Riding on its phenomenal success in the U.S., home-leasing website Airbnb is gearing up for expansion in Asia and the one market that it sees huge potential is China.
"The future of travel is really about China... with its potential in outbound travel and tourism spending," Airbnb's chief technology officer and co-founder Nathan Blecharczyk told CNBC at the World Economic Forum in Tianjin, China. "We're working to customize our product for this market."
The San Francisco-based portal which enables members to rent out their homes to tourists is keen to leverage on the mainland's booming internet industry.
"There are native payment systems in China such as Alipay that we will incorporate into our product. There are also social networks where we want to allow users to link and transfer their reputation and authentication from their Weibo or Wechat into Airbnb. These are what we've been working on," said Blecharczyk who co-founded the rental website with two friends in 2008.
Alipay is the online payment service offered by Chinese e-commerce giant Alibaba, while Sina's Weibo is the Chinese equivalent of Twitter. WeChat is the wildly popular instant messaging service owned by internet behemoth Tencent.