EY has announced plans to invest $1bn over the next two financial years into new FinTech solutions.
The funding, which will be made in addition to its existing ‘significant’ annual contributions to the space, will begin from July 2019. Investments will focus on new technology-based solutions within financial services, cyber, risk management, managed services, software services as well as digital tax and audit services.
This increased funding into FinTech is part of EY’s strategy to provide clients with the latest technology solutions.
As part of the new funding commitment, EY has named Nicola Morini Bianzino as its new chief client technology officer and Steve George as its chief information officer. EY chief information and security officer Barbara O’Neill will also sit on the leadership team of this new initiative.
EY Global chairman and CEO Mark Weinberger said, “In this transformative age, businesses and governments are under significant pressure to not only keep pace, but get ahead of the vast disruption and technological change. We see enormous opportunities in helping clients address these challenges and stay ahead of the technology curve.
“With this investment and expanded technology leadership team, EY will help businesses navigate industry disruption to realize their growth potential.”
Over the past year, EY has launched a number of financial offerings including the use of blockchain in marine insurance, automating royalty payments and the use of drones for inventory observations. It has also developed a number of its existing financial solutions, such as its audit and tax tools.
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