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EY’s new innovation center in Singapore to focus on disruptive technologies

 

EY announces the expansion of its EY wavespace network of global growth and innovation centers, with a new center in Singapore that will help companies innovate and transform their businesses for growth opportunities in the Asia-Pacific region.

Guest-of-honor Mr. Chee Hong Tat, Senior Minister of State, Ministry of Trade and Industry & Ministry of Education in Singapore, officiated at the opening of the center.

EY wavespace in Singapore focuses on the disruptive technologies of intelligent automation, including artificial intelligence, machine learning, blockchain and robotic process automation, among other digital capabilities. The center seeks to combine EY insights in disruptive technologies with deep industry domain knowledge and market experience.

“Singapore is a strategic location for our investment in the new wavespace center,” says Max Loh, EY Asean and Singapore Managing Partner, Ernst & Young LLP.  “We believe that wavespace will play an enabling role in driving greater digital agility in Singapore-based businesses, as the country seeks to develop an innovation-driven economy and entrench itself as the commercial and financial hub for businesses spring-boarding into the region.”

According to Loh, EY wavespace centers, each of which has a particular focus on market-specific technologies and industries, also demonstrates how EY is transforming from a traditional professional services organization to one that is embracing and leading on digital solutions in line with the organization’s purpose to deliver a better working world.

Loh says:  “Through wavespace, we hope to contribute to the cross-pollination of ideas and transfer of knowledge to drive the capability development of talents in digital, creative and experience design – skills that are becoming highly relevant in the thriving digital economy in Singapore and across Southeast Asia.”

Helping companies to unlock growth with technology and collaboration

The Singapore center is one of 18 flagship EY wavespace centers worldwide, and seamlessly connects with other flagships to enable global collaboration across the wavespace centers.

“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,” says Will Duckworth, EY Asia-Pacific Digital Leader. “New technology is shaping the way local and international companies do business, and international collaboration and connection are key to help them succeed in a fiercely competitive and disruptive world.”

Singapore is one of the most established financial hubs in Asia-Pacific and this places it at the epicenter of new innovation and connectivity in the region. However, the region also presents unique challenges such as cross-border complexity in terms of regulation, varying level of political maturity, technological development and advancement.

EY wavespace in Singapore will leverage EY industry experience and local insights, and is designed to enable businesses to take advantage of the emerging growth opportunities across the region.

“The ability to create a new and innovative business model depends on putting together new ideas, capabilities or technology,” says Jonathan Rees, EY Asean Digital Leader.  “EY wavespace offers a collaborative environment where our clients can work with our people to co-develop practical solutions to real world problems, supported by new technology and connectivity that is aimed to facilitate new and better ways of thinking and working.”

Companies can collaborate with EY at the wavespace centers – ranging from a one-day immersion workshop to longer-term projects – or at “pop up” centers brought to clients’ locations, working with EY professionals to explore solutions, and co-develop new business models and commercial opportunities.

Insights into the Singapore future consumer of 2030

At the opening of the center, SMS Chee Hong Tat participated in a fireside chat based on insights drawn from a hackathon on the Singapore future consumer of 2030.

The hackathon was held earlier in September with EY professionals and participants across various sectors and aimed to identify the most significant change drivers for consumer lives, the potential paradigm shifts that could shape future consumer worlds, and analyze the potential impact on business, economy and society. This is an example of how EY works with clients to develop strategies such as customer experience.

According to the results, the future consumer in Singapore will aspire to have a more fulfilling and purposeful life and will empower themselves to do so by using technology to automate mundane tasks and use the free time for creativity and enjoyment; use artificial intelligence to manage their options; and play an active role in discussing and monitoring all elements of their health – both physical and mental.

The over 8,000-sqft Singapore wavespace is located at the heart of the central business district at 77 Robinson Road, Level 32. The opening of wavespace in Singapore follows the opening of EY wavespace in Shanghai, with Hong Kong and Sydney launches later in the year.

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