OCBC triples quantum tech workforce to enhance cybersecurity measures

The Singapore bank expects significant tech advancements in the next five to 10 years.

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Oversea-Chinese Banking Corp. Ltd. (OCBC) is tripling the number of workers in quantum computing as it tries to boost security using the technology that it expects to take off in as short as five years.

"The potential of quantum technology is twofold-it can enhance the protection of banking systems but can also render such protection useless if the technology is in the wrong hands," Peter Koh, head of group technology architecture at OCBC, told Singapore Business Review.

"It is therefore essential for banks to not just explore and experiment with quantum technology, but to take charge of it," he added. The Singapore-based bank has been exploring quantum technology, when it outlined its quantum roadmap.

Part of the plan is to establish a "quantum-ready workforce." "We intend to triple the number of employees who are of an intermediate proficiency level in quantum computing," Koh said in an emailed reply to questions.

The roadmap also includes modernising the bank's technology architecture and boosting its capabilities in blockchain and quantum computing.

"The timeline for quantum to become a mainstream technology in banking is still uncertain, but many experts believe that we could see significant advancements within the next five to 10 years," he added.

Here are excerpts from the interview.