London-based Tradeteq has received funding from Singapore's central bank on a project to develop quantum computing-based credit scoring methods for companies.
The exploratory research, undertaken in collaboration with Singapore Management University (SMU), is supported by the Monetary Authority of Singapore under the Financial Sector Technology & Innovation (FSTI) - Artificial Intelligence and Data Analytics (AIDA) Grant Scheme.
SMU and Tradeteq’s objective is to build a predictive machine learning model which has the potential to improve credit scoring accuracy. The model will be implemented on both a quantum computer and a simulated quantum computer.
Tradeteq currently uses AI to provide accurate and up-to-date credit scores to SMEs who would not normally be able to access financing. The research will assess the use of quantum neural network algorithms to enable quicker credit assessment, taking into account growing volume and variety of data that flows in Tradeteq systems.
Michael Boguslavsky, head of AI at Tradeteq comments: “This project we are embarking on with SMU is going to further develop our technology. We are exploring the development of quantum-based neural networks to more quickly and more accurately give credit scores to SMEs and transactions, allowing them access to trade finance which, under normal credit reporting, would not have been possible. Quantum computing is set to be a gamechanger for many sectors, and we’re excited to be leading the charge for trade finance.”