UK – Financial Conduct Authority to explore quantum computing to tackle financial crime
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.
“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.” – according to the press release.
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 authority said.
The FCA’s Quantum Experimentation Group will be “the world’s first regulator-led quantum computing experimentation group”. The group will support organisations at different stages of their quantum journey, from those beginning to explore potential use cases to those already undertaking advanced experimentation.
Jessica Rusu, chief data, information and intelligence officer at the FCA, said: ‘We want to help firms explore where quantum could make a meaningful difference, and early experimentation is essential to understanding its potential in financial services. By bringing together firms, technology providers and researchers we can build readiness and identify practical applications for common industry challenges, starting with financial crime.‘
The initiative builds on the FCA’s research into the long-term potential of quantum computing in financial services. As part of the initiative, the FCA will define problem statements and work alongside participants to build understanding of the opportunities, limitations and practical considerations associated with quantum technologies. The initiative will complement wider activity across the UK’s quantum ecosystem by creating additional opportunities for collaborative experimentation and learning.
Financial services firms, quantum technology providers and national research laboratories can register their interest in joining the group by 31 December 2026.
Read more about the Quantum Experimentation Group and how to register an interest in joining the group.
