A leading Nordic bank and a quantum startup team up on an AI research unit in Helsinki.
This article appears in the July/August issue of Global Finance Magazine.
OP Pohjola and Finnish fintech Qutwo Oy are launching a joint quantum computing and AI research unit in Helsinki, aiming to bring quantum-ready artificial intelligence tools to banking and insurance sectors.
Specifically, the unit’s quantum-ready AI capabilities meet the rising demands of banks and insurers to bolster their management structures and boost competitiveness by cutting costs.
The combined quantum computing-AI unit is building a team of 60 specialists from regional and international talent, according to OP Pohjola CEO Timo Ritakallio. “Our partnership with Qutwo is a game changer and has the potential to strengthen Pohjola’s competitive position as a financial services pioneer.”
Deepening Fintech Expertise
Finnish tech guru Peter Sarlin owns the fintech upstart Qutwo. In July 2024, he sold his company Silo AI Oy — one of Europe’s leading AI innovation hubs—to Santa Clara, California-based Advanced Micro Devices for $665 million.
A core objective of the quantum computing-AI co-venture is to accelerate the development of a new generation of financial services offerings leveraging advanced AI and quantum computing technologies, said Sarlin.
“Quantum computing and AI are no longer in the distant future. They provide a strategic competitive edge that is being built now,” he said. The Qutwo CEO described the partnership with Pohjola as a “good-fit collaboration” that can lead the way in leveraging technology and AI in the era of hybrid quantum computing.
“This is precisely the kind of approach that Europe can take to build sustainable technological leadership and sovereignty,” said Sarlin. For its part, Qutwo will build a customized research unit with access to its AI and quantum platform, Qutwo OS.
According to Ritakallio, quantum computing has the potential to enhance financial sector operations in a wide variety of ways. The CEO identified improvements to risk management, investment optimization, and fraud detection as areas where quantum computing and AI can offer substantial positive impacts moving forward by releasing the untapped power in these technologies to problem-solve and perform tasks more quickly and precisely than traditional computers.
Gerard O’Dwyer is a contributing writer based in Finland.
