The Caribbean Hotel and Tourism Association (CHTA) recently signed a memorandum of understanding (MOU) with the Hospitality Financial and Technology Professionals (HFTP) association seeking to build capacity across its membership.

The three-year agreement will allow members to access finance and technology-related education on topics focused on upscaling workforce automation and staffing, cryptocurrency, non-fungible tokens (NFTs) and cybersecurity.

CHTA President Nicola Madden-Greig, in underscoring the need for the partnership, said that the use of technology in today’s rapidly changing and challenging business environment is “central to a robust tourism rebound in the Caribbean.”

“We must be au courant in leveraging the technological tools needed to drive operational efficiency, execute strong marketing campaigns and to deliver new customer experiences. We need to be much smarter when it comes to the application of technology across the region – from artificial intelligence to big data,” she said, noting also that special emphasis will be placed on the inclusion of micro, small and medium-sized operators.

Through the partnership, the CHTA executive said she was hoping for members to also use technology to make their operations more sustainable, cost-efficient, profitable and agile in the face of new and existing shocks.

“There is a lot to be unpacked, and I think through this partnership and exposing our membership to the options, we will really see an eye-opening change that is welcomed and could help to fast-track the way we embed technology into our operations, so that we can continue to have not only a sustainable tourism product but one that truly thrives in a new environment,” she added.

HFTP, a US-based firm, is globally recognised as the voice for the finance and technology segments of the hospitality industry and is made up of an international network of members and stakeholders. Like the CHTA, the fintech outfit leverages its experts, networks, research, certification programmes, information resources, conferences and events to benefit its members.

According to HFTP CEO Frank Wolfe, the strength of the entity is heavily dependent on the reach of its global network which provides a gateway through which the association can collectively build a knowledge base via the sharing of its expertise and resources.

“Partnering with CHTA and the Caribbean, a region well-known for its hospitality industry, is a significant step to connecting our shared efforts to support education and innovation,” he stated.

Acting CEO and director general of CHTA Vanessa Ledesma, in hailing the HFTP as a hospitality industry authority in the areas of finance and technology, described the partnership as a “great fit for CHTA”, noting that the Caribbean could now be on the cutting-edge when it comes to implementing solutions for challenges faced across the region.

She further envisioned great hope for the members of both associations working together and learning from each another while identifying new avenues for collaboration as the travel and tourism sector emerges from setbacks experienced since the novel coronavirus pandemic.

Sanovnik Destang, 2nd VP and chair of the technology task force at the CHTA, said that the MOU signed will bring many exciting benefits to members, including access to HITEC’s Entrepreneur 20x pitching competition. HITEC, deemed one of the world’s largest hospitality technology conference, is to be held in Orlando, Florida, from June 27-30.

“For the first time ever, Caribbean-based hospitality tech entrepreneurs will get to participate in this competition with the application fee waived. This is a great opportunity for our members and we look forward to more opportunities like this through our partnership with HFTP,” he stated.