Big Four accounting firm Deloitte has recently acquired Practical Smarts, a blockchain specialist based in Singapore, to develop blockchain solutions for its customers in Southeast Asia.
According to Channel Asia, the Singaporean blockchain developer will join Deloitte’s Risk Advisory practice, with Practical Smarts co-founders Stanley Yong and Andrew Koay taking part in leading the Deloitte Blockchain Lab in Southeast Asia.
Deloitte disclosed that the Lab will be helping its clients implement blockchain solutions with an emphasis on the areas of regulation, governance, settlement, and enforceability. Meanwhile, the Lab will be seeking experts in financial technology to develop the company’s strengths in digital and cybersecurity.
Dr. Paul Sin, Leader of Blockchain Lab, Deloitte Asia Pacific, said the company is rapidly growing its blockchain teams worldwide.
“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 1500 practitioners globally,” said Sin. “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.”
Practical Smarts co-founder Yong said that blockchain technology is being implemented by businesses across the region.
“The benefits and limitations of blockchain have been revealed through proof of concepts, and the focus is now on production and implementation where risk management becomes a critical concern,” said Yong.
“With this transaction, together, we can generate more value to our clients, and we can leverage our shared knowledge and expertise to create sustainable and widely adopted business solutions aligned to enterprise needs in today’s fast-evolving marketplace.”
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