EY to Spend US$ 1 Billion in Disruptive Technologiesby Fintechnews Singapore August 13, 2018
EY announced plans to invest US$1 billion in new technology solutions, client services, innovation and the EY ecosystem over the next two financial years, commencing from July. According to EY, this move is part of their ongoing strategy to provide clients and people with innovative offerings using the latest disruptive technologies.
The new US$1b funding is in addition to the existing, significant annual technology investment. The investment will be used to create new technology-based services and solutions in areas such as financial services, cyber, risk management, managed services, software services as well as digital tax and audit services.
Mark Weinberger, EY Global Chairman and CEO, says:
“In this transformative age, businesses and governments are under significant pressure to not only keep pace, but get ahead of the vast disruption and technological change. We see enormous opportunities in helping clients address these challenges and stay ahead of the technology curve. With this investment and expanded technology leadership team, EY will help businesses navigate industry disruption to realize their growth potential.”
In line with this, EY completed a hiring spree to fill up key strategic position which includes C-Level roles within the technology and security team which complements EY’s existing investments into their AI and Blockchain labs.
Mark adds, “Over the past year we have initiated, pioneered and launched a number of innovative services such as the use of blockchain in marine insurance and in the automation and payment of royalties and the piloting of the use of drones in inventory observations.
We have also made big technological improvements to existing offerings such as those in audit and tax. These new investments allow us to build on our strong IT capabilities and invest even more in client and market solutions.”