Rigetti UK, a subsidiary of California-based full-stack quantum computing company Rigetti Computing, has collaborated with HSBC, the Quantum Software Lab (based at the University of Edinburgh), and the National Quantum Computing Centre in a financial crime prevention project supported by an Innovate UK grant, which is expected to last for 18 months from September 2023.

The consortium aims to improve anti-money laundering practices through the application of quantum machine learning. Rigetti's quantum computing expertise and HSBC's knowledge of financial norms will be integrated into developing and fine-tuning quantum ML models. This project is part of efforts to reach a stage of narrow quantum advantage, which is when a quantum computer can solve issues more efficiently than existing classical solutions.