Latest news with #NUS
Business Times
6 hours ago
- Business
- Business Times
OCBC to develop quantum applications with NUS, NTU and SMU
[SINGAPORE] OCBC will embark on research collaborations with three local universities to develop applications of quantum technology in derivative pricing, fraud detection and data security. The bank announced this during a media briefing on Thursday (Jul 17), where it signed 12-month long collaboration agreements with the National University of Singapore (NUS), Singapore Management University (SMU) and Nanyang Technological University (NTU). 'The industry-academia exchange is deeply meaningful to us,' said Praveen Raina, head of group operations and technology at OCBC. 'It drives research and innovation by merging practical insights and real world use cases with domain expertise and knowledge.' The bank will support NUS' research on applying quantum computing to speed up Monte Carlo simulations, which are a common method used to calculate the value of financial derivatives. Quantum technology could significantly boost the speed and accuracy of these calculations, making it easier to adjust investment portfolios in real time and run advanced risk models. Associate Professor Patrick Rebentrost, principal investigator at NUS' Centre for Quantum Technologies, said that while his academic group has a deep understanding of the interface of quantum algorithms and mathematical finance, this project will give them 'the opportunity to apply the theory in practice'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up OCBC is also supporting SMU's research into using quantum machine learning (QML) to improve fraud detection. By analysing messy and complex data, QML can spot unusual patterns that may indicate fraudulent behaviour. This could help banks identify suspicious transactions more quickly and accurately, making it possible to catch potential fraud in real time. The goal of the SMU partnership is to 'translate quantum machine learning innovations into practical tools that strengthen trust and resilience in the banking sector', said Associate Professor Paul Griffin, principal investigator at the university's School of Computing and Information Systems. With NTU, meanwhile, OCBC's partnership will focus on deploying post-quantum cryptography – advanced encryption methods built to prevent hackers from stealing data, even if they have access to powerful quantum computers. Findings from OCBC's research collaborations with the three universities will be published in technology-focused research papers and journals. This will allow players in the banking industry to assess whether quantum technology is suitable for key operations, and could speed up its adoption. Besides universities, OCBC is also partnering with other institutions to develop real-world applications of quantum technology. It is working with both Singtel and the Monetary Authority of Singapore to explore the application of quantum key distribution, a secured method of transmitting information and data. The bank said it has around 50 employees with at least an intermediate proficiency in quantum technology. Through ongoing training efforts, it aims to bring this figure to over 100 employees by 2026. OCBC's initiatives come amid a broader national push to build up quantum capabilities. Singapore aims to be a leading hub for development and deployment of the technology. The government will commit about S$300 million to advance research and talent training, with plans to build quantum computer processors locally and create quantum applications for industry usage.
Straits Times
9 hours ago
- Business
- Straits Times
OCBC to work with local varsities to boost fraud detection, data security using quantum tech
Find out what's new on ST website and app. SINGAPORE - OCBC Bank is working with three local universities to tap the enhanced computational power of quantum computers to strengthen real-time fraud detection and better secure data against new threats. They are the National University of Singapore (NUS), Nanyang Technological University, Singapore (NTU Singapore) and Singapore Management University (SMU). Under their 12-month long research collaborations inked on July 17, OCBC will also be harnessing quantum algorithms to perform derivative pricing, the process of determining the value of equity derivative products such as options, futures and swaps. These collaborations are a step in the right direction as quantum is no longer just an exciting possibility, said the Ministry of Digital Development and Information's chief quantum advisor David Koh. He said that the technology will be able to solve problems that are considered impossible with traditional classical computing systems. 