Mr. Naim Kazmi reports

RBC ADVANCES QUANTUM TECHNOLOGIES STRATEGY WITH NEW APPOINTMENT AND TWO ACADEMIC PARTNERSHIPS

Royal Bank of Canada is advancing its quantum strategy with the appointment of a director of quantum, the signing of two strategic partnerships with leading Canadian universities and a multiyear road map to drive innovation while ensuring quantum-safe operations.

"As quantum technologies move from research to real-world applications, RBC is taking a leadership position to harness these technologies for the benefit of our clients and the broader financial system, including strengthening our cyber security defences," said Naim Kazmi, group head, technology and operations, RBC. "We see this as an opportunity to help build Canada's leadership in this emerging field and to develop and grow a quantum talent pipeline for RBC and the country."

Key components of RBC's quantum commitments

Leadership appointment -- Dr. Elizabeth Iwasawa has joined RBC as director of quantum. In this newly created role, Dr. Iwasawa will lead a team of quantum researchers and developers and manage the development and buildout of the bank's quantum strategy.

"RBC's proven ability to identify and execute on transformational technologies, combined with Canada's world-leading quantum ecosystem, creates a unique opportunity to drive real impact," said Dr. Iwasawa. "I'm excited to help build a program that delivers concrete outcomes for clients and advances the global quantum landscape."

Academic partnerships -- RBC has signed two multiyear partnerships to help advance quantum growth at RBC and contribute to Canada's quantum talent pipeline:

• A partnership with the University of Waterloo's Institute for Quantum Computing, which will establish the RBC quantum talent initiative, supporting the next generation of talent in quantum information science and quantum technologies;
• A partnership with the University of Toronto to help advance quantum growth at RBC and contribute to Canada's quantum talent pipeline, and focus on PhD fellowships and conference sponsorships.

In addition, RBC is collaborating with Canadian photonic quantum computing company Xanadu to host a hands-on work force training program where the team will learn quantum application development using Xanadu's open-source frameworks.

"Quantum computing is an incredibly exciting area of innovation, with the potential to help us approach some of the most complex problems in financial services in entirely new ways," said Huda Idrees, head of innovation, RBC technology. "These strategic academic partnerships help us as we learn, innovate and build the capabilities we'll need to turn that potential into meaningful value for our clients in the future."

Quantum-safe security program

RBC is implementing a comprehensive program designed to achieve quantum-safe client services in the next several years. The initiative, designed to protect client data and infrastructure from emerging quantum-era cybersecurity threats, includes migration to postquantum cryptography and quantum key distribution for secure communications, among other elements.

Strategic investments

In December, 2025, RBC made its first direct equity investment in quantum hardware through its participation in Photonic Inc.'s $180-million funding round. RBC's investment in quantum technologies reflects growing financial sector interest and further positions the bank to explore quantum-enabled solutions.

RBC's quantum program builds on RBC's established leadership in artificial intelligence, and reinforces the bank's commitment to emerging technologies that can drive competitive advantage and enhance client experiences.

About Royal Bank of Canada

Royal Bank is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Its success comes from the 105,000-plus employees who leverage their imaginations and insights to bring vision, values and strategy to life so it can help its clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, it has a diversified business model with a focus on innovation and providing exceptional experiences to its more than 19 million clients in Canada, the United States and 27 other countries.

It is proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities.

We seek Safe Harbor.