The Financial Post reports in its Friday edition that Bank of Montreal is opening an institute that will focus on boosting its quantum computing and artificial intelligence capabilities. The Post's Naimul Karim writes that the BMO Institute for Applied Artificial Intelligence and Quantum will be led by Kristin Milchanowski, who was the bank's chief AI and data officer until last week. Her role has been expanded to support the bank's quantum computing goals. "We are expanding our research," said Ms. Milchanowski, who is also a quantum mathematician. The institute "is going to provide a platform for AI and quantum to converge. We are going to stay on the leading edge of research of both." Quantum computing has the potential to solve complex problems that are beyond the limits of classical computers, but the technology is still mostly in the experimental stage. Quantum computing companies are increasingly attracting investors and quickly growing, with 39 per cent of the quantum companies surveyed in 2024 saying they have more than 100 employees, up from 9 per cent in 2023. BMO is exploring using quantum research for tasks such as putting together optimized investor portfolios and aspects related to anti-money-laundering.