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In The News:

Quantum Computing's Growing Role in Banking: JPMorgan and Wells Fargo Lead the Charge

JPMorgan Chase, Wells Fargo, HSBC, and other major banks are investing heavily in quantum computing to prepare for its eventual mainstream adoption. JPMorgan Chase has allocated $100 million to develop quantum algorithms with Quantinuum, while HSBC is deploying quantum-secure technology for safeguarding tokenised gold transactions. Meanwhile, Wells Fargo has collaborated with IBM on a suite of quantum algorithms, and Mastercard is testing quantum's potential for loyalty rewards optimisation.

Banque de France and MAS Pave the Way for Quantum-Secure Financial Communications

The Banque de France (BdF) and the Monetary Authority of Singapore (MAS) have recently concluded a cutting-edge experiment leveraging post-quantum cryptography (PQC) to secure digital communications. This initiative focused on the use of quantum-resistant cryptographic algorithms to encrypt and sign financial correspondence, aiming to mitigate risks from future quantum computing advancements. The experiment demonstrated the successful integration of PQC into real-world applications, maintaining interoperability with current systems. 

Quantum Computing and its Implications on Crypto

Quantum computing is rapidly advancing, with developments such as Google's 105-qubit 'Willow' chip showcasing the technology's disruptive potential. One of its significant implications is the potential of computers to crack the cryptography we use today across finance, commerce, banking, and more. While the timeline for quantum computers capable of breaking current encryption remains uncertain, experts emphasise the need for proactive investment in crypto protocols. 

In The News:

Trump's Re-Election Fuels Cryptocurrency Boom as Bitcoin Hits Record High

Bitcoin surged to an all-time high following Donald Trump's re-election, reaching nearly $90,000 amid investor anticipation of a more crypto-forward administration. Trump's policy proposals, including positioning the U.S. as a leader in blockchain technology and exploring a national Bitcoin reserve, have further bolstered market confidence.

Crypto Exchange OKX Partners with DBS to Enable Instant SGD Transfers

OKX has introduced instant Singapore dollar (SGD) deposits and withdrawals for its users in Singapore, marking a significant step in enhancing crypto-fiat integration. The service, enabled through a partnership with DBS Group—Singapore’s largest bank—leverages the country’s PayNow and FAST payment systems to offer seamless and efficient transactions for local customers.

Goldman Sachs Partners with Quantum Firm to Boost Options Pricing Accuracy

Goldman Sachs is collaborating with the UK quantum computing company Quantum Motion to develop advanced algorithms that could significantly improve the speed and precision of options pricing. Unlike traditional models, these quantum algorithms are designed to work within the current hardware limitations, potentially offering much faster results and opening doors to more refined, responsive pricing in complex markets. This partnership marks a meaningful step in applying quantum computing to solve specific financial problems, with an initial focus on options pricing.

AI Regulations

EU AI Act

The EU AI Act, effective from August 2024, is the first comprehensive regulation for AI, categorising systems by risk levels. It bans AI systems posing unacceptable risks, enforces strict rules on high-risk AI, and includes transparency requirements for general-purpose AI.

Model AI Governance Framework

The Model AI Governance Framework for Generative AI by Singapore's IMDA, issued in January 2024, sets guidelines to ensure responsible use of generative AI technologies. It addresses unique challenges such as hallucinations and copyright issues while promoting innovation and ethical practices.

Digital India Act

The Digital India Act, 2023 aims to update the IT Act of 2000, providing a modern framework for India’s digital ecosystem. It focuses on innovation, safety, and accountability, covering user rights, data protection, and emerging technologies. The Act promotes global-standard cyber laws and a secure, ethical digital environment.

AI Tools

OCBC GPT

OCBC Bank streamlines operations and personalises services with AI-powered assistants, empowering employees and enhancing customer experience.

AI @ Morgan Stanley Assistant

JPMorgan's AI Assistant streamlines access to financial knowledge and research insights with unprecedented speed.

Goldman Sachs Coding Assistant

Goldman's Generative AI Coding Assistant is its most scaled-out use of AI giving developers a 20% increase in efficiency.
News and Insights
Regulations and Case Studies
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