Accounting firm, Ernst & Young (EY), has announced plans to invest $1bn in technology innovation solutions including artificial intelligence (AI) and blockchain applications.
The funding will be in addition to its annual existing tech strategy investment to create innovative tech-based services, which involves integrating cloud-based and blockchain technology.
EY CEO Mark Weinberger said: "Over the past year we have initiated, pioneered and launched a number of innovative services such as the use of blockchain in marine insurance and in the automation and payment of royalties and the piloting of the use of drones in inventory observations.
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"We have also made big technological improvements to existing offerings such as those in audit and tax. These new investments allow us to build on our strong IT capabilities and invest even more in client and market solutions," he added.
The enhanced services will aim to improve financial services, cyber risk management, software services, and digital tax and audit services.