Invest in building talent for quantum computing that fintech startups can leverage: Principal Scientific Adviser

India needs to invest further in building talent as well as computing capacity for sciences like quantum computing in order to compete with global superpowers and also build robust fintech solutions for the country said panelists during a session on fintech solutions under the aegis of the Government of India in collaboration with GIFT City and Bloomberg.
The panellists also called for better investments in fintech startups at the early stages so that they can invest in high end technology to offer robust solutions.

K Vijay Raghavan, principal scientific adviser to the Government of India, stated that India has already taken major steps towards expanding IIT and ICERT infrastructure to increase the talent base for computer sciences. “ Expanding the footprint of high-quality training in computer science and mathematics, laser optics and space sciences are all necessary and it is happening through the expansion of IITs and ICERT but also by increased funding for science in multiple ways. Human capital is really the essence for breaking through competitive realms in multiple sectors and that should be our principal focus,” he said.

India has national programme called Quantum-Enabled Science and Technology (QuEST), where researchers from institutions such as the Indian Institute of Science (IISC), Indian Space Research Organisation and Tata Institute of Fundamental Research, are working on quantum computing and allied areas, including quantum safe cryptography and quantum communication. In March 2021, the Indian Space Research Organization (ISRO) demonstrated free space quantum communication over a distance of 300 metres- the first of its kind. It was hailed as a precursor to the usage of satellites for transmitting highly encrypted and strategic data.

Abhishek Singh, CEO of Digital India Corporation and MyGov also added that expanding the high-end computing infrastructure to fintech startups can help them build better credit products at earlier stages using technology like quantum computing. He added that the C-DAC network has already extended such technology to developers through Param Shavak and Param Siddhi offerings. But more is needed.

“There is one way to invest in the quantum computing ecosystem through investments in hackathons and better finding of startups. India has produced a lot of unicorns. But it is important to invest in aspiring unicorns so that they can build robust cybersecurity solutions for their products,” he added.

He stated that India’s digital payments economy already generates over $100 billion worth of digital payments monthly. Quantum computing solutions can be used to tap this data to implement credit risk profiling and generate credit products within minutes.

Debjani Ghosh, president, NASSCOM also noted that the ability to introduce such technologies for a larger number of fintech providers and customers will help make the ecosystem more inclusive.

According to research by MIT, quantum communication applies the laws of quantum physics to data protection. These laws allow particles called quantum bits or qubits—typically photons of light for transmitting data along optical cables—to represent multiple combinations of 1 and 0 simultaneously. When anyone tries to intercept such quantum data in transit, the qubits change their state. Which makes this technology particularly useful for transactional and financial data.

Earlier in the day, at the same event UIDAI CEO Saurabh Garg also said that the organization wants to look at quantum computing, blockchain, AI/ML to strengthen their security.