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According to a memo obtained by CNBC, JPMorgan Chase has hired a Singapore-based quantum-computing expert to be its global head for quantum communications and cryptography. The memo from Marco Pistoia, head of the bank’s global technology applied research group, states that Charles Lim, an assistant professor at the National University of Singapore, will explore next-generation computing technology in secure communications. Pistoia describes Lim as a “recognized world leader” in quantum-powered communication networks.

Hired from IBM in early 2020, Pistoia established a JPMorgan team focused on quantum computing and other nascent technologies. Unlike today’s computers, which store information as either zeros or ones, quantum computing hinges on quantum physics. Instead of binary, qubits can simultaneously be a combination of zero and one, as well as any value in between. He added that dramatically advanced computing would transform drug development, materials science for batteries, and other areas. If advanced computing technology becomes a reality, the encryption techniques that are the foundation of global communications and financial networks could be rendered ineffective almost immediately. That has spurred the study of next-generation quantum-resistant communication networks, Lim’s area of expertise.