While quantum computing is still in its developmental stages, it is gearing up to have a profound impact on the financial system.

According to McKinsey, by 2035, quantum computing use cases in the finance industry could create $622billion in value.

Here in Singapore, efforts are being made to tap into that potential. For example, just a few months ago, the Monetary Authority of Singapore announced plans to invest SGD$100 million to fund quantum computing and AI projects, as part of a scheme to support banks and other financial institutions as they innovate and develop capabilities in both quantum computing and artificial intelligence (AI) technologies.

Dr Joe Fitzsimons, CEO of Horizon Quantum Computing shares his insight on the potential impact of quantum computing in the financial sector and how might quantum banking change the financial system.