TL;DR:
- Rigetti UK secures Innovate UK grant for quantum machine learning in anti-money laundering.
- Collaboration with HSBC, University of Edinburgh’s Quantum Software Lab, and NQCC.
- Aim to enhance current anomaly detection models for money laundering.
- Focus on achieving narrow quantum advantage (nQA) in solving real-world problems.
- Potential to offer competitive advantages in financial services.
- Collaboration strengthens the UK’s position in quantum computing.
Main AI News:
In a groundbreaking initiative, Rigetti UK Limited, a subsidiary of Rigetti Computing, Inc., has clinched an Innovate UK grant as part of the Feasibility Studies in Quantum Computing Applications competition. Joining forces with HSBC, the Quantum Software Lab (QSL) at the University of Edinburgh, and the National Quantum Computing Centre (NQCC), Rigetti aims to revolutionize anti-money laundering techniques using cutting-edge quantum machine learning. The consortium’s mission? To elevate the performance of contemporary machine learning algorithms.
Money laundering represents a persistent menace to both financial institutions and society as a whole. With its unique capabilities, machine learning technology can effectively identify and thwart financial crimes by flagging suspicious transactions and adapting to the ever-evolving tactics of criminals. Quantum computing, on the other hand, holds the potential to augment traditional computing workflows, potentially offering superior machine learning methods. The consortium’s primary objective is to expand existing quantum machine learning models for anomaly detection to identify suspicious behavior indicative of money laundering.
Rigetti is strategically focused on addressing use cases that will propel the quantum computing industry toward achieving narrow quantum advantage (nQA). This pivotal moment signifies when a quantum computer can outperform current classical solutions significantly in practical, operationally relevant problems.
Dr. Subodh Kulkarni, Rigetti’s Chief Executive Officer, emphasizes, “Achieving nQA is the next inflection point for our industry. Tackling real-world issues like money laundering with quantum computing will advance our ability to offer financial customers quantum machine learning solutions, potentially providing a competitive edge. This, in turn, will accelerate the evolution of our hardware and software capabilities.”
In addition to harnessing Rigetti’s Quantum Processing Units (QPUs) and quantum software, the consortium will leverage HSBC’s profound domain expertise, benchmarks, and proficiency in classical and quantum machine learning for anomaly detection. Furthermore, the University of Edinburgh brings its quantum algorithm expertise to the table, while the National Quantum Computing Centre (NQCC) contributes its extensive network of quantum computing opportunities and resources. Beyond enhancing anti-money laundering techniques, the consortium aspires to bolster the UK quantum ecosystem and solidify the UK’s global leadership position in the quantum computing sector.
HSBC is already utilizing machine learning techniques to detect unusual customer behavior. Collaborating directly with academia and quantum computing vendors, HSBC aims to expedite the testing and implementation of quantum-enabled solutions, which could significantly enhance its services and risk mitigation.
Dr. Mekena Metcalf, Quantum Computing Research Scientist at HSBC, highlights the potential impact: “Applying quantum machine learning to detect fraudulent or criminal activity showcases the incredible opportunity this cutting-edge technology can bring to the financial services industry. We believe the depth of research expertise in quantum machine learning algorithms and quantum hardware execution brought by the University of Edinburgh, Rigetti Computing, and the NQCC, combined with the industrial application breadth offered by HSBC, can bridge the gap between quantum research and industrial integration in the UK.”
Martin Brown, Senior Product Owner, UK Fraud Analytics at HSBC, echoes this sentiment: “The growing rates of financial crime and fraud globally means it is imperative that we find an enhanced way to stop people becoming a victim of fraudsters. Quantum computing has the potential to be a game changer in this arena – myself and the team are backing this one all the way.”
Professor Elham Kashefi, Chief Scientist at NQCC and the Head of QSL at the University of Edinburgh, comments on the collaboration: “We are delighted to join Rigetti and HSBC to explore a real-world use-case. This collaboration aligns with the NQCC’s ambitions of exploring impactful early applications of quantum computing, showcasing the potential of the technology, stimulating user adoption, and shaping the UK’s quantum computing user community. Launched in partnership with the NQCC in April 2023, the Quantum Software Lab (QSL) at Edinburgh is a unique space between academia and industry to accelerate innovation and commercialization by turning industry pain points into relevant research solutions. This is one of the very first initial projects of the QSL, and we are eager to use it as a working model for other projects to come.”
The project embarked on September 1, 2023, and is scheduled to span 18 months.
Conclusion:
The collaboration between Rigetti, HSBC, and academic partners signifies a significant step towards leveraging quantum computing to enhance anti-money laundering techniques. This development not only addresses a critical issue in the financial industry but also positions the UK as a leader in the quantum computing sector, potentially offering a competitive edge to financial institutions.
