RBC Builds Out Its Quantum Strategy
RBC is investing in quantum talent, training, technology and security as it prepares for a post-quantum future.
Quantum technology is moving from academic research toward practical development, while advances in quantum computing are also creating a need to prepare existing cryptographic systems for future security risks. Canada’s Cyber Centre recommends that organizations begin preparing for migration to post quantum cryptography, noting that the transition across complex technology environments will take several years.
Against this backdrop, RBC reported that it is expanding its quantum strategy through dedicated leadership, two Canadian university partnerships, workforce training, a quantum safe security program and strategic investment in quantum hardware. The bank has also developed a multi year roadmap covering innovation and the protection of its operations from future quantum related security risks.
What RBC Is Putting in Place
Dedicated Quantum Leadership: Dr. Elizabeth Iwasawa has joined RBC as its first Director of Quantum, a newly created position responsible for leading the bank’s team of quantum researchers and developers and overseeing the development of its wider quantum strategy. The appointment gives RBC a dedicated internal team responsible for coordinating quantum research and development across the bank.
Academic Partnerships: RBC has signed multi year partnerships with the University of Waterloo and the University of Toronto to develop quantum research and talent. At the University of Waterloo’s Institute for Quantum Computing, RBC will establish the RBC Quantum Talent Initiative, supporting talent in quantum information science and quantum technologies. The University of Toronto partnership will focus on PhD fellowships and conference sponsorships, while contributing to RBC’s broader quantum talent pipeline.
Applied Training with Xanadu: Alongside the university partnerships, RBC is working with Canadian quantum computing company Xanadu on a practical workforce training program. RBC teams will learn quantum application development using Xanadu’s open source frameworks, adding hands-on development experience to the bank’s research and academic initiatives.
Quantum Safe Security: RBC is implementing a program intended to make its client services quantum safe over the next several years. The program includes migration to post quantum cryptography and the use of quantum key distribution for secure communications, with the objective of protecting client data and infrastructure against emerging quantum related cyber security threats. This work aligns with the broader shift already underway in Canada. The Canadian Centre for Cyber Security recommends migration toward standardized post quantum cryptography and has set federal milestones of 2031 for high priority systems and 2035 for remaining systems.
Strategic Investment: RBC has also begun investing directly in quantum technology companies. In December 2025, the bank made its first direct equity investment in quantum hardware by participating in Photonic Inc.’s C$180 million funding round. The investment adds a hardware component to RBC’s wider strategy, alongside its internal research team, academic partnerships, developer training and security program.
How The Strategy Fits Together
RBC’s program now covers four connected areas:
Talent and Research: University of Waterloo and University of Toronto partnerships
Internal Capability: Director of Quantum and a team of researchers and developers
Applied Development: Workforce training with Xanadu
Technology and Security: Investment in Photonic alongside post quantum cryptography and quantum key distribution
Together, these initiatives establish a structured approach for RBC to develop quantum expertise while preparing its existing technology environment for future security requirements.
🚨 What This Signals for the Canadian Financial Sector
RBC’s announcement shows that quantum technology is beginning to enter formal technology and security planning at a major Canadian bank. The immediate focus spans talent development, technical capability and cyber security preparedness, rather than a specific customer facing quantum product.
The security component is particularly relevant because preparation can begin before commercial quantum computing reaches maturity. Canada’s Cyber Centre already recommends identifying systems that rely on vulnerable cryptography and planning their migration to quantum safe alternatives.
RBC’s approach also shows how a financial institution can build capability through a combination of internal expertise, universities, Canadian technology companies and direct investment. For the wider sector, the announcement provides an early example of how quantum preparedness can be incorporated into technology strategy well before large scale commercial applications emerge.
