OCBC has entered into research collaborations with three Singapore universities—National University of Singapore (NUS), Nanyang Technological University (NTU), and Singapore Management University (SMU)—to advance quantum technology applications in banking. This marks the first time a local bank is working with all three institutions on such an initiative.
The partnerships, which will last for 12 months, focus on developing quantum solutions in derivative pricing, data security, and fraud detection. The agreements were signed in the presence of Mr David Koh, Chief Quantum Advisor, Chief of Digital Security and Technology at MDDI, and Chief Executive of the Cyber Security Agency of Singapore.
These collaborations align with Singapore’s broader goal to become a hub for quantum technology. The government plans to invest nearly S$300 million in this area to support research and talent development, including efforts under the National Quantum Computing Hub to build local processors and develop industry applications.
Research outcomes from these collaborations will be published in technology journals. OCBC aims for these findings to help the financial sector assess how quantum technology can be applied to banking operations.
OCBC has been building its capabilities in quantum technology since 2021 by creating a multi-year strategy and training employees. By the end of 2024, about 50 staff had reached intermediate proficiency in quantum technology; the bank targets over 100 trained employees by 2026.
Specific projects include using quantum computing at NUS’s Centre for Quantum Technologies to speed up Monte Carlo simulations used in financial derivative pricing. At SMU, researchers are applying quantum machine learning techniques to improve fraud detection by analyzing complex data patterns more efficiently. NTU is focusing on post-quantum cryptography to strengthen data security against future cyber threats.
OCBC is also involved in other initiatives such as collaborating with Singtel on quantum key distribution via a secure network and working with the Monetary Authority of Singapore on testing secure financial data transfers using similar technologies.
Mr Praveen Raina, Head of Group Operations and Technology at OCBC, said: “The industry-academia exchange is deeply meaningful to us. It drives research and innovation by merging practical insights and real world use cases with domain expertise and knowledge. By working closely with NUS, NTU and SMU, in addition to our existing partnerships with key ecosystem players, we bring the reality of innovative quantum applications and solutions closer to life than before. This collaboration also illustrates how we are taking bold, proactive steps to test emerging technologies, even when their commercial potential is still unfolding.”
Assistant Professor Patrick Rebentrost from NUS stated: “While my academic group has a deep understanding of the interface of quantum algorithms and mathematical finance, this project with OCBC gives us the opportunity to apply the theory in practice. In close collaboration with the team at OCBC, we are taking substantial steps towards the realisation of quantum algorithms for the pricing of complex financial derivatives. The project will further illuminate the potential and challenges for quantum computing in a real-world finance context.”
Professor Wang Huaxiong from NTU said: “As quantum computing advances, the urgency to secure digital systems against future threats becomes critical, especially in the banking sector, where trust and data protection are paramount. At NTU, we are leveraging our deep expertise in post-quantum cryptography to develop solutions that can withstand next generation cyberattacks. Through this collaboration with OCBC, we aim to deliver practical, scalable tools that help make our banking infrastructure more resilient and ensure long-term security and peace of mind for users."
Associate Professor Paul Griffin from SMU commented: "Quantum computing enables us to uncover patterns in fraud detection that are invisible to classical methods – particularly in noisy, high-dimensional data environments. This collaboration brings together cutting-edge quantum research with real-world financial challenges. Through this partnership with OCBC, we aim to translate quantum machine learning innovations into practical tools that strengthen trust and resilience in the banking sector."