November 29, 2024

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Tmax Group Chairman and CTO Park Dae-yeon speaks during a press conference held in Seoul on Thursday. (Tmax Group)

Korean software developer Tmax Group on Thursday unveiled a groundbreaking super-app platform, Gaia, which allows users to create apps without coding skills, declaring a new era of digital transformation.

“There have been numerous attempts to achieve great IT integration, but no one has been able to achieve effective integration in the right way,” Chairman and CTO Park Dae-yeon said during a press conference held in Seoul.

“The IT grand integration presented by Tmax refers to integration between four elements: system, data, app and AI,” he added while stressing that it is crucial for Korea’s competitiveness in an era where IT capabilities directly impact corporate and national strength.

Gaia is the group’s future flagship project and a long-cherished endeavor of Park. Founded in 1997, Tmax has leveraged its accumulated expertise in databases, operating systems, cloud services and artificial intelligence technologies to create this next-generation platform.

“(Launching the platform) took about five to six years longer than expected. We spent enough time fixing problems to release the perfect super-app platform. … We injected around 1.1 trillion won ($800.5 million) for the platform development,” Park explained.

The chairman envisioned that Gaia would not only enhance existing app performance but also revolutionize IT cost savings, contribute to stability improvements, and address security challenges.

The platform aims to make previously impossible tasks achievable, including AI automation, driving innovation across various business domains, according to the Tmax chief.

Building upon Gaia’s technological prowess, Tmax plans to accelerate its business initiatives. Beyond business-to-business transactions, it intends to expand into business-to-consumer interactions and strategically target global markets.

“Starting with B2B service in the second half of this year, we are aiming for B2C service in the first half of next year, and are planning to enter the global market in the second half of next year,” Park said. For the global entry, he further hinted that it is preparing to team up with Amazon first.

“Since we are currently testing and proposing with a few companies for big B2B references, we’re still at an early stage to mention it. However, we believe we’ll be able to create about 10-100 portfolios within this year. Under the plan, we’ll be able to generate some profits after a year,” he said.

Tmax had sought to make a Nasdaq debut in 2010 and 2023 but the plans have been delayed due to operational losses. At Thursday's event, Park again showed his strong will to list the company on the US stock market around 2030.

“Listing is the most crucial factor. Nasdaq listing timing is paramount, and without global success, the dream of listing remains unfulfilled. Since we’ve committed to achieving a revenue target of 100 trillion won by 2030, even if it takes 1-2 more years, we’ll definitely pursue our listing goal.”

By Jie Ye-eun (yeeun@heraldcorp.com)