Vynn Capital, a South-east Asia-based early-stage venture capital firm, and UNWTO have entered into a partnership to facilitate entrepreneurship and innovation in the region’s tourism sector.
The two will collaborate to create a framework and policies to support technology startups that are addressing opportunities and challenges in South-east Asia’s tourism.
Both parties will also 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.
“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,” said Victor Chua, founding and managing partner of Vynn Capital and chairman of the Malaysia Venture Capital & Private Equity Association.
UNWTO secretary-general Zurab Pololikashvili commented that Vynn Capital “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,” Pololikashvili added.