PTT Oil and Retail Business Public Company Limited (“OR”) will invest in Traveloka, Southeast Asia’s lifestyle superapp and a leading online platform for travel and local services in Southeast Asia, through its subsidiary, PTTOR International Holdings (Singapore) Pte. Ltd. (“SGHoldCo”). This is a major step for OR to expand into the travel sector and strive to become a one–stop solution for all lifestyles.
Jiraphon Kawswat, President and Chief Executive Officer of OR hosted a signing ceremony of the Collaboration Agreement between OR and Traveloka on July 26, 2022, where Ferry Unardi, Co-Founder and CEO of Traveloka was also present.
According to Kawswat, the travel sector is an area of focus for OR as tourism is one of the major economic contributors to the Thai economy. The tourism sector employs a large portion of the Thai population and many Thai SMEs are also reliant on this segment. The travel sector in Thailand and Southeast Asia has enjoyed high growth rates prior to the COVID-19 pandemic and is expected to rebound quickly following the easing of travel restrictions and the recovery in travel demand.
Collaborations between OR and Traveloka will provide additional lifestyle solutions to OR customers in line with OR’s strategy to become a one-stop solution for all lifestyles. This collaboration will also provide growth opportunities to both OR and Traveloka in domestic and international markets in accordance with OR’s strategy to focus on Outside-In Growth, as both OR and Traveloka seek new investment opportunities together with partners to provide more solutions to address customers’ needs.
“OR foresees many opportunities and possibilities that we can realize from this collaboration. Not only can this partnership provide new opportunities to OR in the travel sector, it can also provide additional venues for OR’s existing partners and business alliances to grow together with OR and to deliver greater offerings and experiences to OR customers.
Given Traveloka’s position as a leading online platform for travel and local services in Southeast Asia and its strong technology capabilities, I believe there is a range of areas OR can explore together with Traveloka to further enhance our tech capabilities”, said Kawswat.
This collaboration is also a positive step in furthering Traveloka’s mission of fulfilling the aspirations of its users and allowing its merchant-partners to thrive.
“We see immense value from the collaboration as we see the region growing at a rapid pace, leading to greater opportunities in the industry. We are excited to work with OR, with its expertise in creating great businesses with a customer-focused approach, to capture the demand and provide enhanced solutions to our customers, while also creating new opportunities for our merchant-partners in Thailand and the region”, Unardi says.