OCBC Bank is ramping up its quantum technology ambitions through new research collaborations with three of Singapore’s top universities, in a bid to develop real-world quantum applications for finance that could redefine how banks price products, detect fraud and protect data.
Signed with the National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU), the 12-month research projects will explore how quantum computing and post-quantum cryptography can be applied to financial use cases. The signing ceremony was witnessed by Mr David Koh, Chief Executive of the Cyber Security Agency of Singapore and Chief Quantum Advisor under the Ministry of Digital Development and Information.
The move comes as Singapore steps up its national quantum agenda, committing nearly S$300 million to quantum research and ecosystem development under the National Quantum Computing Hub.
From theory to bank floor: Derivatives, fraud, encryption
Each collaboration focuses on a distinct area of innovation:
NUS will work with OCBC to apply quantum algorithms to accelerate Monte Carlo simulations, a cornerstone of financial derivative pricing. These quantum-powered simulations could one day enable near-instant portfolio rebalancing and more complex risk modelling.
“We are taking substantial steps towards the realisation of quantum algorithms for the pricing of complex financial derivatives,” said Assistant Professor Patrick Rebentrost of NUS’ Centre for Quantum Technologies.
SMU will focus on fraud detection using quantum machine learning, analysing complex and unstructured data to uncover anomalies that traditional systems often miss.
“Quantum computing enables us to uncover patterns in fraud detection that are invisible to classical methods,” said Associate Professor Paul Griffin from SMU.
NTU will develop post-quantum cryptography techniques, designed to safeguard sensitive data from future quantum-enabled cyberattacks.
“The urgency to secure digital systems against future threats becomes critical,” said Professor Wang Huaxiong of NTU. “We aim to deliver practical, scalable tools that help make our banking infrastructure more resilient.”
Quantum moves from lab to banking floor
The partnerships are part of OCBC’s longer-term quantum strategy launched in 2021. That plan includes both practical applications and workforce development. By end-2024, the bank expects around 50 employees to have achieved intermediate proficiency in quantum technology, with a goal of training over 100 staff by 2026.
“By working closely with NUS, NTU and SMU, we bring the reality of innovative quantum applications closer to life than before,” said Mr Praveen Raina, Head of Group Operations and Technology at OCBC. “This collaboration also illustrates how we are taking bold, proactive steps to test emerging technologies, even when their commercial potential is still unfolding.”
OCBC is already working with Singtel on quantum key distribution (QKD) – a first for a financial institution in Singapore – to securely transmit data over a quantum-safe network. It is also participating in a Monetary Authority of Singapore (MAS) proof-of-concept sandbox exploring QKD for secure financial data transfer.
These projects mark a rare industry-academia effort to move quantum computing beyond theory and into applied finance, offering early signals of how the technology could transform the sector.
Professor Wang Huaxiong, School of Physical & Mathematical Sciences, NTU, Director, Strategic Centre for Research in Privacy-Preserving Technologies & Systems (SCRIPTS) and Co-Director, Digital Trust Centre (DTC)
Mr Praveen Raina, Head of Group Operations and Technology, OCBC
Mr David Koh, Chief Quantum Advisor, Chief of Digital Security and Technology, MDDI, and Chief Executive, CSA
Professor Valerio Scarani, Deputy Director, Centre for Quantum Technologies, National University of Singapore
Associate Professor Zhu Feida, Associate Dean, Partnerships and Engagement, School of Computing and Information Systems
