BBVA and Spanish startup Multiverse team up for quantum technologies test

Spanish bank BBVA has run a proof-of-concept quantum technologies test together with Multiverse to see the innovative technology would boost investment portfolios’ performance.

The Multiverse test was set up to try to use quantum technology to define the optimal path when configuring portfolios dynamically by using a quantum technology platform that used both quantum computing and traditional techniques.

The researches found that the technology could outperform traditional tools.

The test is the latest step in BBVA’s journey to prepare the bank for when quantum technology becomes a reality. For the past two years, the bank has reportedly had a devoted team specialising in quantum development and several other business initiatives and partnerships.

BBVA is, among other things, testing how quantum technology could its credit scoring, currency arbitrage and derivatives valuation abilities.

True quantum computing is, however, still some ways off into the future.

But while the BBVA example demonstrate how tapping into tech when it arrives could boost a financial services firm’s performance, there are also significant risks involved with the technology.

For instance, cybersecurity startup PQShield has warned that quantum technology could easily crash through today’s encryption in a matter of seconds, which is why it is working on solutions that would help businesses prepare for the tech revolution.

PQShield has been rewarded for its efforts by a recent £5.5m funding round and a place on the coveted CyberTech100 list of the 100 most innovative companies in the cybersecurity space.

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.