Mafengwo CEO Chen Gang: Online Customized Tourism Service To Upend Traditional Travelling Industry

Mafengwo CEO Chen Gang: Online Customized Tourism Service To Upend Traditional Travelling Industry

By Emma Lee on August 13, 2013

Different from mainstream tourism services of hotel reservation and ticket booking, Mafengwo.com, a travel guide service provider, aims to offer one-stop and customized products that better satisfy the needs of individual travelers, said the company’s CEO Cheng Gang at an interview held at 2013 China Internet Conference (source in Chinese).

Chen predicted that tourism industry will undergo fundamental transformation with the arrival of customized travelling service. Post-80s and post-90s who esteem individuality and familiar with Internet now constitute the major body of customers. Flight tickets and hotel reservation only will not satisfy their demands. According to data from Mafengwo, tourists who visit the Three George scenic sport in central China in groups slumped 10 percent year-on-year, signaling the customer’s demand for customized service.More than 6 million tourism fans share their photos and experiences to the website, giving Mafengwo the privilege to upgrade their tourism guides accordingly by screening and digging out the valuable information. Chen added that the company has provided service to more than 25 million Chinese travelers and their travel guide app has been downloaded for more than 100 million times.

Mafengwo invested heavily in building tourist community and tourist guidelines, aiming to add hotel and restaurant reservation as well as ticket booking services to their products. The company selected the hottest service providers in a certain tourism destinations according to statistics collected on the website, and then, inked cooperation agreements with them to offer more cost-effective experience.

Online tourism industry is experiencing booming development, with internet giants like Baidu, Alibaba and Tencent stepped up their layouts in the sector.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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