Canada's largest bank launches comprehensive quantum program to drive
innovation and enhance cybersecurity
TORONTO, Sept. 28, 2026 /CNW/ -- Royal Bank of Canada (RBC) is advancing its quantum strategy with the appointment of a Director of Quantum, the signing of two strategic partnerships with leading Canadian universities and a multi-year roadmap to drive innovation while ensuring quantum-safe operations.
"As quantum technologies move from research to real-world applications, RBC is taking a leadership position to harness these technologies for the benefit of our clients and the broader financial system, including strengthening our cyber security defences," said Naim Kazmi, Group Head, Technology & Operations, RBC. "We see this as an opportunity to help build Canada's leadership in this emerging field and to develop and grow a quantum talent pipeline for RBC and the country."
Key components of RBC's quantum commitments
Leadership appointment - Dr. Elizabeth Iwasawa has joined RBC as Director of Quantum. In this newly created role, Dr. Iwasawa will lead a team of quantum researchers and developers and manage the development and buildout of the bank's quantum strategy.
"RBC's proven ability to identify and execute on transformational technologies, combined with Canada's world-leading quantum ecosystem, creates a unique opportunity to drive real impact," said Dr. Iwasawa. "I'm excited to help build a program that delivers concrete outcomes for clients and advances the global quantum landscape."
Academic partnerships - RBC has signed two multi-year partnerships to help advance quantum growth at RBC and contribute to Canada's quantum talent pipeline.
-- A partnership with the University of Waterloo's Institute for Quantum
Computing which will establish the RBC Quantum Talent Initiative,
supporting the next generation of talent in quantum information science
and quantum technologies.
-- A partnership with the University of Toronto to help advance quantum
growth at RBC and contribute to Canada's quantum talent pipeline, and
focus on PhD fellowships and conference sponsorships.
In addition, RBC is collaborating with Canadian photonic quantum computing company Xanadu to host a hands-on workforce training program where the team will learn quantum application development using Xanadu's open source frameworks.
"Quantum computing is an incredibly exciting area of innovation, with the potential to help us approach some of the most complex problems in financial services in entirely new ways," said Huda Idrees, Head of Innovation, RBC Technology. "These strategic academic partnerships help us as we learn, innovate and build the capabilities we'll need to turn that potential into meaningful value for our clients in the future."
Quantum-Safe Security Program - RBC is implementing a comprehensive program designed to achieve quantum-safe client services in the next several years. The initiative, designed to protect client data and infrastructure from emerging quantum-era cybersecurity threats, includes migration to post-quantum cryptography and quantum key distribution for secure communications, among other elements.
Strategic investments -- In December 2025, RBC made its first direct equity investment in quantum hardware through its participation in Photonic Inc.'s C$180 million funding round. RBC's investment in quantum technologies reflects growing financial sector interest and further positions the bank to explore quantum-enabled solutions.
RBC's quantum program builds on RBC's established leadership in artificial intelligence and reinforces the bank's commitment to emerging technologies that can drive competitive advantage and enhance client experiences.
Caution regarding forward-looking statements
This news release contains forward-looking statements about RBC's quantum strategy, partnerships, investments and timelines. Actual outcomes may differ materially based on technology, market and regulatory developments.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 105,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
Media contact:
Briana D'Archi, RBC Corporate Communications, briana.darchi@rbc.com
SOURCE RBC
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