'For OCBC, potentially, it can optimise financial instruments,' said Mr Koh, who is also chief executive of Cyber Security Agency of Singapore. For others, it can solve complex logistic problems, accelerate drug discovery, discover new material and enhance security against increasing cyber threats, he added. Top stories Swipe. Select. Stay informed. Singapore Fatal abuse of Myanmar maid in Bishan: Traffic Police officer sentenced to 10 years' jail Singapore Care model to improve trauma outcome in central S'pore fashioned after 'bicycle wheel' Singapore HSA launches anti-vaping checks near 5 institutes of higher learning Singapore Kpod vapes, zombie kids: Why it's time to raise the alarm Life 11 new entries on Singapore's Bib Gourmand list, including three re-entries at Old Airport Road Singapore 15 under police probe for sharing Singpass credentials used in scams Singapore NEA monitoring E. coli at Sentosa beaches after elevated bacteria levels delay World Aquatics events Life First look at the new Singapore Oceanarium at Resorts World Sentosa 'If we can do this well, we will have a quantum ecosystem that offers our businesses a global competitive edge in a next-generation digital hub.' A total of $700 million has been committed to the research and development of quantum technology by Singapore authorities since 2002. In, 2024 OCBC started training employees in quantum computing - including proficiencies in quantum applications, programming and security measures. Some of the 50 OCBC employees that have been trained so far will be involved in the research collaborations. The researches will involve working with the National University of Singapore's Centre of Quantum Technologies (CQT) to speed up Monte Carlo simulations, a technique widely used in financial derivative pricing. Derivatives are contracts between two parties which value depends on various market scenarios, said NUS' assistant professor Patrick Rebentrost. To get a fair value, banks would have to get an average from simulating many market conditions. 'To simplify, a classical computer would need to simulate a million different scenarios, while a quantum computer would only need to simulate a thousand scenarios to get the same result,' said Prof Rebentrost, a principal investigator at CQT. To speed up accurate fraud detection, OCBC will work with SMU to apply quantum machine learning techniques to analyse complex and unstructured data to pick up patterns and anomalies that are indicative of fraudulent activity. As quantum technology evolves, it also risks leaving current encryption technology outdated. Thus, OCBC will also work with NTU to strengthen cryptography techniques. 'At NTU, we are using our expertise in post-quantum cryptography to develop solutions that can withstand next generation cyber attacks,' said Prof Wang Huaxiong, director of NTU's Strategic Centre for Research in Privacy-Preserving Technologies and Systems. Findings from these collaborations will be published in research papers and journals, which aims help any organisation seeking to adopt quantum technology, said Mr Peter Koh, OCBC's head of group technology architecture. 'With this knowledge, hopefully they can catch up.'
CNA
3 days ago
- Business
- CNA
Money Talks - MT Explains: What does it mean when a company goes public?
When companies like Reddit and Grab are listed on the stock exchange, there is often a buzz. But what does 'going public' really mean for the company and for you as an investor? In this week's Money Talks Explains, Dr Zhang Weina from NUS Business School unpacks the ins and outs of getting an Initial Public Offering (IPO), how prices are decided and whether it's wise to invest in newly listed stocks.
Straits Times
3 days ago
- Business
- Straits Times
Veteran diplomats and tech pioneer given honorary degrees by NUS
Find out what's new on ST website and app. (From left) Honorary graduands Chan Heng Chee, Dr Noeleen Heyzer and Wong Ngit Liong, and NUS president Professor Tan Eng Chye (far right) during the graduation ceremony on July 14. SINGAPORE – Veteran diplomats Chan Heng Chee and Noeleen Heyzer, as well as tech pioneer Wong Ngit Liong, received honorary degrees from the National University of Singapore (NUS) on July 14. The honorary Doctor of Letters degrees were presented by Education Minister Desmond Lee at the commencement ceremony for 99 graduates from the NUS Business School, held by NUS at the University Cultural Centre. The honorary degrees are the university's highest form of recognition for outstanding individuals whose service has had an impact in Singapore and globally. Professor Chan Heng Chee is an NUS alumna who graduated with first class honours in Political Science in 1964 when it was then known as the University of Singapore, and returned to do her PhD in 1974. She was NUS' first female head of Political Science, before being appointed to lead the new Institute of Policy Studies in 1988. In 1996, at the start of her 16-year stay in Washington as Singapore's UN Representative and Ambassador to the United States, Prof Chan deepened ties, culminating in the US-Singapore Free Trade Agreement which was signed in 2003. In a citation, Professor Simon Chesterman, NUS' vice provost and dean of NUS College, said that through her career transitions, from academic to diplomat and then public intellectual, Prof Chan brought together a rare combination of intellectual independence and global experience. 