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Commonwealth Bank of Australia invests in Australia's first quantum computing venture.

Global Banking News-August 29, 2017--Commonwealth Bank of Australia invests in Australia's first quantum computing venture

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Global Banking News - 29 August 2017

Commonwealth Bank of Australia (AX: CBA) (OTC: CBAUY) has teamed up with Australia's telecommunications and technology company Telstra, the Federal Government, the New South Wales Government and the University of New South Wales (UNSW) in an AUD83m venture to establish Australia's first quantum computing company, Silicon Quantum Computing (SQC), Banking Technology has reported online.

SQC has been launched to advance the development and commercialisation of the UNSW's quantum computing technology. Working with the Australian Research Council (ARC) Centre of Excellence for Quantum Computation and Communication Technology (CQC2T), the company will operate from new laboratories within CQC2T's UNSW headquarters.

CBA said it has invested over AUD14m to support this development.

According to Dilan Rajasingham, head of emerging technology at CBA, quantum computing will provide it 'with a means to evolve our understanding of our customers, through real-time analysis of their patterns and interactions, so we can provide more tailored products, insights and advice.'

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Publication:Global Banking News (GBN)
Geographic Code:8AUST
Date:Aug 29, 2017
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