RBC Hires Quantum Expert, Partners with Universities for Emerging Field

Royal Bank of Canada (RBC) has made significant strides in its quantum strategy by hiring Dr. Elizabeth Iwasawa as its first director of quantum strategy and partnering with two Canadian universities, the University of Waterloo and the University of Toronto.

Dr. Iwasawa will lead a team of researchers and developers to oversee RBC's quantum strategy, which includes developing skills in quantum information science and technologies. The bank has also signed multiyear partnerships with both universities, aiming to build Canada's leadership in this emerging field and develop a quantum talent pipeline for the country.

The partnership with the University of Waterloo's Institute for Quantum Computing will establish a quantum talent initiative at RBC aimed at developing skills in quantum information science and technologies. Meanwhile, the bank expects its partnership with the University of Toronto to help advance quantum growth at the bank, develop quantum talent, and contribute to PhD fellowships and conference sponsorships.

RBC is also working with Xanadu Quantum Technologies Ltd., a Toronto-based quantum computer developer that went public in March, to hold a workforce training program focused on teaching quantum application development using Xanadu's open source frameworks. Additionally, the bank has launched a program aimed at protecting customer data and infrastructure from quantum-related cybersecurity threats.