Amaravati, Jul 23 (PTI) Punjab National Bank (PNB) on Thursday signed an agreement with the Karnataka government to establish a Quantum Finance Innovation Hub at the Quantum Computing Centre here.

The memorandum of understanding (MoU) was signed in the presence of Chief Minister N Chandrababu Naidu and PNB Managing Director and Chief Executive Officer Ashok Chandra.

"The establishment of PNB's Quantum AI Finance Innovation Hub at Amaravati Quantum Valley marks another significant milestone in our vision of transforming Amaravati into a global hub for quantum and other deep technologies," Naidu said in a release.

With the agreement, PNB became the 'first bank in India' to partner with a state government to establish a dedicated Quantum Finance Innovation Hub for the banking sector.

The hub will focus on strengthening cyber security in banking services, developing advanced systems to proactively detect financial fraud and enabling secure digital financial ecosystems through quantum technologies.

It will also serve as a collaborative platform bringing together industries, academic institutions, startups, research organisations and government agencies to promote innovation in advanced technologies.

Besides quantum computing, the hub will promote research and innovation in Artificial Intelligence (AI) and other emerging technologies while developing the skilled workforce required for these advanced domains.

Naidu urged PNB officials to take up special initiatives to improve digital literacy among banking customers and the general public across the country.

"Governments and banks must work together to enhance awareness and build public confidence in digital financial services," said the chief minister.

He also stressed the need to leverage technology to combat cybercrime and digital arrest scams while using quantum technologies to provide the highest level of security for digital financial transactions.

Chandra said the Quantum Finance Innovation Hub was being established in Amaravati to make digital banking more secure, efficient and customer-friendly.

The initiative is expected to strengthen collaboration between the banking sector, academia, startups, industry and government while accelerating innovation in quantum technologies for secure digital finance, the press release added. PTI MS ADB

Quantum finance innovation will advance secure digital banking through cybersecurity, fraud detection, collaborative research, workforce development and digital literacy. A Quantum Finance Innovation Hub is proposed to apply quantum technologies to banking through stronger cybersecurity, proactive financial-fraud detection and secure digital financial ecosystems. The initiative will bring together industry, academia, startups, research organisations and government agencies to promote innovation in quantum computing, artificial intelligence and related technologies. It also focuses on workforce development, digital literacy, public confidence in digital financial services, and technology-enabled responses to cybercrime and digital-arrest scams.