Quantum computing empowers the financial industry! SpinQ helps Hua Xia Bank's quantum finance research results win the first prize of the ministerial level in the financial industry
2021.12.29 · Press Release
On December 29th 2021, People’s Bank of China published the list of “2020 Annual Fintech development Award”, Hua Xia bank win the first award with the project “Research and Practice Quantum Computing and Quantum AI Algorithm Apply on Banking Business”. As a cooperator of the project, SpinQ help to win the award.
The “Fintech development Award” is based on “Bank Technology Award”, it is the only one ministerial award in financial industry, high quality project application and high standard specialist review make this award becomes the benchmarking and flag of the highest standard technical result evaluate in banking industry, even in financial industry.
Quantum Computing Use on Financial Industry
In December 2020, Hua Xia Bank, LongYingZhiDa Fintech company, SpinQ and Hong Kong University of Science and Technology work together to research about quantum computing apply on commercial bank, especially on the task about use quantum neural network technology for ATM intelligent decision management, to find out low performance ATM accurately. This help Hua Xia bank win “2020 Annual Fintech development Award”. This is not only Hua Xia Bank get its first ministerial award, but also quantum computing win its first award in this field.
“Research and Practice Quantum Computing and Quantum AI Algorithm Apply on Banking Business” project is face to bank smart operation，smart risk management. It builds 11 qubits AI algorithm model, and use on real NMR quantum computer, it is safety and controllable. Since the achievement of the project use in Hua Xia Bank, it gets a notable achievement, and become an important example of quantum technology apply to the digital economic era.
SpinQ Continually Research Application for Quantum Technology Use in Financial Field
According to BCG report in 2020, it is time for financial institution go into quantum field. Due to quantum computing become more and more industrialized, a lot of business fields have potential for revolution, especially financial industry. Quantum computer will improve financial institution ability like machine learning, simulate pricing and so on. It provides better risk management, improve customer satisfaction, optimize operation to the financial institution. SpinQ is an innovative quantum computing company in China, bases on the technical development of superconducting quantum computer and NMR quantum computer, the company already release “Gemini”, “Triangulum” series, and “Taurus” cloud platform. SpinQ have comprehensive technology of quantum computer hardware and software, now the superconducting quantum computer is researching and developing.
SpinQ will put more fund and effort to make quantum computing industrialized, and bring quantum computing to life, and strengthen the cooperation with financial industry, to research and practice quantum computing in financial field, and build a quantum financial ecosphere.