Quick take:
- The APAC Tech Lab will provide engineering capabilities focused on rapid prototyping and product development.
- The Lab will strategically act as a hub for technological development, experimentation, and application in the region.
- It will also elevates business and clients’ innovation potential through leading-edge technologies including artificial intelligence, 5G and Web3.
EY on Monday announced the official opening of the EY APAC Tech Lab, a new incubator and engineering lab in Shenzhen, China.
As an agile, Asia-Pacific-focused unit, the Lab will play a pivotal role in strengthening the EY technology portfolio in the region, strategically acting as a hub for technological development, experimentation, and application.
The Lab is the latest addition to EY’s global network of innovation centres designed to cultivate leading-edge technological incubation and research and development in key technology markets throughout the world.
In October, EY announced that EY wavespace, a global network that gives clients the ability to bring teams together, has expanded to the metaverse, which increases the network’s ability to help clients co-innovate and address any business challenge.
The EY APAC Tech Lab will focus on rapid prototyping and product development, offering a wide range of engineering capabilities catering to the unique 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. 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 serve EY’s businesses and clients.
The Lab’s team consists of more than 30 AI engineers, data scientists, UX/UI designers, blockchain cryptographers, and 5G and internet of things (IoT) professionals. The team is already working on several projects including 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.
“The APAC Tech Lab is an exciting frontier for global innovation capabilities across the EY organization. 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 centers, where leading-edge technologies are being developed, refined and applied,” said Jeff Wong, EY global chief innovation officer.
The EY organization will continue to invest in technology initiatives with a commitment of $10 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.
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