OCBC takes a first-mover role in bringing quantum technology to banking

OCBC is partnering stakeholders to explore its use in cybersecurity, financial modelling and fraud detection

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Quantum technology is emerging as one of the most closely watched innovations in the global technology landscape, promising to transform industries from finance to logistics and cybersecurity.

Singapore's national push to develop quantum expertise — including multi-million-dollar investments in research, infrastructure, and talent development reflects the country's belief that the technology is poised to have a profound impact on the world.

Financial institutions, in particular, are starting to explore how quantum computing and quantum-safe solutions could revolutionise operations, offering faster problem-solving, enhanced security, and new capabilities that were previously unattainable with conventional computing.

Against this backdrop, OCBC is positioning itself as the "first mover" of quantum technology adoption among Singapore banks. It is exploring applications and research that could transform its operations in cybersecurity, financial modelling, and fraud detection, says Peter Koh, the head of group technology architecture at OCBC.

The bank began developing its capabilities in 2021 as part of a broader roadmap for emerging technologies, with pilot projects, staff training, and academic collaborations laying the groundwork for wider adoption, says Koh, who is responsible for identifying and driving the adoption of emerging technologies at OCBC.

Koh says quantum technology has the potential to solve complex problems more quickly than traditional computing. Quantum computers achieve this by using quantum bits, which can exist in multiple states simultaneously, unlike conventional computers that rely on binary digits in switches that are either zero or one.

Quantum technology has two primary uses: quantum computing and quantum-safe solutions.