Deloitte announces HKD1B strategic investment in Hong Kong
Inspire HK strategy to transform Hong Kong practice for future growth
Published: 23 November' 2021
Deloitte China will invest HKD1 billion over the next three years into the transformation of its Hong Kong practice, as part of the firm's new strategic initiative – Inspire HK – to sharpen its strategic focus, strengthen its multidisciplinary capabilities, and enhance talent development to capture growing opportunities locally and in the Greater Bay Area (GBA).
Deloitte China CEO Patrick Tsang
"Echoing the Chief Executive's Policy Address last month, Hong Kong has faced unprecedented severe challenges over the past two years. With the full support of the Central Government, Hong Kong has got back on the right track of 'One Country, Two Systems' and we are now standing at a new starting point of economic development," says Deloitte China CEO Patrick Tsang. "Hong Kong continues to be a pivotal market for Deloitte in a global environment, where digital transformation, climate and trust are reshaping market needs and expectations. We are committed to building a brighter future for the city as it moves forward from the pandemic and other instabilities."
Hong Kong, alongside Beijing and Shanghai, is one of Deloitte's three biggest offices in China by revenue and earnings contribution. Leveraging the firm's innovative multidisciplinary business model (MDM) – which draws on the collective knowledge and insights of professionals with expertise in audit and assurance, consulting, financial advisory, risk advisory, tax, and related services – Deloitte has continued to expand its Hong Kong practice beyond audit and tax by strengthening its advisory capabilities over the past few decades.
Building on the MDM, Deloitte will double down on the growth of its Hong Kong practice to deliver greater value and impact for clients through integrated value propositions, focusing on five key areas including M&A, sustainability, digital, insurance, and smart city development. The new strategy will also include substantial investment in continuous enhancement of audit quality, which is a top priority for the firm.
Deloitte China Chairman Dennis Chow
Deloitte China Chairman Dennis Chow adds, "Underlined by Deloitte's aspiration to sustainable growth in the Hong Kong market, Inspire HK will strengthen the firm's multidisciplinary capabilities, reinforce our market competitiveness, and further expand our presence in the GBA and beyond. I am confident that this new strategy will empower us to lead change as the undisputed leader in today's rapidly evolving marketplace."
With innovation and technology a key growth driver for Hong Kong's economy, Deloitte has been investing heavily in capability upgrades and talent development to harness emerging technologies for the firm and clients. Deloitte Digital now has 200 professionals in Hong Kong who are dedicated to helping clients adapt to the digital world through integrated digital solutions that combine strategy, technology, and creativity. Inspire HK will continue to accelerate the firm's strategic shift toward sustainable development, with an emphasis on priority areas such as transformation, digitalization, and ESG.
Deloitte China Southern Region Managing Partner Edward Au
Inspire HK’s program leader, Deloitte China Southern Region Managing Partner Edward Au, says, "Sustainable growth depends on having the right capabilities and talent. Apart from continuing to leverage and build on our capabilities, fostering the future generation of talent will also be a priority under our new strategy. Inspire HK marks the beginning of a new journey for Deloitte in Hong Kong. We are excited to unleash the potential of our Hong Kong practice and embark on this next phase of growth for our firm."