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Deloitte opens APAC blockchain lab in Hong Kong

Deloitte opens APAC blockchain lab in Hong KongProfessional services company Deloitte has launched a new Asia-Pacific blockchain lab in Hong Kong to help clients in the region adopt distributed ledger technology.

The lab at WeWork in Causeway Bay will be used to conduct client workshops, develop prototype services, provide production support and deliver innovative ideas for deployed blockchain networks in the financial services industry.

The company chose Hong Kong as the site of its regional blockchain lab due to its status as a mature financial center and trading hub, as well as its supportive regulatory environment and talented workforce.

The opening of the lab builds on Deloitte's recent collaboration with HKMA and five major Hong Kong banks to drive the adoption of distributed ledger technology within the trade finance ecosystem.

Deloitte already has two other regional blockchain hubs in Dublin Ireland and New York in the US. The company's blockchain team is comprised of more than 800 professionals across 20 countries.

“China is now one of the leading markets for Fintech innovations in Asia, especially in the Blockchain space. We have a handful of major consortiums developing new DLT standards backed by hundreds of financial institutions,” Deloitte China national consulting leader Paul Sin said.

“With the establishment of our Lab in Hong Kong, we will further support our clients by guiding them along their transformation journeys, improving business performance and achieving sustainable growth through the adoption of these new technologies.”

Blockchain is the distributed ledger technology used in cryptocurrencies including Bitcoin. It involves a list of records of financial transactions linked and secured using cryptography and distributed and managed on a peer-to-peer basis.