Fintech PR
Standard Chartered and Universities Space Research Association join forces on Quantum Computing
Standard Chartered Bank and Universities Space Research Association (USRA) have signed a Collaborative Research Agreement to partner on quantum computing research and developing quantum computing applications.
In finance, the most promising use cases with real-world applications include quantum machine learning models (generating synthetic data and data anonymisation) and discriminative models (building strong classifiers and predictors) with multiple potential uses such as credit scoring and generating trading signals. As quantum computing technology matures, clients should benefit from higher quality services such as faster execution, better risk management and the development of new financial products.
Kahina Van Dyke, Global Head of Digital Channels and Client Data Analytics at Standard Chartered, said: “Similar to other major technological advancements, quantum computing is set to bring widespread benefits as well as disrupt many existing business processes. This is why it’s important for companies to future-proof themselves by adopting this new technology from an early stage. The partnership with USRA gives us access to world-class academic researchers and provides us with a unique opportunity to explore a wide range of models and algorithms with the potential to establish quantum advantage for the real-world use cases.”
Bernie Seery, Senior VP of Technology at USRA noted that “This partnership with the private sector enables a diversity of research through a competitively selected portfolio of quantum computing research projects involving academic institutions and non-profits, growing an ecosystem for quantum artificial intelligence that has already involved over 150 researchers from more than 40 organizations that produced over 50 peer-reviewed publications over the last seven years.”
Alex Manson, Global Head of SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, stated: “The world is currently in the process of identifying commercial use cases where quantum computer capabilities will surpass classical computers. We have a conviction that some of these use cases will transform the way we manage risks in financial services, for example by simulating portfolios and exponentially speeding up the generation of market data. We will work with USRA to identify such use cases in financial services, with a view to implementing them within our bank, as well as potentially offering this service to other market participants over time.”
Mark Johnson, Vice President, Processor Design, Development and Quantum Products at D-Wave said: “Quantum computing research and development are poised to have a profound impact on the industries responsible for solving today’s most complex problems. That’s why researchers and businesses alike are looking to quantum computing today to start demonstrating tangible value. We’re proud to work with USRA and Standard Chartered Bank as they improve global access to quantum systems and undertake essential research and development.”
At USRA’s Research Institute for Advanced Computer Science, Dr. Davide Venturelli, Associate Director for Quantum Computing, notes that quantum annealing is implementing a powerful approach to computing, featuring unique advantages with respect to other traditional and novel approaches, that should be studied, theoretically and experimentally, to advance the state of art of computing technologies for the benefit of nearly all disciplines.
Standard Chartered’s team, led by Dr. Alexei Kondratyev, Global Head of Data Science and Innovation, and USRA have collaborated in quantum computing research since 2017. An earlier success in investigating the quantum annealing approach to computational problems in portfolio optimisation use cases led to this strategic partnership, where USRA will continue to support fundamental academic research in quantum physics and artificial intelligence and Standard Chartered will focus on future commercial applications.
In 2012, USRA partnered with NASA to found the Quantum Artificial Intelligence Laboratory (QuAIL): the space agency’s hub to evaluate the near-term impact of quantum technologies. With QuAIL, the USRA team has investigated the physics, the engineering and the performance of multiple generations of quantum annealing processors built by D-Wave Systems, as well as participating in U.S. government research programs that looked into application of quantum annealing for combinatorial optimization, aviation, earth science and machine learning. NASA Ames Research Center is currently hosting a D-Wave 2000Q annealing system that will be made available for free for research by U.S. Universities, thanks to the support of this partnership.
Standard Chartered and USRA intend to develop this initial collaboration beyond quantum annealing to all unconventional computing systems that could provide an advantage to applications of interest, such as gate-model noisy-intermediate scale quantum (NISQ) processors and Coherent Ising machines.
Fintech PR
WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director
SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.
Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.
“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”
“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”
About WSPN
WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.
Learn more: www.wspn.io | X | LinkedIn
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Refining Capacity of the Base Surpasses 50 Million Tons per Year
NINGBO, China, Dec. 26, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation‘s (HKG: 0386, “Sinopec”) recently announced the mechanical completion of the second-phase expansion and advanced materials project at its Zhenhai Refinery. This milestone sets new benchmarks for innovation, smart manufacturing, and energy efficiency in large-scale projects. The refinery’s capacity has now been upgraded to 40 million tons per year, contributing to the Zhejiang Ningbo Petrochemical Industrial Base surpassing a total refining capacity of 50 million tons annually. The achievement solidifies its position as China’s largest, most advanced, and globally competitive petrochemical industrial base.
