BMO Financial Group has announced new strategic partnerships with Quantum Industry Canada (QIC) and the Chicago Quantum Exchange (CQE), marking a significant expansion of the bank’s involvement in the North American quantum ecosystem. These collaborations follow the April 9 establishment of the BMO Institute for Applied Artificial Intelligence & Quantum, a new enterprise-wide Centre of Excellence. These initiatives are designed to foster technology commercialization, research collaboration, and workforce development while ensuring the responsible application and governance of emerging technologies within the financial services sector.
The engagement with the Chicago Quantum Exchange provides BMO with a local foundation in the Midwest—where its U.S. headquarters are located—to collaborate with leading universities and national laboratories. According to David Awschalom, director of the CQE, the collaboration will focus on the “discovery-to-deployment pipeline,” exploring how quantum networks can enhance data protection and how quantum computing might improve fraud detection. For BMO, the partnership offers direct exposure to emerging research and specialized student talent essential for building a quantum-ready workforce.
In Canada, BMO’s participation in Quantum Industry Canada connects the bank to a business-led consortium representing the full quantum technology stack. This partnership allows BMO to contribute its enterprise-scale financial expertise to Canada’s national quantum strategy while gaining insights into the commercialization of quantum hardware and software. Dr. Kristin Milchanowski, who was appointed as BMO’s Chief AI & Quantum Officer and Founding Director of the new Institute on April 6, emphasized that these cross-border engagements are critical for addressing long-term questions regarding security and governance as the ecosystem matures.
The BMO Institute for Applied Artificial Intelligence & Quantum serves as the central hub for these ambitions, bringing together expertise across science, policy, and ethics. By integrating these disciplines, BMO aims to personalize client experiences and increase operational efficiency through the advancement of quantum capabilities. The establishment of the Institute builds on BMO’s existing technology leadership, including its recent move to become the first Canadian bank to join the IBM Quantum Network. These combined efforts reflect a long-term strategy to maintain institutional readiness in an era of rapid technological change.
For the official announcement regarding the partnerships and BMO’s quantum strategy, consult the BMO newsroom here. Detailed information on the BMO Institute and the appointment of Dr. Kristin Milchanowski is available here. Further context on the Midwest quantum ecosystem can be found via the Chicago Quantum Exchange here.
April 13, 2026
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