CEO Shunee Yee Speaks with Bloomberg about China’s Tech Growth
BEIJING & SAN FRANCISCO–(BUSINESS WIRE)–CSOFT International, a leading localization and global communications provider, recently helped localize China’s two largest transportation startups, Didi Chuxing and Ofo, in their international ambitions. These innovative companies have revolutionized everyday life, are dominating the local transportation economy, and have firmly placed China on the map for innovative transportation services. America is no longer the only player in the world of transportation startups.
Ofo is the world’s first bike-sharing unicorn, a true innovator in the realm of transportation innovation, and in the world of “non-docking” bike platforms.” In just two years’ time, companies like Didi and Ofo have made a huge impact on the industry. It took Uber nearly six years from its founding in 2009 to reach its 1 billionth ride. Didi tallied 1.43 billion rides across all its services in 2015.
In early May 2016, through CSOFT’s localization services, Didi released its first English version in China’s megacities, Beijing, Shanghai, and Guangzhou – a feat that was desperately needed for millions of expats and international travelers. According to Wang Huiyao, President of the Center for China & Globalization, foreign residents increased by more than 50% between 2000 and 2013 and currently account for 0.5% of the total population in Beijing alone.
Along with the English interface, English-speakers now have access to real-time translation and the ability to add international credit cards as a payment option. These features help travelers better communicate with their drivers and easily pay for their rides. With the support of investors, including Alibaba and Apple, the ride-hailing giant is now valued at US$50 billion.
On yesterday’s “Bloomberg Markets: Asia”, interviewed by Rish Salamat and Haidi Lun, Shunee Yee (Founder and CEO of CSOFT International) described CSOFT as the “Uber of language services” and explained how more than 50% of the world’s population speaks more than two languages. By utilizing technology and these skill assets, people around the world now have instant access to live-translation services. She emphasized the importance of “translating” brands, products, and operations to reflect local perspectives, a process that will help companies compete effectively across global markets.
According to Yee, China’s companies going global face different challenges than when Fortune 500 companies from mature markets internationalized their products in the 80s and 90s. In addition to overcoming technical, linguistic, and cultural barriers, “Chinese companies are facing a more complex political and geo-economic environment today. The digital revolution demands that today’s products reach global audiences instantaneously.”