[Exclusive] Cho Hyun-min, President of Hanjin, to Personally Develop Travel Platform 'Tripcodi'

Formation of TripCodi Team within Affiliate 'Topas Travel Information'
Personnel from Singapore Travel Startup Previously Privately Invested Join
Accelerating Structural Improvement by Overseeing Direct Development

[Asia Economy Reporter Kwangho Lee] Cho Hyun-min, President of Future Growth Strategy and Marketing at Hanjin, is putting effort into travel platforms. He has taken direct steps to improve the structure by bringing a developer from a Singapore travel startup, in which he personally invested, into the Trip Cody team within Topas Travel Information.

According to industry sources on the 5th, Cho formed the ‘Trip Cody’ team within Topas Travel Information, a Hanjin affiliate. The Trip Cody team operates under the slogan “Adding tips to travel.” It aims to be a review platform for local restaurants, hot places, accommodations, and activities at desired travel destinations. In particular, it focuses on products related to ‘workation,’ a new work system that allows people to work and take vacations simultaneously at their preferred locations.

The current leader of the Trip Cody team is Singapore startup developer Man Philip. The total team size is known to be 11 members. It is a new organization combining existing Hanjin personnel with startup veterans. Man Philip founded the remote travel platform ‘PORT’ in April 2020. The following year, Cho personally invested in PORT as a shareholder.

An anonymous source said, “President Cho is pouring considerable affection into Trip Cody,” adding, “Recently, he visited the Trip Cody team in person, greeted the employees, received reports on project development, and provided feedback.” The source continued, “He recruited Man Philip to make Trip Cody successful and currently trusts him greatly.”

Currently, Trip Cody operates as a team within Topas Travel Information, but there is speculation about a possible spin-off in the future. Rather than struggling within a somewhat conservative group, becoming independent would allow the team to expand its capabilities as a startup. Since most of the personnel come from startups, such a scenario is considered possible depending on project development progress.

Topas Travel Information is regarded as a valuable unlisted company within the Hanjin Group. It was established in 1999 as a joint venture between Korean Air and the global aviation IT company Amadeus. Hanjin Kal, the holding company of Hanjin Group, holds a 94.35% stake. Cho holds 0.14% of the shares. In September 2020, Cho was appointed as an executive (vice president) in charge of new business and business strategy at Topas Travel Information.

The main business is the Global Distribution System (GDS) for airline reservation and ticketing. The GDS, which has evolved from airline ticket booking and sales, car rentals, and hotel reservations, provides information on schedules, room availability, fares, and related services. Major revenue sources include Amadeus, the second-largest shareholder (5%), and travel agencies. The company provides systems to Amadeus and receives commissions. It also generates revenue by offering jointly developed websites with Amadeus to travel agencies.

An industry insider said, “President Cho intends to restructure and improve the business model of Topas Travel Information, which has been focused on airline and reservation services, through Trip Cody.”