The Chicago Quantum Exchange and BMO announced a new partnership today, reinforcing the bank’s growing focus on quantum technologies and strengthening the CQE’s engagement with financial services, an industry likely to benefit from potential quantum applications such as fraud detection and secure communications.
BMO also announced a partnership with Quantum Industry Canada (QIC). The partnerships build on BMO’s April 9 announcement of the BMO Institute for Applied Artificial Intelligence & Quantum, a new enterprise‑wide Centre of Excellence focused on the responsible application and governance of AI and the advancement of quantum capabilities. Together, these initiatives reflect BMO’s commitment to engaging early, thoughtfully and collaboratively with emerging technologies that will shape the future of financial services, the bank said.
Through its collaboration with the CQE and QIC, BMO is participating in early‑stage, structured ecosystem partnerships designed to support knowledge‑sharing, workforce development and dialogue across academia, industry and policy communities. The engagements are intended to help BMO develop informed perspectives on quantum technologies and their potential long‑term implications, while contributing practical financial services insights to the broader quantum ecosystem.
“Quantum technologies present significant long‑term potential, along with important questions around security, governance and real‑world application,” said Dr. Kristin Milchanowski, Chief AI & Quantum Officer, BMO. “These partnerships allow us to engage constructively with leading organizations across Canada and the U.S. as the field continues to develop, while taking a responsible, informed approach grounded in collaboration, learning and readiness.”
With BMO’s US headquarters located in Chicago, the relationship with the CQE provides a local foundation for ongoing dialogue, convenings, and workforce‑focused engagement, including exposure to emerging research and student talent relevant to financial services. The CQE is an intellectual hub in Illinois, Wisconsin, and Indiana that advances the science and engineering of quantum information, prepares the quantum workforce, and drives the quantum economy in collaboration with leading universities, national labs, and industry partners.
“The CQE is building and scaling a full‑spectrum quantum ecosystem by working closely with partners in key industries, like finance, to drive progress across the discovery‑to‑deployment pipeline,” said David Awschalom, the University of Chicago’s Liew Family Professor of Quantum Engineering and Physics and the founding director of the CQE. “Quantum technologies offer significant potential for financial institutions, from quantum networks that may enhance the protection of personal information to quantum computing approaches that could help identify fraud more effectively over time. Engaging in early, cross‑sector dialogue with partners like BMO that share our commitment to responsible and efficient quantum sector growth is an important part of building a strong quantum economy.”
BMO’s participation in Quantum Industry Canada connects the bank to one of Canada’s leading quantum industry consortiums, representing startups, researchers, enterprises and policymakers working to strengthen Canada’s quantum economy. Through QIC, BMO gains insight into the broader Canadian quantum landscape while contributing perspectives informed by enterprise‑scale financial services experience and long‑term readiness considerations.
Together, these partnerships reflect BMO’s long‑term approach to emerging technologies—engaging early with leading research and industry organizations, investing in knowledge and talent, and building the governance and institutional understanding required to evaluate potential applications responsibly as the quantum ecosystem continues to mature.