VIJAYAWADA: Punjab National Bank (PNB) on Thursday signed a memorandum of understanding (MoU) with the AP Quantum Mission to establish a Quantum Finance Innovation Hub at the Amaravati Quantum Computing Centre, becoming the first bank in the country to partner with a State government for a quantum finance facility. The MoU was signed in the presence of Chief Minister N. Chandrababu Naidu and PNB Managing Director & CEO Ashok Chandra.
The hub will focus on enhancing cybersecurity in banking, developing advanced financial fraud detection systems, and building secure digital financial ecosystems using quantum technologies. It will also serve as a collaborative platform for industry, academia, research institutions and government agencies, while promoting research in artificial intelligence and other emerging technologies.
Describing the initiative as a major milestone in the government’s vision of making Amaravati a global quantum technology hub, Naidu urged PNB to promote digital literacy among the public. He also called for leveraging quantum technology to combat cybercrime and digital arrest scams while ensuring the highest standards of security for digital financial transactions.
