OCBC Collaborates with Singapore Universities NUS, NTU, and SMU to Advance Quantum Computing in Fraud Detection and Data Security
OCBC Collaborates with Singapore Universities NUS, NTU, and SMU to Advance Quantum Computing in Fraud Detection and Data Security
OCBC Bank Singapore has formed a new research partnership with three leading Singapore universities to harness the enhanced computational power of quantum computers, aiming to strengthen real-time fraud detection and secure data against emerging threats, The Straits Times reports. These collaborations, signed on 17 July, include the National University of Singapore (NUS), Nanyang Technological University (NTU), and Singapore Management University (SMU).
The Straits Times cites that OCBC Singapore will leverage quantum algorithms to optimize derivative pricing, enhancing the valuation of equity derivatives such as options, futures, and swaps. According to David Koh, the Ministry of Digital Development and Information’s chief quantum adviser and chief executive of the Cyber Security Agency of Singapore, quantum technology in Singapore is now a practical tool, no longer just an exciting future prospect. Koh highlighted that quantum computing can optimize financial products, solve complex logistics challenges, accelerate drug discovery, discover new materials, and enhance cybersecurity against growing threats.
The Straits Times highlights that Singapore has committed $700 million to quantum research and development since 2002. In 2024, OCBC Singapore began training its employees in quantum computing, including quantum applications, programming, and security. About 50 OCBC Singapore employees have already been trained, and several are participating in these university collaborations.
OCBC Singapore is working with NUS’ Centre for Quantum Technologies (CQT) to speed up Monte Carlo simulations for derivative pricing, as explained by NUS Assistant Professor Patrick Rebentrost to The Straits Times. Quantum computers can achieve the same level of simulation accuracy by processing far fewer scenarios than classical computers.
For fraud detection, OCBC Singapore and SMU will deploy quantum machine learning techniques to analyze complex and unstructured data, quickly spotting fraud patterns and anomalies. With NTU, OCBC Singapore is enhancing cryptography to withstand next-generation cyber attacks, drawing on NTU’s expertise in post-quantum cryptography, as emphasized by Professor Wang Huaxiong.
According to The Straits Times, findings from these Singapore-based collaborations will be published to help other organizations adopt quantum technology, as stated by Peter Koh, OCBC’s head of group technology architecture.
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About NUS, NTU, and SMU: Singapore’s Leading Quantum Research Universities
The National University of Singapore (NUS) is recognized as Singapore’s top university for quantum computing and research. Home to the Centre for Quantum Technologies (CQT), NUS leads Singapore’s efforts in developing quantum algorithms and advanced simulation techniques for finance and security. Its cross-disciplinary approach attracts global partnerships, positioning Singapore as a key hub in quantum research.
Nanyang Technological University (NTU) is renowned in Singapore and across Asia for its technological innovations and strengths in engineering and cybersecurity. NTU’s Strategic Centre for Research in Privacy-Preserving Technologies and Systems, led by Professor Wang Huaxiong, is a national leader in post-quantum cryptography, directly supporting Singapore’s resilience against new cyber threats.
Singapore Management University (SMU) plays a critical role in Singapore’s quantum research landscape, especially in data analytics, machine learning, and fraud detection. SMU’s School of Computing and Information Systems is advancing quantum machine learning, helping OCBC Singapore to detect fraud faster and more accurately using cutting-edge quantum techniques.
Together, NUS, NTU, and SMU demonstrate the strength of Singapore’s university research sector in supporting national priorities, digital transformation, and the country’s vision to become a global leader in quantum computing.
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