a promising outlook for future development. For quantum computing to transition from the experimental stage to widespread industry application, it will require the integration of quantum, artificial intelligence, and high-performance computing, driving its accelerated adoption within the industry through the convergence of multiple technologies."

 

The International Data Corporation (IDC) is a global provider of professional services in information technology, telecommunications, and consumer technology consulting, advisory, and events. Founded in 1964, IDC has over 1,300 analysts worldwide, offering global, regional, and local expertise and services in over 110 countries. IDC's analysis and insights help IT professionals, business executives, and investment institutions make fact-based technology decisions to achieve critical business objectives.

 

 

Exploring the Construction of Quantum AI Models

to Assist Commercial Banks in Intelligent Decision-Making

 

In recent years, as technology continues to advance, quantum computing has begun to demonstrate vast application potential in the financial sector. Its efficient computational power and ability to solve complex problems provide new ideas and solutions for the financial industry. In areas such as risk assessment, portfolio optimization, and cryptography, quantum computing can help financial institutions more accurately assess risks, optimize investment strategies, and provide more secure transaction guarantees.

 

In 2022, the People's Bank of China released the "Financial Technology Development Plan (2022–2025)," which proposed "exploring the use of quantum technology to break through existing computational constraints and algorithm bottlenecks, enhancing the concurrent processing capabilities and intelligent computing efficiency of financial services, saving energy consumption and equipment space, and gradually cultivating a batch of valuable and implementable financial application scenarios."

 

In fact, quantum finance has been a focus of SpinQ since its early days, and the company has actively explored this field. In December 2020, SpinQ partnered with Huaxia Bank to collaborate on research into the application of quantum technology in commercial banking. Using SpinQ's independently developed nuclear magnetic quantum computer and leveraging quantum neural networks, they accurately identified whether to withdraw ATM machines in commercial banks, providing a basis for the bank's intelligent decision-making. Compared to classical algorithms, the quantum neural network model not only improved accuracy, but also operated faster, requiring less time for the model's execution process, and achieving higher precision.

 

Since its application in Huaxia Bank, the project outcomes have been promoted and applied across various branches in the bank's operational management, yielding significant results. This serves as an important demonstration of the widespread application of quantum technology in the digital economy era. Notably, this achievement also won the "2020 People's Bank of China Fintech Development Award" first prize, marking the first time in the award's history that quantum computing has been recognized.

 

Additionally, to achieve the rational allocation of smart counters in banks and reduce equipment waste and idle situations, SpinQ further collaborated with Longying Zhida, a technology company under Huaxia Bank, to use the quantum K-means clustering algorithm. This collaboration involved clustering analysis of the operation of smart counters at commercial bank branches, ultimately providing clustering analysis results and resource allocation optimization recommendations.

 

It is foreseeable that in the future, quantum computing solutions will fundamentally change the ways in which various subfields of the financial industry optimize management. Financial AI driven by large-scale data is one of the top choices for the commercialization of quantum computing, and quantum computing will become a core source of innovation.

 

 

Engineering + Internationalization + Inclusiveness:

Accelerating the Commercialization of Quantum Computing

 

As an emerging technology in the new wave of technological revolution and industrial transformation, the application of quantum computing in fintech is driven by its rapid global development. IDC projects that global spending on quantum computing technology (including hardware, software, and as-a-service solutions) is expected to grow from $1.1 billion in 2022 to $7.6 billion by 2027, with a five-year compound annual growth rate (CAGR) of 48.1% (2022–2027). On the other hand, the future ability of quantum computing to solve complex problems and other thorny issues in the market will often require a large number of high-quality qubits that can scale while maintaining high fidelity.

 

IDC believes that, due to significant differences between quantum computing and traditional computing infrastructure, both mature technology vendors and quantum computing startups need to design and manufacture quantum information systems or platforms from scratch. Particularly in the hardware domain, quantum computing vendors must strive to enhance the performance and scalability of quantum hardware systems to better ensure accuracy and speed in solving complex problems.

 

Regarding the reasons for being selected, IDC stated that SpinQ has a mature layout in hardware, software, and algorithms in quantum computing. Compared to other companies in the industry, SpinQ's differentiation is primarily reflected in three aspects: engineering, internationalization, and inclusiveness. Particularly in terms of products, SpinQ demonstrates strong technical engineering capabilities.

 

For instance, SpinQ's educational-grade nuclear magnetic resonance quantum computer replaces superconducting magnets with permanent magnets, further improving product integration, enhancing the quality of quantum gates, and reducing product size. They have managed to shrink the nuclear magnetic resonance quantum computing platform to the size of a desktop computer, overcoming numerous technical challenges such as magnetic field non-uniformity, the impact of temperature on magnetic field strength, radiofrequency pulse power, and linearity. Additionally, their superconducting quantum computers and other products provide higher cost-effective modular units, integrated systems, and complete solutions, catering to diverse customer needs.

 

According to IDC's forecast, when a vendor in the market announces the successful development of a major quantum hardware product that demonstrates quantum advantage and allows end-users to apply this technology simply and conveniently, it will significantly accelerate the commercialization process of quantum computing. The depth and breadth of applications in the quantum fintech field are also expected to achieve further leaps based on this foundation.

 

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