Quantum computing: the next tech frontier for trade finance? Global Trade Review (GTR)

The archaic, paper-based world of trade finance looks set to take a further leap into the digital future, as trade finance distribution platform Tradeteq begins a collaboration with the Singapore Management University (SMU) to explore quantum computing-based solutions for the industry. Supported by the Monetary Authority of Singapore (MAS) under its artificial intelligence and data analytics (AIDA) grant scheme, the research project, titled Exploring the advantages of a quantum system for machine learning applied to credit scoring, aims to build a predictive machine learning model implemented on a quantum computer in order to tackle inefficiencies in approving trade finance. "Currently, many small and-medium-sized businesses are unable to grow their companies due to a lack of funding as they are deemed'too risky' by current credit rating models," says Pang Hwee Hwa, dean of the SMU School of Information Systems. "With shorter processing time, more businesses could be scored and with greater accuracy thereby creating more trust and providing greater access to finance for companies than ever before." Quantum computing is still very much in its infancy, and the technology doesn't yet exist to build a large-scale quantum computer.