In an effort to hasten the financial sector's adoption of quantum computing in India, Qkrishi Quantum Private Limited and the Indian Institute of Information Technology Kottayam (IIITK) have signed a Memorandum of Understanding to conduct research in quantum finance.
The financial sector must quickly adopt digital innovation if India is to grow its economy to $5 trillion. The risk of cyberattacks is also rising as India's financial sector becomes more digitalized, and this is turning into a significant challenge for the sector. With this partnership, Qkrishi and IIITK will accelerate the industry's adoption of quantum, which is anticipated to have a profound impact on business.
As part of this MoU, Qkrishi and IIITK have agreed to jointly initiate research and development projects related to Quantum Technology, share technical expertise and knowledge, and collaborate on academic and professional development programs.
"The MoU will enable us to tap into the advanced quantum computing talent at IIITK to tackle important technological problems faced by the financial industry. Quantum computing could allow faster, and more accurate decision-making and we hope to develop cutting-edge techniques by collaborating with the faculty and students of IIITK," said Mr. Sreekuttan L. S., Research Scientist and Head of Products at Qkrishi.
"At IIITK, our goal is to ensure that we are focused on the important problems in science and technology. Quantum offers a lot of promise, and we are proud to have faculty members who are making important contributions to the field. The collaboration with Qkrishi will enable us to accelerate adoption of quantum computing by industry. Our students will also get an opportunity to understand how industry is beginning to apply quantum computing to business problems," said Dr. M. Radhakrishnan, Registrar, IIIT Kottayam.
The accomplishments of IIIT Kottayam in just seven years since its founding are proof of the Institute's unwavering commitment to a curiosity-driven and application-inspired research culture that complements the Institute's ongoing academic goals, according to Dr. Rajiv Dharaskar, Director of IIIT Kottayam, who spoke at the event.
"Today there is a need for industry and academia to work closely to make faster impact in the technology landscape. Through this MOU we want to build a successful industry-academia collaboration in Quantum Computing. IIITK is one of the few institutions in India with deep expertise in quantum computing and through this collaboration with Qkrishi we want to apply our expertise to solve real business problems," said Dr. Rubell Marion Lincy George, Assistant Professor, IIITK.
The Qkrishi and IIITK teams at the signing ceremony held on IIITK Campus
During the august function which was held at IIIT Kottayam on January 19th, 2023, the MoU was signed by Dr. M. Radhakrishnan, Registrar- IIIT Kottayam and Mr. Sreekuttan L. S., Research Scientist and Head of Products at Qkrishi. Other representatives from Qkrishi and faculty from IIIT Kottayam also attended the event.
About Qkrishi: Qkrishi, founded in 2021, focuses on quantum research, technology and skilling. Qkrishi is working with industry and academic partners on use cases of relevance to industries including finance and automobiles. Qkrishi has a team of experienced researchers with advanced degrees in quantum computing. The Qkrishi team is constantly innovating to create intellectual property of value to industry clients. About Indian Institute of Information Technology (IIITK): Indian Institute of Information Technology, Kottayam at Valavoor, Pala, Kerala is one among the IIITs that have been established as 'Institutions of National Importance' by Ministry of Education, Govt. of India under the ambit of IIIT (PPP) Act 2017. IIIT Kottayam campus is situated in a picturesque location in the southern part of the state commonly referred to as God's Own Country. IIIT Kottayam is composed of the world-class faculty members who are eager to do cutting-edge research and contribute to the Indian/International society along with their students. They design courses and conduct research as per the needs of the partnered industries and international requirements.