[Exclusive] Cho Hyun-min, Vice President of Hanjin Co., Invests in Singapore Travel Startup 'PORT'

Starting as a Real-Time Remote Travel Service... Expanding Expo Business
Investment as Part of Post-Corona Strategy

Johan Min Cho, Executive Vice President of Future Growth Strategy and Marketing at Hanjin

[Asia Economy Reporter Hwang Yoon-joo] Cho Hyun-min, Vice President in charge of Future Growth Strategy and Marketing at Hanjin Co., Ltd. (photo), is attracting attention from the business community by investing as a personal shareholder in a Singapore-based remote travel startup. This is interpreted as a determination to target the related market in line with the changed travel and expo trends after COVID-19.

According to the business and venture industry on the 16th, Vice President Cho invested in the Singapore startup ‘PORT’.

PORT is a remote travel platform founded in April 2020 by Singaporean startup developer Philip Mann. Unlike virtual or online travel, it is characterized by ‘real-time’ travel. By accessing the PORT application (app), users can enjoy a 60 to 90-minute tour with a local guide in real time.

Although it is a foreign startup, it has established a base at the Pangyo Techno Valley Startup Campus. Last year, when the world was in shutdown due to COVID-19, it focused on travel content from countries such as the Netherlands, Japan, Hong Kong, and the United States to build its business, and recently it has been concentrating on remote expos and exhibitions.

The business expansion trigger was the ‘2020 International Artificial Intelligence Expo (AI Expo)’ held at COEX last year. A British company requested to participate remotely, and during the event, the PORT guide toured the booths requested by the company, talked with vendors, and requested samples.

Along with Vice President Cho’s investment, PORT was also selected for the ‘K-Startup Grand Challenge,’ showing signs of growing its expo business. It is currently conducting projects with domestic companies such as Shinsegae Food, KOTRA, Seoul Food, and RoboWorld. The world’s largest IT, home appliance, and tech expo held in the United States, CES, can also be attended through PORT. In addition, remote participation is being accepted for major global expos and exhibitions such as the ‘2021 Korea Digital Transformation Expo’ (Ilsan), ‘Smart Factory Expo’ (Japan), ‘ISM Cologne’ (Germany), and ‘Saudi Food Expo 2022’ (Saudi Arabia).

Vice President Cho’s direct investment in PORT is known as part of a future growth strategy to respond to the post-COVID era. Aviation, travel, and logistics businesses are inseparable. Especially after COVID-19, the aviation and tourism industries are exploring various types of travel services. PORT operates both personal tourism and corporate expo businesses, which is seen as a differentiating factor from other online travel startups. This is why Vice President Cho invested in PORT.

It also carries the meaning of supporting Hanjin Group’s core business, aviation. Vice President Cho resigned from all positions at Hanjin KAL and aviation-related affiliates in December last year. This was because when the Korea Development Bank decided to provide funds to Hanjin KAL, it set the condition of excluding owner management from Hanjin KAL and aviation-related affiliates. Since then, he moved to Hanjin Co., Ltd., where he is responsible for future growth strategy and marketing. It is reported that Vice President Cho’s investment in PORT was made after moving to Hanjin Co., Ltd.

A venture industry official said, "Vice President Cho is very interested in investments that can create synergy with the travel and logistics industries," adding, "I understand that he invested in PORT not just for exit profits but because it helps the business."

This content was produced with the assistance of AI translation services.