Palo Alto, United States and Shenzhen, China – EY announces the official opening of the EY APAC Tech Lab, a new incubator and engineering lab in Shenzhen, China, to meet the needs of the growing Asia-Pacific market through rapid innovation. As an agile, Asia-Pacific-focused unit, the Lab will play a crucial role in strengthening the EY technology portfolio in the geographic area, strategically acting as a hub for technological development, experimentation, and application.
The Lab is the newest addition to the global EY network of innovation centres designed to cultivate technological incubation and research and development in key technology markets throughout the world. In synergy with EY innovation platforms and products, the EY APAC Tech Lab was created with the vision of addressing clients’ diverse needs in today’s complex geopolitical landscape.
Strategically located in Shenzhen, China, the Lab will focus on rapid prototyping and product development, offering a wide range of engineering capabilities catering to the needs and opportunities of the Asia-Pacific market. According to Forrester, the Asia-Pacific technology market is expected to grow by 6.2% this year to reach [$675 billion (€634.52 billion)]. The Lab aims to harness the power of emerging technologies including artificial intelligence (AI), augmented reality (AR), virtual reality (VR), blockchain, 5G, and Web3 to elevate the innovative potential of EY businesses and clients.
Now in full operational swing with more than 30 AI engineers, data scientists, UX/UI designers, blockchain cryptographers, and 5G and internet of things (IoT) professionals, the Lab is already working on several projects with various EY teams across the globe to address real world business problems. These initiatives include:
- An advanced data analytics platform co-innovated with a leading telecoms operator in Asia-Pacific that employs clustering, supervised machine learning, and deep automation methods to generate rich and precise customer insights from telecoms data, allowing customers to receive a more personalised and improved experience.
- A prototype to automate the data integration and estimation of Scope 3 carbon emissions reporting, completed with science-based targeting data models and an AI-powered predictive sandbox. This will allow enterprises to progress their net-zero ambitions by embedding forecasting, target-setting and sensitivity analysis capabilities into their carbon calculations.
- A Web3-based health care data analytics model that is supported by Distributed Identity (DID) specifications to help run compliant, authenticated, and ethical medical data analyses in collaboration with major pharmaceutical companies.
Patrick Winter, EY Asia-Pacific area managing partner, says “I am thrilled about the immense potential that the APAC Tech Lab brings to EY teams’ ability to leverage the strategic value of this diverse technological frontier with promising avenues for innovation. This Lab will bolster the global tech profile of the EY organisation so it can compete in today’s complex market landscape. Continuing to introduce emerging technologies and build robust innovation pipelines as a digital-first and future-forward organisation will help address clients’ most pressing challenges.”
Jeff Wong, EY global chief innovation officer, says “The APAC Tech Lab is an exciting frontier for global innovation capabilities across the EY organisation. In addition to the EY Advanced Tech Lab in Palo Alto, California, this strategic expansion to Shenzhen helps to further advance another of the world’s bustling innovation centres, where leading-edge technologies are being developed, refined and applied. Under the leadership of Steve Lo, EY Asia-Pacific Area Innovation Leader, we look forward to seeing the APAC Tech Lab develop and become an epicenter of creative ideas and technological ingenuity that will support EY teams and help deliver impactful solutions for clients throughout the region.”
The EY organisation will continue to invest in technology initiatives with a commitment of [$10 billion (€9.40 billion)] over three years, including the ongoing build-out of additional regional technology hubs to help clients drive long-term business value and power tech-supported transformation. For more information on EY Global Innovation capabilities, please visit EY.
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