OCBC: First-of-Its-Kind Quantum Collaboration in Singapore
In a bold first for Singapore’s banking sector, OCBC has joined forces with NUS, NTU, and SMU to accelerate quantum technology research. The collaboration aims to unlock quantum’s game-changing potential in derivative pricing, fraud detection, and data security, placing OCBC at the frontier of financial innovation.
OCBC has become the first local bank to simultaneously partner with Singapore’s three premier universities – the National University of Singapore (NUS), Nanyang Technological University (NTU), and Singapore Management University (SMU) – to drive quantum research. The 12-month collaboration will focus on developing real-world quantum applications in three core areas: derivative pricing, data security, and fraud detection.
The agreements were signed in the presence of David Koh, Chief Quantum Advisor and Chief Executive of the Cyber Security Agency of Singapore (CSA), reinforcing the national significance of this initiative. The move aligns with Singapore’s vision to become a global leader in quantum technology, backed by a nearly S$300 million national investment.
Quantum Use Cases in the Works
Each university brings a specialized focus to the collaboration. At NUS, researchers will use quantum computing to supercharge Monte Carlo simulations—an essential tool for pricing financial derivatives. This could pave the way for near-instantaneous portfolio rebalancing and high-precision risk modelling.
SMU is applying quantum machine learning to fraud detection. By decoding complex, unstructured data at unprecedented speed, quantum algorithms can uncover hidden anomalies and flag suspicious transactions in real time, significantly enhancing banks’ fraud response.
Defending Against Quantum-Era Threats
NTU will lead efforts in post-quantum cryptography, designing encryption strong enough to resist future quantum-powered cyberattacks. With the banking sector a prime target for malicious actors, OCBC is proactively investing in quantum-safe technologies to protect customer data and uphold trust.
These projects will feed into research papers and industry journals, giving the financial sector valuable insight into the readiness and practicality of quantum solutions in banking.
Building In-House Quantum Muscle
OCBC isn’t just outsourcing quantum innovation – it’s cultivating it from within. Since 2021, the bank has been executing a multi-year roadmap to embed quantum capabilities across its operations. Around 50 employees already possess intermediate quantum proficiency, intending to train more than 100 by 2026.
Partnerships with ecosystem players, like Singtel and the National Quantum Computing Hub, are helping OCBC apply quantum solutions in real-world settings. One initiative with Singtel uses quantum key distribution to securely transmit sensitive financial data via a quantum-safe network.
Banking on a Quantum-Ready Workforce
OCBC is actively equipping its workforce with the skills needed to work in a quantum future. Training programmes include hands-on sessions focused on quantum algorithms and their application in financial services, conducted in partnership with the QuTalent team at NUS’s Centre for Quantum Technologies.
«The industry-academia exchange is deeply meaningful,» said Praveen Raina, Head of Group Operations and Technology at OCBC. «We’re merging real-world use cases with academic expertise, bringing quantum innovation closer to implementation than ever before.»
Academia Echoes Industry Momentum
Academic leaders echoed the enthusiasm. NUS’s Assistant Professor Patrick Rebentrost noted that the partnership is “«aking substantial steps toward realising quantum algorithms in live financial applications.»
NTU’s Professor Wang Huaxiong emphasised the urgency of quantum-resistant cybersecurity for the banking sector. SMU’s Associate Professor Paul Griffin underlined quantum’s ability to detect fraud patterns invisible to classical tools.
Together, these partnerships are breaking down barriers between academia and industry, and pulling quantum technology out of theory and into banking practice.
More Than Just Research
OCBC’s bet on quantum is more than just research; it’s a full-spectrum push to prepare the bank, and the broader industry for a future where speed, security, and precision will be powered by qubits. As the commercial potential of quantum continues to unfold, OCBC is making sure it won’t just be ready – it’ll be leading.
