| Link(s): | FCA to explore quantum computing to tackle financial crime | FCA Quantum Experimentation Group | FCA |
Context
The FCA has announced a new initiative will bring together firms, quantum technology providers, and national research labs to explore practical applications of quantum computing. The FCA will bring together financial services firms, quantum technology providers and national research laboratories to explore how quantum computing could help tackle financial crime.
Key points to note and next actions
- The Quantum Experimentation Group, the first of its kind for a regulator, will initially explore how quantum machine learning could help detect money laundering and fraud. It will launch in the first quarter of 2027.
- Participants will use an FCA synthetic dataset – artificially generated data – to help overcome a key barrier to testing: access to suitable data.
- The group will help firms explore practical uses of quantum computing in financial services and share findings to guide future testing. It will also help the FCA understand the technology’s opportunities and limitations, barriers to experimentation and what these could mean for regulation.
- The initiative builds on the FCA’s research into the long-term potential of quantum computing in financial services.
- Financial services firms, quantum technology providers and national research laboratories can register their interest in joining the group by 31 December 2026.