VIJAYAWADA: Punjab National Bank (PNB) has signed an MoU with the AP Quantum Mission in the presence of Chief Minister N Chandrababu Naidu and PNB MD & CEO Ashok Chandra on Thursday, to establish a Quantum Finance Innovation Hub at the Amaravati Quantum Computing Centre, making PNB the first bank in India to partner with a State government for a quantum finance facility.
The hub will focus on strengthening cybersecurity in banking, developing advanced systems for proactive financial fraud detection, and building secure digital financial ecosystems using quantum technologies. It will function as a collaborative platform for industries, academic institutions, research organisations, and government agencies.
Beyond quantum computing, the hub will also drive research in Artificial Intelligence and other emerging technologies, while creating a skilled workforce for these domains.
Naidu said the hub is a key milestone in the government’s vision to transform Amaravati into a global centre for quantum. He urged PNB to launch initiatives to improve digital literacy among public, stressing that governments and banks must work together to build confidence in digital financial services.
He also called for using quantum tech to combat cybercrime and digital arrest scams, and to ensure the highest security for digital transactions.