Deloitte has purchased Singaporean blockchain specialists Practical Smarts, with the team to join Deloitte’s Risk Advisory wing in Southeast Asia.
Founded by Stanley Yong and Andrew Koay in 2017, Singapore-based digital consultancy Practical Smarts specialises in business, technical and regulatory advisory services on the use of asset-backed digital tokens within the financial services industry. Now, the firm has been absorbed into Deloitte’s Southeast Asian Risk Advisory practice, bolstering its Distributed Ledger Technology/Blockchain expertise.
“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,” commented Deloitte Southeast Asia CEO Philip Yuen.
As part of the deal (the terms of which haven’t been disclosed), Young and Koay have both joined Deloitte as directors, and will together lead the Deloitte Blockchain Lab in Southeast Asia. Young, after a brief stint at McKinsey (following an MBA with Spain’s IE Business School), would go on to spend nearly a decade as a deputy director with central bank MAS, latterly serving as Head of Innovation Acceleration.
From there, he co-founded Practical Smarts, while also serving IBM in Singapore in the capacity of CTO and Global Lead on Central Bank Digital Currency Solutions. Koay, meanwhile, kicked off his career at Arthur Anderson, and later Ernst & Young, as a senior risk consultant. He then spent close to a decade and a half as a vice president with banks UOB and OCBC, before serving as Head of Blockchain Tech for the SGX.
“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…