UBS is supporting the creation of a foundation that aims to harness the potential of quantum computing through collaboration between institutions and companies.
UBS is working as a lead partner in creating the Open Quantum Institute (OQI), launched today in Geneva. Other partners include the Geneva Science and Diplomacy Anticipator Foundation (GESDA), Cern, the Swiss Federal Department of Foreign Affairs (DFA), and the Swiss universities ETH Zurich and the Swiss Federal Institute of Technology Lausanne (EPFL), according to a statement from the bank.
The foundation aims to bring companies and people closer together through science diplomacy to work on projects related to the United Nations Sustainable Development Goals (SDGs).
Accelerating SDG Achievement
The project will receive financial and expert support from the bank. UBS will contribute up to two million Swiss francs ($2.2 million) annually in the coming years and provide strategic expertise.
In its projects, OQI aims to maximize the potential of quantum computing to accelerate progress toward the SDGs and solve some of the world's most pressing problems in areas such as health, energy, climate change mitigation, clean water, and food security.
Well Ahead of Traditional Computers
UBS Group Chief Risk Officer Christian Bluhm joins the foundation's advisory board. He said this supports Switzerland being a globally relevant player in quantum computing.
Such computers use quantum mechanics to deliver computing power far ahead of classical computers. Although quantum computers are still in their infancy, they're expected to significantly impact the future of society and various industries such as finance, chemistry, and materials science.
