EY Joins GBA Innovation Drive with Hong Kong wavespace Launch

Business consultants are answering the calls by the HKSAR Government to take the lead in driving innovation and make it a technological hub.

The latest to answer is EY, which recently launched its wavespace flagship center in Hong Kong. The facility, supported by InvestHK, looks to become a platform for business innovation, especially for financial services, technology, media and telecom sectors.

Customers would be able to tap into EY's global network of expertise and in-depth regulatory and industry knowledge while collaborating with upcoming startups. They can work with EY at wavespace Hong Kong – ranging from a one-day immersion workshop to long-term projects – or at “pop-up” centers brought to client’s locations, working with EY professionals to explore solutions and service offerings, and co-develop new business models and commercial opportunities.

“Increasingly, organizations in Asia-Pacific are driving the world’s most exciting innovations that will transform businesses, and ultimately society, to deliver great efficiencies and benefits. Innovation is not just about adapting to and implementing new technology – it’s about enabling a business and its people to act and operate at the same pace as the world around us,” said Patrick Winter, area managing partner, EY Asia-Pacific.

The Hong Kong wavespace forms part of a network of 19 flagship centers. The launch also signals the end of EY’s Asia Pacific rollout of wavespace centers that already includes those in Shanghai, Singapore and Sydney.

Key technology areas of focus include artificial intelligence, robotic process automation, blockchain, data analytics, digital, customer experience and cybersecurity.

“The ability to create a new and innovative business model depends upon the ability to put together new ideas, capabilities or technology. EY wavespace in Hong Kong has capabilities across a range of emerging technologies to help clients in the financial and TMT sectors,” said Iñaki Amate, EY head of Design for Asia-Pacific and head of Digital for Greater China.

The launch coincides with Government efforts to spur Hong Kong's technology growth under the Greater Bay Area initiative. According to the press release, the Hong Kong wavespace aims to help customers take advantage of the unique opportunities across the region, including the Greater Bay Area initiative, financial services de-regulation throughout Greater China, and the surge in fintech adoption.

“Hong Kong is one of the world’s leading Fintech hubs, having experienced good growth in recent years. Initiatives by multi-national companies such as EY wavespace are incremental in driving business transformation to attract and retain foreign direct investment and create a vibrant and robust innovation ecosystem, strengthening Hong Kong’s status as the leading international business connector in Asia-Pacific,” said Stephen Philips, director-general of Investment Promotion, InvestHK.