Canada’s biggest bank is advancing its quantum strategy.
Royal Bank of Canada this month affirmed strategic long-term partnerships alongside a multi-year roadmap in order to drive innovation around the development of quantum-based technology.
“As quantum technologies move from research to real-world applications, RBC is taking a leadership position to harness these technologies for the benefit of our clients and the broader financial system, including strengthening our cyber security defences,” explains Naim Kazmi, Group Head, Technology & Operations, RBC.
“We see this as an opportunity to help build Canada’s leadership in this emerging field and to develop and grow a quantum talent pipeline for RBC and the country,” Kazmi stated.
As part of the strategy, Dr. Elizabeth Iwasawa is joining RBC as Director of Quantum.
In the newly created role, Iwasawa will lead a team of researchers and developers and manage development of the bank’s quantum strategy.
“RBC’s proven ability to identify and execute on transformational technologies, combined with Canada’s world-leading quantum ecosystem, creates a unique opportunity to drive real impact,” believes Iwasawa.
“I’m excited to help build a program that delivers concrete outcomes for clients and advances the global quantum landscape,” she stated.
RBC also recently signed multi-year partnerships with academic institutions such as the University of Toronto.
One partnership will see the University of Waterloo’s Institute for Quantum Computing establishing the RBC Quantum Talent Initiative in order to support the next generation of talent.
“Quantum computing is an incredibly exciting area of innovation, with the potential to help us approach some of the most complex problems in financial services in entirely new ways,” posits Huda Idrees, Head of Innovation for RBC Technology. “These strategic academic partnerships help us as we learn, innovate, and build the capabilities we’ll need to turn that potential into meaningful value for our clients in the future.”
The bank intends to implement a “comprehensive program” designed to “achieve quantum-safe client services in the next several years.”
Last year, RBC invested in Vancouver-based quantum innovator Photonic.
Beyond quantum, RBC has been focused on artificial intelligence technologies and is also exploring Canadian dollar based digital money solutions.
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