OCBC has become the first local bank to simultaneously partner with Singapore’s three premier universities, SMU, NUS, and NTU, to drive quantum research. The 12-month collaboration will focus on developing real-world quantum applications in three core areas, which are derivative pricing, data security, and fraud detection. Each university brings a specialised focus to the collaboration, with SMU applying quantum machine learning to fraud detection. By decoding complex, unstructured data at unprecedented speed, quantum algorithms can uncover hidden anomalies and flag suspicious transactions in real time, significantly enhancing banks’ fraud response. SMU Associate Professor of Information Systems (Practice) Paul Griffin underlined quantum’s ability to detect fraud patterns invisible to classical tools.
