EY wavespace(TM) opens in Hong Kong to help companies drive the next wave of innovation across Asia-Pacific

By collaborating with EY technologists, business strategists and experience designers, EY's flagship innovation center in Hong Kong will enable business transformation and create business growth opportunities in the Greater Bay Area and beyond

HONG KONG, Nov. 8, 2018 /PRNewswire/ -- EY today launched its EY wavespace™ flagship center in Hong Kong as it expands the organization's global innovation network throughout Asia-Pacific. The new innovation center provides a unique platform for businesses, with a particular focus on financial services, technology, media and telecom (TMT) sectors, to tap into experts across EY's global network and unleash new growth opportunities. EY believes the new center, which is supported by InvestHK, will play an important role to maintain Hong Kong's competitive edge as a commercial and financial hub, helping to boost the start-up ecosystem and enable large businesses to be nimble and innovative.

Located in the heart of Hong Kong's start-up ecosystem in Wong Chuk Hang, EY wavespace combines EY's experience in disruptive technologies such as artificial intelligence, robotics process automation (RPA), blockchain, data analytics, digital, customer experience and cyber security, with EY's deep industry domain and regulatory experience. EY wavespace Hong Kong is one of four flagship centers in Asia-Pacific, and part of a network of 19 wavespace flagship centers globally. The opening today completes the current rollout of wavespace centers in Asia-Pacific, joining flagship centers in Shanghai, Singapore and Sydney for coverage across the region.

"Increasingly, organizations in Asia-Pacific are driving the world's most exciting innovations that will transform businesses, and ultimately society, to deliver great efficiencies and benefits. Innovation is not just about adapting to and implementing new technology -- it's about enabling a business and its people to act and operate at the same pace as the world around us. EY acts as a supporter and an enabler to strengthen the innovation capabilities of Asia-Pacific businesses through our wavespace global network," said Patrick Winter, EY Asia-Pacific Area Managing Partner.

New technology and collaboration lie at the heart of innovative business transformation to unlock opportunities in Hong Kong

Companies can collaborate with EY at wavespace Hong Kong -- ranging from a one-day immersion workshop to long-term projects -- or at "pop-up" centers brought to client's locations, working with EY professionals to explore solutions and service offerings, and co-develop new business models and commercial opportunities.

For example, EY professionals at locations in the wavespace network have:

• Developed more than 50 business processes enabled by blockchain technology for customers in the financial services sector, including an identity management platform that provides more secure and efficient onboarding of customers.
• Helped an automotive OEM develop new mobility services, including premium and on-demand taxi services, smart parking and ride-sharing, and ran market-test pilots in major cities worldwide.
• Created an innovation pop-up lab for a financial services client to drive development and deployment of new technologies, products and services, and business models across the organization.

"The ability to create a new and innovative business model depends upon the ability to put together new ideas, capabilities or technology. EY wavespace in Hong Kong has capabilities across a range of emerging technologies to help clients in the financial and TMT sectors. It demonstrates how EY is transforming from a traditional professional services organization to embracing digital solutions to help our purpose to deliver a better working world across Asia-Pacific. EY is committed to boosting its talent pool in Hong Kong with new skills, investing heavily in local creative and experience design talent," said Inaki Amate, EY Head of Design for Asia-Pacific and Head of Digital for Greater China.

EY wavespace enables companies to fuel growth in Hong Kong and around the world

Hong Kong is one of the most established financial hubs in Asia, and the increasing trend of innovation has placed it at the epicenter of new technologies and Asia-Pacific connectivity. However, the region also presents unique challenges such as cross-border complexity in terms of regulation, varying level of political maturity, technological development and advancement. To best capture opportunities and address challenges, the Hong Kong Government is seen to be driving various initiatives to transform the city into an international innovation and technology hub in recent years. In particular, supporting local research and development (R&D) is the linchpin to the Government's strategy. Complementing these efforts, the unique offering of EY wavespace in Hong Kong -- strengthened by EY's industry expertise and local insights -- allows businesses to take advantage of the unique opportunities across the region, including the Greater Bay Area initiative, financial services de-regulation throughout Greater China, and the surge in Fintech adoption.

"Hong Kong is one of the world's leading Fintech hubs, having experienced good growth in recent years. Initiatives by multi-national companies such as EY wavespace are incremental in driving business transformation to attract and retain foreign direct investment and create a vibrant and robust innovation ecosystem, strengthening Hong Kong's status as the leading international business connector in Asia-Pacific," said Stephen Philips, Director-General of Investment Promotion at InvestHK.

For more information about EY wavespace please visit ey.com/wavespace.

Notes to Editors

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

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