Deloitte and Practical Smarts come together to address the regulatory and security issues around Distributed Ledger Technology/Blockchain
PHNOM PENH, 4 December 2019 – Professional services organisation Deloitte announced today that the founders and employees of highly regarded digital consultancy firm, Practical Smarts, has joined Deloitte’s Risk Advisory practice in Southeast Asia to enhance the team’s expertise in Distributed Ledger Technology (DLT)/Blockchain advisory services in the region.
Established in 2017, Practical Smarts’ core business is in providing expert advisory services on business, technical and regulatory matters related to the usage of asset-backed digital tokens within the financial services industry. Together, Deloitte and Practical Smarts will offer clients a dedicated DLT/Blockchain service for businesses in Southeast Asia as part of the Deloitte Asia Pacific Blockchain Lab.
Practical Smarts’ co-founders Stanley Yong and Andrew Koay, based in Singapore, will co-lead the Deloitte Blockchain Lab in Southeast Asia. The Lab will work with organisations planning to implement and deploy DLT/Blockchain solutions to address governance, regulatory, settlement and enforceability concerns. The Lab will be hiring and training FinTech professionals with emphasis on digital and cyber security.
"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. 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,” said Dr Paul Sin, Blockchain Lab Leader, Deloitte Asia Pacific.
Deloitte Southeast Asia Chief Executive Officer, Mr Philip Yuen, said, “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.”
Practical Smarts’ founder Stanley Yong said, “Blockchain is gaining momentum in the region and acceptance is growing across multiple industries. 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. 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.”
“As clients embark on their digital transformation journey, it is important for them to have the support and expertise wherever they need it. The combined strengths of Deloitte and Practical Smarts, operating in the ASEAN region where there is a burgeoning of technology entrepreneurs and start-ups, will put us at the forefront to meet the demand as our clients seek to use one professional services firm to deliver market-leading strategic advice and industry-leading solutions for their business needs,” said Practical Smarts’ co-founder Andrew Koay.
The terms of the transaction are confidential.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms and their affiliated entities are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax & legal and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the “Deloitte organisation”) serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 312,000 people make an impact that matters at www.deloitte.com.
Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which are separate and independent legal entities, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Hanoi, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Osaka, Shanghai, Singapore, Sydney, Taipei, Tokyo and Yangon.
© 2019 Deloitte Southeast Asia Ltd