November 21, 2024

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TGS Holding Chairman Lee Jae-sun (left) poses for a photo with Glyphstudios CEO Gerry Amisola at the memorandum of understanding signing ceremony held at the Artpin Gallery in Seoul on Oct. 23. (TGS Holdings)

South Korean retail and finance company TGS Holdings announced Tuesday that it has signed a memorandum of understanding with Philippines-based Glyphstudios to expand e-commerce and mobile payment services in the Southeast Asian market.

As part of the agreement, TGS Holdings will launch a subsidiary called Woori Ventures Group to oversee its e-commerce operations in the Philippines. This deal, finalized last Wednesday with one of the Philippines’ largest mobile services and content providers, seeks to tap into the growing demand for Korean content and products in the region, according to the company.

Woori Ventures Group plans to secure broadcast slots on local cable and Sky TV channels to air Korean dramas, variety shows and music programs. These broadcasts will feature home shopping advertisements for South Korean products, enabling direct sales to viewers.

TGS also plans to introduce a mobile payment service called CPay, allowing users to purchase products featured on television, social media and online platforms. The company said CPay would be compatible with the Philippines’ widely used payment systems, including G-CASH, Maya and QRPh, to enhance accessibility.

Glyphstudios, a technology firm known for its AI-powered marketing chatbots, Cognitive AI, has a history of working with global brands, including Meta, Nestle and Unilever. Through this partnership, Glyphstudios will introduce its AI technology to major South Korean asset management firms and plans to attract investment and establish joint ventures alongside TGS.

“We are confident we will attract one million members by 2025 through our combination of K-content broadcasting, home shopping and the CPay mobile payment service,” a Woori Ventures official said, adding that both companies will continue to collaborate on a variety of projects in the Philippines moving forward.

By Park Li-na (linapark@heraldcorp.com)