Today Vynn Capital, a Southeast Asia-based early-stage venture capital firm and the World Tourism Organization (UNWTO) announced a strategic partnership to promote Southeast Asia’s tourism sector by facilitating entrepreneurship and innovation.
Vynn Capital and UNWTO will collaborate to create a framework and policies to support technology startups that focus on opportunities and challenges in the region’s tourism sector.
Both parties will work together to encourage traditional industry players such as hotel groups, property groups and food companies to adopt digital strategy as well as encourage more investments by the private sector into technology companies. Vynn Capital will support the objectives of UNWTO as a partner on initiatives to achieve these goals.
“The tourism sector represents a huge opportunity, especially for Southeast Asia, where we see the emergence of a strong middle class. Vynn Capital has identified tourism as one of the key investment space for us, and we will continue to work with entrepreneurs and industry players to promote the region’s tourism sector,” said Victor Chua, Founding and Managing Partner of Vynn Capital and Chairman of the Malaysia Venture Capital & Private Equity Association (MVCA).
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Chua brought up the examples of Indonesia’s Travelio and Carsome as notable startups that have found success across Southeast Asia. These type of companies will receive full support from the initiative as they represent the economic impact of tourism growth.
UNWTO Secretary-General Zurab Pololikashvili pointed to the needed digital transformation of tourism as the reasons to partner with Vynn Capital.
“These partnerships are key to continue generating opportunities for all through tourism, and proof that venture capital has a role to play when we want to advance sustainable development,” he said.
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UNWTO reported that since the start of 2018, international arrivals have increased in all regions across Asia. Tourism in Southeast Asia increased by 10 per cent and South Asia by 9 per cent.