BMO (Bank of Montreal) has partnered with Quantum Industry Canada (QIC) and the Chicago Quantum Exchange (CQE), strengthening the bank’s engagement with leading quantum research, industry and policy organizations.
The partnerships build on BMO’s April 9 launch of the BMO Institute for Applied Artificial Intelligence & Quantum, a new Centre of Excellence focused on the responsible application and governance of AI and the advancement of quantum capabilities.
Together, these initiatives reflect BMO’s efforts to innovate, develop and integrate technologies that will shape the future of financial services and the broader economy.
Through its collaborations with QIC and CQE, BMO is participating in early‑stage, structured ecosystem partnerships focused on knowledge‑sharing, workforce development and dialogue across academia, industry and policy communities.
These engagements support BMO’s long‑standing approach to personalizing client experiences, augmenting team expertise and process automation, while contributing to the emergence of applications of quantum technologies that will impact the delivery of financial services.
“Quantum technologies present significant long‑term potential, along with important questions around security, governance and real‑world application,” said Kristin Milchanowski, chief AI and Quantum Officer at BMO.
“These partnerships enable us to engage constructively with leading organizations across Canada and the US as the field continues to develop, while taking a responsible, informed approach grounded in collaboration, learning and readiness.”
Through QIC, BMO engages directly with Canada’s quantum ecosystem, contributing perspectives informed by its expert technology bankers, enterprise‑scale financial services experience and long‑term readiness considerations.
“Canada has played an outsized role in building the quantum era. The focus now is on translating that leadership into real capability, markets, and advantage,” said Quantum Industry Canada’s CEO Lisa Lambert.
“BMO’s participation reflects the shift from exploration to execution, and the role leading financial institutions play in scaling Canada’s quantum economy,” said Lambert.
Through its partnership with the Chicago Quantum Exchange, BMO will engage with a Midwest-based intellectual hub that advances the science and engineering of quantum information, prepares the quantum workforce, and drives the quantum economy in collaboration with leading universities, national labs, and industry partners.
With BMO’s US-headquarters located in Chicago, the relationship provides a local foundation for ongoing dialogue, convenings and workforce‑focused engagement, including exposure to emerging research and student talent relevant to financial services.
“The CQE is building and scaling a full‑spectrum quantum ecosystem by working closely with partners in key industries, like finance, to drive progress across the discovery‑to‑deployment pipeline,” said David Awschalom, the University of Chicago’s Liew Family Professor of Quantum Engineering and Physics and the founding director of the CQE.
“Quantum technologies offer significant potential for financial institutions, from quantum networks that may enhance the protection of personal information to quantum computing approaches that could help identify fraud more effectively over time,” said Awschalom. “Engaging in early, cross‑sector dialogue with partners like BMO that share our commitment to responsible and efficient quantum sector growth is an important part of building a strong quantum economy.”
Together, these partnerships reflect BMO’s long‑term approach to emerging technologies as a financial advisor and capital provider, and as an innovator. It engages early with leading research and industry organizations, investing in knowledge and talent, and building the governance and institutional understanding required to evaluate potential applications responsibly as the quantum ecosystem matures.
Recently, BMO became the first Canadian bank to join the IBM Quantum Network, extending its technology leadership in North America.
Meanwhile, BMO’s Institute brings together expertise from across science, policy, ethics and commercialization to build on BMO’s decades-long use of AI while advancing its Quantum ambitions to enhance client experiences, increase productivity and efficiency, and support long‑term growth, while maintaining strong governance and trust.
“BMO is committed to building AI and Quantum capabilities that are innovative, trusted and centred on our clients,” said Steve Tennyson, chief technology and operations officer at BMO.
“AI is accelerating how we build, modernize, and innovate across the bank and the Institute will strengthen our ability to turn leading edge technologies into meaningful value for BMO clients, while maintaining the discipline required to manage risk, operate at scale and support responsible adoption across global banking,” said Tennyson.
Kristin Milchanowski has been appointed BMO’s chief AI and quantum officer and will be the founding director of the BMO Institute for Applied Artificial Intelligence & Quantum.
“BMO has been applying AI across the bank for decades to personalize client experiences, augment our teams and automate our business. These capabilities continue to evolve rapidly, alongside the emergence of quantum technologies, creating both extraordinary opportunity and significant responsibility,” said Milchanowski.
