Asean Digest: Vynn Capital, UNWTO pact; Plug and Play adds Krung Thai as partner

While early-stage venture capital firm Vynn Capital has partnered with World Tourism Organisation (UNWTO), global accelerator Plug and Play has added Krung Thai Bank as a founding anchor partner for its Singapore fintech programme.

Vynn Capital pairs up with UNWTO to push digital agenda

Early-stage venture capital firm Vynn Capital has partnered with World Tourism Organisation (UNWTO) to promote the tourism sector of Southeast Asia by facilitating entrepreneurship and innovation, said the VC firm in an announcement today.

Both will collaborate to create a framework to support tech startups addressing opportunities and challenges in the tourism sector as well as working with traditional industry players including hotel and property groups, food companies to adopt digital strategies.

“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,” said UNWTO Secretary-General, Zurab Pololikashvili.

Southeast Asia-focused Vynn Capital is raising a $40-million debut fund and has made two investments into Indonesia-based travel platform Travelio and Malaysia-based used car platform Carsome.

Plug and Play ropes in Krung Thai Bank for fintech programme

Silicon Valley-based global accelerator Plug and Play has added another partner, Krung Thai Bank, as a founding anchor partner for its Singapore fintech programme, it said in an announcement yesterday.

State-owned Krung Thai Bank (KTB) has been tasked to lead the 3 billion baht government VC fund to encourage technology adoption among Thai enterprises.

“As the first Thai bank partnering with Plug & Play, this is an important step in KTB’s strategy to become digitally advanced through financial innovation with startups and working with other financial industry stakeholders. These partners can help KTB nurture startups and build the company through the continuous pursuit of innovation. It encourages constructive thinking and sustainable business building, and allows startups to connect and partner with a global powerhouse”, said Krung Thai Bank president and CEO, Payong Srivanich.

Launched in Singapore in 2010, Plug and Play has since invested in more than 30 startups and collaborated with various Singaporean and Indonesian government agencies as well as multinational and regional corporations to run industry-specific accelerator programmes.

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Vynn Capital bullish on early stage bets as growth funding matures in SE Asia

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