Siam Commercial Bank (SCB), through its financial technology subsidiary Digital Ventures, today announced a strategic investment in 1QBit that makes SCB the first bank in Southeast Asia to actively engage with quantum technology and its applications in financial services. With this investment, SCB joins 1QBit’s growing group of industry partners focused on applying new types of hardware to their high value problems. Collaboratively, 1QBit and SCB will be working on applying quantum computing to portfolio optimization, risk management and security.
Dr. Arak Sutivong, First Executive Vice President and Chief Strategy Officer, stated that SCB expects to see the effects of this investment in the short term, through advancements in portfolio optimization, wealth management, risk management, and cyber security, as well as in the long term, by supporting SCB’s investment strategy to identify fundamental technologies with the potential to reshape the financial services industry.
“The world is rapidly approaching a critical junction where today’s classical computing technology will be inadequate in handling the advanced computational workload that will mark the data-driven, hyper-interconnected landscape we will find ourselves living in. Quantum computing represents that next generation of technology that will propel computing forward and shape the technology landscape through the next century. SCB’s investment in 1QBit reflects the strategic importance we place on learning from bleeding-edge technologies that could have vast and profound impact on a variety of industries, including financial services.”
– Dr. Arak Sutivong, First Executive Vice President and Chief Strategy Officer, The Siam Commercial Bank PLC