KPMG launches Digital Ledger Services to help companies
implement blockchain technology
Collaborates with Microsoft to offer blockchain
as a service.
KPMG in Singapore has announced the introduction of its Digital
Ledger Services. This is a comprehensive suite of services designed to help
companies, especially those in regulated sectors such as financial services, to
realise the potential of blockchain capabilities such as providing faster and
more secure transactions, streamlining and automating back office operations,
and reducing costs by utilising blockchain-based technologies.
Ledger Services. This is a comprehensive suite of services designed to help
companies, especially those in regulated sectors such as financial services, to
realise the potential of blockchain capabilities such as providing faster and
more secure transactions, streamlining and automating back office operations,
and reducing costs by utilising blockchain-based technologies.
Blockchain is an
alternative ledger database that maintains a continuously growing list of
transaction records that are considered permanent and unchangeable, and is
increasingly becoming the destination platform for financial services
companies.
alternative ledger database that maintains a continuously growing list of
transaction records that are considered permanent and unchangeable, and is
increasingly becoming the destination platform for financial services
companies.
As a service offered through the KPMG Digital Village, KPMG’s
Digital Ledger Services include full lifecycle support – from ideation, market
needs validation, business case development and the building of prototypes – to
systems and operations integration, and ongoing management of a company’s
blockchain infrastructure.
Digital Ledger Services include full lifecycle support – from ideation, market
needs validation, business case development and the building of prototypes – to
systems and operations integration, and ongoing management of a company’s
blockchain infrastructure.
The lifecycle support will involve management
consulting and risk consulting proficiency in financial processes with regulatory
requirements in mind. KPMG’s specialised in-house coding and development will
also be part of the services offered to clients.
consulting and risk consulting proficiency in financial processes with regulatory
requirements in mind. KPMG’s specialised in-house coding and development will
also be part of the services offered to clients.
“Blockchain has the potential
to replace all business intermediaries and ensures distributed trust. Imagine a
process where we on-board clients via their blockchain identities just like you
would use your own social media credentials to log-in to any application or
device,” said Jan Reinmueller, Head of Digital Village, KPMG in Singapore.
to replace all business intermediaries and ensures distributed trust. Imagine a
process where we on-board clients via their blockchain identities just like you
would use your own social media credentials to log-in to any application or
device,” said Jan Reinmueller, Head of Digital Village, KPMG in Singapore.
Expanding alliance with Microsoft
In addition, KPMG will expand its strategic
alliance with Microsoft to work on blockchain initiatives – with Microsoft
providing blockchain as a service platform and KPMG providing its comprehensive
suite of services – which will help clients efficiently and securely move to
the cloud for storage, while adopting disruptive blockchain technologies.
alliance with Microsoft to work on blockchain initiatives – with Microsoft
providing blockchain as a service platform and KPMG providing its comprehensive
suite of services – which will help clients efficiently and securely move to
the cloud for storage, while adopting disruptive blockchain technologies.
“To
make it truly meaningful, we need to work with industry partners such as
Microsoft to offer digital ledger technology as a service. Its accessibility
via cloud infrastructure enables us to scale up and support our clients
operating in Singapore and the region,” said Lyon Poh, Head of Digital +
Innovation, KPMG in Singapore.
make it truly meaningful, we need to work with industry partners such as
Microsoft to offer digital ledger technology as a service. Its accessibility
via cloud infrastructure enables us to scale up and support our clients
operating in Singapore and the region,” said Lyon Poh, Head of Digital +
Innovation, KPMG in Singapore.
“We’re excited to be expanding our efforts with
KPMG to develop blockchain services,” said Marley Gray, Principal Program
Manager of Azure Blockchain Engineering at Microsoft. “The global availability
of Microsoft Azure, with its hybrid cloud capabilities, extensive compliance
certification portfolio, and enterprise-grade security help to enable blockchain
adoption, especially in highly regulated industries like financial services,
healthcare and government. With the availability of KPMG’s Digital Ledger
Services in Singapore, built on Microsoft’s Blockchain as a Service platform, we hope to empower
companies in Asia Pacific to build technology systems of the future.”
KPMG to develop blockchain services,” said Marley Gray, Principal Program
Manager of Azure Blockchain Engineering at Microsoft. “The global availability
of Microsoft Azure, with its hybrid cloud capabilities, extensive compliance
certification portfolio, and enterprise-grade security help to enable blockchain
adoption, especially in highly regulated industries like financial services,
healthcare and government. With the availability of KPMG’s Digital Ledger
Services in Singapore, built on Microsoft’s Blockchain as a Service platform, we hope to empower
companies in Asia Pacific to build technology systems of the future.”
Collaborative innovation
True to KPMG Digital Village’s vision of collaborative
innovation, it is also actively working with one of its portfolio start-ups,
Bluzelle, to offer blockchain-powered applications to clients in the finance
and healthcare industry.
innovation, it is also actively working with one of its portfolio start-ups,
Bluzelle, to offer blockchain-powered applications to clients in the finance
and healthcare industry.
Already, clients of KPMG are seeing the benefits of blockchain
technology. Bob Crozier, Associate Director of AIA Edge’s Innovation Team in
Asia Pacific, shared how KPMG Digital Village has helped identify opportunities
and address challenges associated with blockchain and distributed ledger
technology.
technology. Bob Crozier, Associate Director of AIA Edge’s Innovation Team in
Asia Pacific, shared how KPMG Digital Village has helped identify opportunities
and address challenges associated with blockchain and distributed ledger
technology.
“Blockchain presents a tremendous opportunity for the
insurance industry. Understanding its value is key, and the only way to do that
is to get your hands dirty. To this end, we’ve worked with partners such as
KPMG Digital Village to build prototypes and pilots to learn how they can add
value to our business. These could be solutions that solve pain points for
customers, such as purchasing, claims, KYC and AML, or other back office
functions,” he said.
insurance industry. Understanding its value is key, and the only way to do that
is to get your hands dirty. To this end, we’ve worked with partners such as
KPMG Digital Village to build prototypes and pilots to learn how they can add
value to our business. These could be solutions that solve pain points for
customers, such as purchasing, claims, KYC and AML, or other back office
functions,” he said.
Across its member firms worldwide, KPMG has dedicated more
than 80 partners and executives to focus on blockchain, including its industry
leading Data and Analytics services that will focus on coding and development
in support of proof of concept, prototyping and integration of blockchain
capabilities.
than 80 partners and executives to focus on blockchain, including its industry
leading Data and Analytics services that will focus on coding and development
in support of proof of concept, prototyping and integration of blockchain
capabilities.
In addition to increasing the speed and security of transactions
worldwide by using cryptology, blockchain technology also can be used to reduce
costs by leveraging cloud technology and improve regulatory compliance by
offering detailed factual evidence and a solid audit trail of transactions for
auditors and regulators.
worldwide by using cryptology, blockchain technology also can be used to reduce
costs by leveraging cloud technology and improve regulatory compliance by
offering detailed factual evidence and a solid audit trail of transactions for
auditors and regulators.
Currently, KPMG is working with clients worldwide on a
range of global blockchain projects. Among these projects is the qualification
of a blockchain solution for a major bank’s global payments and the development
and prototyping of smart contracts in insurance.
range of global blockchain projects. Among these projects is the qualification
of a blockchain solution for a major bank’s global payments and the development
and prototyping of smart contracts in insurance.
Digital Ledger Services will
also be similarly available to clients in Indonesia, with KPMG Digital Village
extending its presence in the market this month.
also be similarly available to clients in Indonesia, with KPMG Digital Village
extending its presence in the market this month.
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