Asia Digest: Australia sets up wine industry accelerator; Texas Teachers to set up SG office

Photo by Kym Ellis on Unsplash

South Australia has established a wine and tourism tech accelerator to support startups in the region. Meanwhile, in a separate development, The Teacher Retirement System of Texas is planning to set up an office in Singapore.

Australia sets up wine and tourism tech accelerator

South Australia has established the first wine and tourism tech accelerator to support start-ups in the region, according to a report by LEAD.

Apart from startups in Australia, the programme will also attract startups from across the globe and make South Australia the global hub for grape and wine tech businesses.

The accelerator programme is currently looking for backers.

The initial capital of the programme, that has been provided by the South Australian government, will be used in part to develop a strategy for the accelerator programme.

Australia produced 1.29 billion liters of wine in 2018, with South Australia accounting for about half of the grapes used. The value of Australian wine exports has continued to grow in the 12 months to June 2019, increasing by 4 per cent in value to $2.86 billion, according to Wine Australia.

Texas Teachers to set up office in SG

The Teacher Retirement System of Texas is looking to open an office in Singapore in a bid to step up its focus on the Asia-Pacifc region. However, the process may take a while cite media reports.

The pension fund’s CIO Jerry Albright reportedly said they will appoint four executives to support the operation in Singapore.

Even as the plan has been in works for sometime, Albright said that due to cultural differences, it might take the pension fund some time to garner profits from its Asia operation.

TRS currently has assets worth $22.2 billion – that comprises 15 per cent of its total assets – in the Asia Pacific region,