PwC Hong Kong follows EY Switzerland in accepting Bitcoin payment

PwC's Hong Kong firm has announced that it has accepted its first ever Bitcoin payment. The payment from a client for its advisory services broke new ground for the firm, and follows in the wake of the Swiss branch of Big Four rivals EY’s corresponding move last year.

This year, the Swiss arm of Big Four firm EY became the first major professional services company to allow clients to settle invoices with cryptocurrency. The group announced it would accept Bitcoin payment options for their consulting work from January 2017 onwards, complementing EY’s wider strategy to promote the development of digital products based on smart contracts with an aim to lower transaction costs through automatic processing.

Now, PwC in Hong Kong has accepted payment in the infamous cryptocurrency for its advisory services. As the firm works increasingly with companies in the digital asset and crypto-currency space, it believes that accepting such payments will evolve into an everyday element of doing business in the region. The firm decided that accepting payment in Bitcoin and other established crypto-currencies would therefore complement the firm’s advisory work with a range of clients in the broader crypto space.

PwC China, Hong Kong and Macau work together on a collaborative basis, subject to local applicable laws, and the offices have a collective staff of over 600 partners and 16,000 people in all. While PwC are present in a total of 158 countries globally, the firm has revealed no plans as of yet to further expand their acceptance of Bitcoin.

Raymund Chao, Chairman of PwC Asia-Pacific, said of the change, “This decision helps illustrate how we are embracing new technology and incorporating innovative business models across our full range of services. It is also an indication that Bitcoin and other established crypto-currencies have now developed into more broadly accepted forms of settlement.”

Andrew Watkins, Chief Technology and Disruption Officer of PwC China and Hong Kong, reiterated that the firm remains committed to being at the forefront of these exciting developments. He concluded, “Disruptive digital products and services that have been developed through Distributed Ledger Technology (more commonly known as Blockchain), such as crypto-currencies or PwC's supply chain trust solution, are already transforming existing businesses in many areas, and it's still relatively early days for this technology.”