RBC Leads Canadian Banks in Quantum Technology Push
Royal Bank of Canada (RBC) has taken a significant step in its quantum technology strategy by appointing Dr. Elizabeth Iwasawa as Director of Quantum and signing partnerships with two Canadian universities to build its quantum-safe financial future.
The bank's quantum programme is designed to harness the benefits of quantum technologies, including strengthening cyber security defences, while also addressing the looming threat of post-quantum cryptography vulnerabilities. RBC has implemented a comprehensive quantum-safe security programme, which includes migration to post-quantum cryptography and quantum key distribution for secure communications.
The bank's investment in quantum technology is part of its broader technology strategy, with RBC investing over $5 billion annually in various technologies, including artificial intelligence (AI). The bank has also made a strategic investment in Photonic Inc., a Canadian company developing silicon-based quantum computing technology, and will be collaborating with Toronto-based photonic quantum computing company Xanadu to run a hands-on workforce training programme.