The Korean Tourism Organisation (KTO) officially launches the Korea Tourism Startup Center (KTSC) travel tech accelerator in Singapore. 13 Korean travel startups that are part of the pilot batch will be having their demo day and the opening ceremony for KTSC on 31 August ’22.
KTSC’s formation is a big step following the MOU signed between Singapore Tourism Board (STB) and KTO in November 2021. The tourism industry has been gathering momentum since the launch of the Vaccinated Travel Framework on 1 April 2022. A report by STB stated that tourism receipts in the first quarter of 2022 reached SGD $1.3 billion, a 213% year-on-year increase over the same period last year.
The launch will be marked by the KTSC Tourism Boot Camp, which spans 4 days from 30 August to 2 September. The demo day and opening ceremony on 31 August will be a chance for the 13 Korean startups to showcase their business and solutions, and how they can work towards being part of the invigorated travel industry in SEA.
Ms. Kim Young Hee, Director of KTO Singapore says: “The boot camp and the opening ceremony in Singapore will mark KTSC’s first foray into the travel industry in the new normal. The partnership will put Korea and Singapore in good stead to be gateways for the travel industry in our region.”
Through the boot camp, the 13 Korean travel startups will attend masterclasses to help them grow their businesses. They will be introduced to the different public, and private organisations integral to the region’s ecosystem, and have meetings with a select group of VC firms to discuss their next steps.
Mr. Jang Min Jun, Deputy Director of KTO Singapore, who is in charge of KTSC says: “KTSC is excited to be supporting Korean Travel Tech startups throughout the accelerator program. We believe that the first batch of 13 travel startups can make an impact on the travel industry in SEA in time to come.”
After the boot camp, Korean startups will attend Travel Tech Asia and SWITCH 2022. 5 of the 13 Korean startups have already set up their entities in Singapore, with more to follow. Discussions between KTSC and local experts are underway to expand the teams and services of Korean startups in Singapore.