'Throughout her career, Ambassador Chan has helped to shape how Singapore understands itself and how Singapore is understood by the world... at a time when expertise is not always valued quite as much as it is needed,' he said. While students of her time were focused on being 'present-ready' to grapple with political developments of the time such as Singapore's separation from Malaysia, Prof Chan said universities today have to prepare students to be 'future-ready'. With unpred icta bility and volatility being the new normal in 2025, she said students need to also develop an interest in politics and geopolitics. Addressing the graduands, she encouraged them to understand and follow what is happening in the world and locally, as it is crucial for their futures. 'Going forward, geopolitics is an inescapable part of our future, and we should be prepared to ride it, to deal with it,' said Prof Chan. Ambassador-at-Large Chan Heng Chee (left) being conferred the Honorary Doctor of Letters by Education Minister Desmond Lee on July 14. ST PHOTO: MARK CHEONG Fellow honorary degree recipient and NUS alu mn a Noeleen Heyzer was former Under-Secretary-General of the UN and the highest ranking Singaporean in the UN system from 2007 to 2014. A leadership pioneer for women, Dr Heyzer was the first woman from outside North America to head the UN's Development Fund for Women, and the first woman to serve as the executive secretary of the UN's Economic and Social Commission for Asia and the Pacific since its founding in 1947. Calling her a trusted voice in global governance, NUS' vice provost of student life and acting dean at the Lee Kuan Yew School of Public Policy Leong Ching said that Dr Heyzer is a trailblazer for women's empowerment across the world. 'Her leadership has redefined the nature of power itself – as a force for dignity, inclusion, and transformation,' said Prof Leong. Speaking at the ceremony, Dr Heyzer said that she is blessed to be born and raised in Singapore, where social mobility was provided for many, including her and her family. 'The transformative role of education and the thirst for learning played a big part in my evolving life,' she said. She called on graduates to provide new leadership in a world filled with paradox and disruptions, but also immense possibilities. Said Dr Heyzer: 'We are not just inheriting an emerging new world order. We are called to co-create it.' Dr Noeleen Heyzer being conferred the Honorary Doctor of Letters by Education Minister Desmond Lee on July 14. ST PHOTO: MARK CHEONG Mr Wong Ngit Liong, the final honorary degree recipient, is the executive chairman and founder of Venture Corporation. Since its inception in 1984, Mr Wong has led the company's evolution from a start-up in electronics manufacturing services into a globally recognised technology powerhouse. In public service, Mr Wong has been on numerous national boards and committees, including the Economic Development Board, 2002 Economic Review Committee and Singapore Exchange, among others. In a citation, Professor Aaron Thean, NUS' provost and deputy president of academic affairs, called Mr Wong a 'distinguished leader and pioneer in the global technology industry'. He added that as chairman of NUS' Board of Trustees from 2004 to 2016, Mr Wong's leadership was crucial in the university's structural transformation, including its propulsion into the ranks of the world's top universities. Recounting NUS's transformation since 2005, Mr Wong said he was part of a team that toured top universitie s in the US, Europe and China to learn and exchange ideas. Mr Wong Ngit Liong, executive chairman and founder of Venture Corporation, speaking after being conferred the Honorary Doctor of Letters by Education Minister Desmond Lee on July 14. ST PHOTO: MARK CHEONG Though foreign experts were invited to review local tertiary education strategy and curriculum, he said after some years, they were no longer needed. 'We adopted best practices, learned and leapfrogged to greater heights... We are so much more ahead of them, that they now have to learn from us,' said Mr Wong. A total of 17,646 students will receive bachelor's or graduate degrees this year from NUS at ceremonies taking place over 12 days from July 10 to July 21.
CNA
4 days ago
- Science
- CNA
CNA938 Rewind - What's an acceptable use of AI in universities?
Educators face the uphill task of detecting the use of AI in academic work – and even research literature, with a recent case involving a white-text prompt concealed in a recently published academic paper. Andrea Heng and Susan Ng examine where the lines are drawn in the sand with Simon Chesterman, David Marshall Professor of Law and Vice Provost of Educational Innovation at NUS.
