Big Four accounting firm Deloitte has expanded its blockchain advisory services.
According to a press release, the New York-headquartered firm has purchased Practical Smarts, the Singapore-based blockchain and crypto consultancy company.
The two-year-old firm’s core business is “providing expert advisory services on business, technical and regulatory matters related to the usage of asset-backed digital tokens within the financial services industry.” Its founders and employees will be joining Deloitte’s Risk Advisory practice in Southeast Asia, with co-founders Stanley Yong and Andrew Koay co-leading the Deloitte Blockchain Lab in the region.
“Blockchain is enabling numerous cross-industry and cross-border ecosystems across the world, and Deloitte has been leading the market with three regional labs and 1,500 practitioners globally,” said Dr Paul Sin, Blockchain Lab Leader, Deloitte Asia Pacific. “The establishment of the Southeast Asia Blockchain practice is our response to the ever-increasing demand from our clients. With the acquisition of the top talents from the market this time, and the full support from Deloitte’s global network, we look forward to seeing huge success in both market eminence and business growth very soon.”
“Digital technology is transforming the financial markets in the Southeast Asia region and Blockchain is a key component of this transformation. The team from Practical Smarts will complement Deloitte’s cyber and digital assurance services by securing the assets to be transferred over the network and the underlying transfer protocol,” said Deloitte Southeast Asia Chief Executive Officer, Philip Yuen.
Photo: Michal Klajban