JPMorgan Chase (JPMC) has announced a new research collaboration with Oxford Quantum Circuits (OQC) and AMD that will focus on short-term applications for quantum computing in financial services.

The partnership will examine how quantum and hybrid quantum-classical computing applications can be used for portfolio optimisation and machine learning tasks, with startup OQC set to provide quantum computing hardware and AMD offering classical compute and AI capabilities.

JPMC will run the quantum hardware in a secure enterprise data centre environment built by OQC in London, where it says it can test the reproducibility, scalability, and performance of quantum-classical workflows.

OQC expects the site to be operational within 12 months, at which point JPMC will be the first dedicated user of its UK platform.

In addition to “high-performance” computing resources, AMD said it will provide tailored software for AI model training, benchmarking, optimisation, and simulation.

Together, the organisations aim to examine how quantum-classical workloads and AI models can work in tandem to deliver practical results in financial services without compromising on operational standards.

Lori Beer, global chief information officer of JPMorganChase, said: “The financial services industry depends on understanding complexity, managing risk and making decisions with speed, security and confidence.

“Through this partnership, our teams will have a dedicated environment to research the near-term utility of hybrid quantum-classical computing in finance and assess how quantum, AI and high-performance computing can work together to address real-world challenges.”

OQC is a UK quantum computing startup working on superconducting quantum computers tailored to secure data centre environments. The firm aims to expand its quantum computing platform across the UK, US, Japan, and Spain, with a primary customer base of secure enterprises and governments.

In June 2025, the firm announced a breakthrough in fault-tolerant quantum computing which it claimed could open the door to commercially-viable quantum computing. The advancement was driven by its proprietary hardware, which allows for a lower number of physical quantum bits – known as qubits – in its systems and improves the resilience of those present, the company said at the time.

In August of that year, OQC also appointed Colin Bell, the former chief executive of HSBC, to its board of directors. At the time, the firm said Bell would improve its focus on applying quantum applications to financial services.

This week, OQC closed a £260 million series C funding round, the largest ever for a European quantum computing company.

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