Go back to the enewsletter Asias leading travel

first_imgGo back to the e-newsletterAsia’s leading travel trade show, ITB Asia 2017 has completed its milestone anniversary event with record-breaking numbers. The 10th edition of ITB Asia came to a close at the Sands Expo and Convention Centre, Marina Bay Sands in Singapore.Over three days, the event hosted 940 exhibitors from 113 countries, an 11 percent increase over the previous year. ITB Asia 2017 also welcomed its strongest ever buyer participation across the Corporate, MICE and Leisure sectors. Since 2014, ITB Asia has experienced a 1:1 ratio for exhibitors and buyers. This year, there were over 22,000 business appointments recorded during the show.ITB Asia 2017 reported a 77 percent growth from its inaugural edition, featuring new exhibitors such as the Rwanda Development Board, Tourism Tunisia, Promote Iceland, Tourism & Foreign Affairs Department of Almaty City, Republic of Kazakhstan, Jeju Convention and Vistor Bureau, among others.This year’s conference program looked at the role of technology, setting the tone for the changes that the industry is likely to see in the next 10 years. Speakers from IBM Asia Pacific and Google delivered insights on the potential of Artificial Intelligence, Ctrip presented its global strategy, while start-ups Hiverlab, Zebra Design and Savioke shared on the realities and opportunities for augmented reality and virtual reality in hospitality and tourism.“In view of ten years of ITB Asia, we’ve taken every effort to celebrate the past as well as to provide attendees with a useful view to the future. While we are very pleased with our achievements in terms of the quality and numbers, what brings us most satisfaction is bringing together all the different stakeholders across the industry to network and inspire each other. The relationships built and strengthened will continue to boost our efforts in making ITB Asia the region’s go-to event and a hub for unforgettable content and enriching experiences for many years to come”, said Katrina Leung, Executive Director of Messe Berlin (Singapore), the organiser of ITB Asia.ITB Asia will continue to be held in Singapore, following the past ten years of consistent support from the Singapore Tourism Board and the Singapore Exhibition Convention Bureau. Following this year’s successful show, ITB Asia has received the highest exhibitor rebookings for ITB Asia 2018. As early as now, the surge in interest for next year’s show has been seen from destinations such as Greece, Middle East, Africa, Spain and the Scandinavian region as well as continued strong support from Asian markets such as Thailand and the Philippines. Melia Hotels International and Global DMC Network by the JTB Group have also confirmed their stand bookings for the 2018 show.ITB Asia 2018 will be held from 17-19 October 2018 at Sands Expo & Convention Centre, Marina Bay Sands.Go back to the e-newsletterlast_img read more

Caisse Sun Life backing new 75 million fintech venture capital fund

first_img A new $75 million venture capital fund is being launched to develop early-stage fintech companies and artificial intelligence applications for financial services with the backing of large financial institutions including the Caisse de dépôt et placement du Québec and Sun Life Financial.Additional partners in Luge Capital include Desjardins Group, the Fonds de Solidarité FTQ, and La Capitale, and the fund could be increased to as much as $100 million in the coming months.Luge Capital, named for the winter sport that involves hurtling down an icy course at high speed, will concentrate on seed and Series A financing. Initial investments will be between $250,000 and $2 million.“The fund will support the development of innovative solutions that improve customer experiences, enhance efficiency for financial institutions, and implement data-driven methods and artificial intelligence for decision-making,” the partners said in a statement Monday.Luge is expected to tap its financial backers for more than just money in the development their products and services.“Our AI and data-driven companies will have the opportunity to partner with our investors to access key insights in order to build best-of-breed solutions,” said David Nault, co-founder and general partner in Luge’s Montreal office.Nault, who has more than 20 years of entrepreneurial and investing experience, will lead the Montreal office. Karim Gillani, who has extensive experience in fintech, will run an office based in Toronto.“We are looking for young mission-driven companies that challenge how the world interacts with financial services,” Gillani said.The initial $50 million of capital was raised and announced by the Caisse and Desjardins last October.“There is a booming startup ecosystem in this sector,” said Guy Cormier, chief executive of Desjardins, adding that the financial institution “wants to support and help develop this incredibly exciting industry.”The backers of Luge are not the first traditional financial services firms to back a venture fund dedicated to developing the financial technology-backed products and services that are disrupting the industry.The Desmarais family behind Montreal-based Power Corp. launched Diagram last year with 50 individual “angel” investors to fund entrepreneur-driven fintech startups. The fund raised an initial $25-million, with a substantial tranche coming from the family’s investment vehicle Portag3, which has been instrumental in the funding of robo-advisor Wealthsimple since 2015.Other investments were made in online lender Borrowell, and Koho, a mobile payments and banking startup.The increasing number of partnerships and funding arrangements suggest fintechs pose less of a threat to the healthy margins of traditional financial institutions than they were assumed to in their earliest days.Recent research suggests that disruption of business models and customer loyalty may come instead from “platform” players such as Google and Amazon.Last October, global consultant McKinsey & Company said 73 per cent of U.S. millennials would be more excited by a new financial services product or service from Google, Amazon, Paypal, or Square than from their bank. One in three said they believed they would not need a bank at all. Facebook Comment June 11, 201812:02 AM EDTLast UpdatedJune 11, 201812:02 AM EDT Filed under News FP Street Join the conversation → Barbara Shecter Twitter What you need to know about passing the family cottage to the next generation 0 Comments Sponsored By: Caisse, Sun Life backing new $75 million fintech venture capital fund Additional partners in Luge Capital include Desjardins Group, the Fonds de Solidarité FTQ, and La Capitale, and the fund could be increased to $100 million center_img Recommended For YouBWX Technologies, Inc. to Webcast Discussion of its Second Quarter 2019 ResultsNetflix shares sink 11%, analysts still see growthEuro and bond yields fall on report that ECB might amend inflation goalClimate fears lift Greens’ chances of running GermanyNorway’s Aker Energy IPO may be in late 2019 or 2020 -Aker CEO The Caisse de dépôt et placement du Québec and Sun Life Financial are backing a venture capital fund to develop artificial intelligence applications for financial services.Ryan Remiorz/The Canadian Press Share this storyCaisse, Sun Life backing new $75 million fintech venture capital fund Tumblr Pinterest Google+ LinkedIn Featured Stories advertisement ← Previous Next → Reddit More Emaillast_img read more