Located in the Yangtze River Delta, a key downstream product consumption hub, the Zhejiang Ningbo Petrochemical Industrial Base plays a vital role in Sinopec’s value chain. The second-phase expansion and advanced materials project, with a total investment of CNY 41.6 billion, incorporates 18 production units, including atmospheric distillation, catalytic cracking, polypropylene, and propane dehydrogenation units. By emphasizing chemical-focused processes, the project creates multiple high-value-added supply chains.
The facility’s expanded production capacity supports the development of high-end polyolefins, advanced materials, and specialty chemicals. It is expected to provide approximately 8 million tons of petrochemical products annually, significantly boosting the overall capacity of supply chains for industries such as automotive, home appliances, and textiles in the region. This expansion is forecast to generate trillions of yuan in upstream and downstream industrial value.
The project achieved remarkable progress in technological innovation and sustainability. Highlights include:
- Localization of 10 core technologies, including the world’s highest-load vertical labyrinth compressor.
- Extensive deployment of smart technologies, enabling simultaneous delivery of digital and physical factories.
- Integration of a fully localized industrial operating system and a self-developed industrial internet platform to enhance decision-making and management.
- Implementation of comprehensive energy-saving measures, achieving an overall reduction in energy consumption of 11.7%.
- Safety and quality were paramount during construction, with over 90 million consecutive safe man-hours recorded and a 100% quality pass rate for all units, setting a new industry benchmark.
Zhenhai Refinery, Sinopec’s largest integrated refining and chemical enterprise, boasts an ethylene production capacity of 2.2 million tons per year. It is also the only enterprise in China consistently ranked in the top performance group of the Solomon Global Ethylene Performance Evaluation.
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Fintech PR
2025 Will See Increased QR Code Payments but Payment Card IC ASPs Will Not Return to Pre-Covid Levels
ABI Research’s 5th annual Trend Report identifies the key Digital Payment Technologies trend that will come to fruition —and the 1 that won’t—in 2025
NEW YORK, Dec. 24, 2024 /PRNewswire/ — As 2025 kicks off, predictions abound on the technology innovations expected in the year ahead. In its new whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025, analysts from global technology intelligence firm ABI Research. ABI Research analysts identify 54 trends that will shape the technology market and 47 others that, although attracting vast amounts of speculation and commentary, are less likely to move the needle over the next twelve months. In the Digital Payment Technologies space, 2025 will see increased QR code payment acceptance but little growth for payment card IC ASPs.
“2024 has been marked by challenges, from global conflicts and inflationary pressures to political uncertainty. These factors have strained enterprise and consumer spending, leading to market inertia, short-term technology investments, sidelined capital, and the exposure of vulnerable suppliers,” says Stuart Carlaw, Chief Research Officer at ABI Research. “From a technology perspective, many industries and end markets are in that awkward stage of technology adoption where they are formulating implementation strategies, assessing solutions and partners, and trying to see if they have the resources needed to roll out solutions at scale. This is a particularly sensitive time, which tends to suggest 2025 will have tech implementers and end users on the brink of a period of a massive technology shift as they work through these issues.”
What Will Happen in 2025:
QR code payment acceptance will continue to increase with use cases expanding
Although QR code payment acceptance is prevalent in countries such as China and growing in emerging digital payment markets, including in India, use cases and potential growth areas are not limited to these countries. Significant and continued investments by vendors, including PayPal, Stripe, and SumUp, are setting the foundation for increased adoption in other mature and established economies with use cases expanding. Although QR codes are already being used by many Small and Medium Enterprises (SMEs) and pop-up retail businesses, 2025 will mark the year when the technology begins to shift from one niche to partial mainstream.
What Won’t Happen in 2025:
Payment card IC ASPs will not return to pre-COVID-19 levels
Since the COVID-19 pandemic, chipset pricing has been on a continual rise, driven by increased pricing in myriad manufacturing areas, including energy, raw material, transit pricing, and inflation, driving up wages. The chip shortage further compounded this, and according to ABI Research, the Average Selling Price (ASP) for a payment card Integrated Circuit (IC) increased by approximately +30% between 2020 and 2023. However, despite pricing pressures returning, the cost of payment ICs is some years away from matching pre-COVID-19 levels. Although 2025 will mark another year of pricing deprecation, it will not be until around 2028 when pricing is expected to drop to levels similar to those achieved in 2019 steadily.
For more trends that will and won’t happen in 2025, download the whitepaper, 101 Technology Trends That Will—and Won’t—Shape 2025.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info:
Global
Deborah Petrara
Tel: +1.516.624.2558
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/2025-will-see-increased-qr-code-payments-but-payment-card-ic-asps-will-not-return-to-pre-covid-levels-302338531.html
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