Vynn Capital partners with the UNWTO to boost Asia’s tourism sector
Vynn Capital, a South-East Asia-based early-stage venture capital firm, and the World Tourism Organisation (UNWTO) have jointly announced a strategic partnership to promote South-East Asia’s tourism sector by facilitating entrepreneurship and innovation.
Through this strategic partnership, Vynn Capital and UNWTO will collaborate to create a framework and policies to support technology startups that are addressing 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 strategies, as well as to encourage more investment by the private sector into technology companies. Vynn Capital will act as UNWTO’s partner on initiatives to achieve these goals, by supporting tourism entrepreneurs and traditional industry players as the tourism market embraces technology and innovation.
“The tourism sector represents a huge opportunity for South-East Asia, where we see the emergence of a strong middle class. Vynn Capital has identified tourism as a key investment space and we will continue to work with entrepreneurs and industry players to promote the region’s tourism sector. We believe technology companies that focus on the mobility of consumers, such as Indonesia’s Travelio and Carsome, who already has operations in four key countries in South-East Asia, will continue to champion the economic impact of tourism growth. We join hands with UNWTO to foster a new generation of innovative tourism companies in South-East Asia,” said Victor Chua, founding and managing partner of Vynn Capital and chairman of the Malaysia Venture Capital & Private Equity Association (MVCA).
“UNWTO is proud to partner with Vynn Capital, who will help us to create real solutions for the much-needed digital transformation of tourism. Such partnerships are key to continue generating opportunities all through tourism, and prove that venture capital has a role to play when we want to advance sustainable development,” said Zurab Pololikashvili, secretary-general, UNWTO.
According to UNWTO, international arrivals have increased in all regions since the start of 2018, continuing the strong trend of previous years. The strong growth is led by Asia and the Pacific (+8 per cent), especially South-East Asia (+10 per cent) and South Asia (+9 per cent) where growth has already surpassed that of 2017 when Asia saw a 6 per cent increase in international arrivals. This is significant, considering that Asia and the Pacific represents around 29 per cent of international tourism receipts.