TikTok Partners with Seoul Business Agency to Support Korean Companies' Expansion into Southeast Asia

According to Financial News, global content platform TikTok announced on the 9th that it is partnering with the Seoul Business Agency (SBA), an SME support organization under the Seoul Metropolitan Government, to help Korean companies enter the Southeast Asian market.
On the 8th (local time) in Kuala Lumpur, Malaysia, TikTok signed a strategic memorandum of understanding (MOU) between its Southeast Asia division (TikTok SEA) and SBA. The agreement aims to significantly expand export channels for outstanding Seoul-based SMEs through TikTok Shop, which has a strong presence in the Southeast Asian market.
TikTok explained that three out of four users in Southeast Asia have made purchases through TikTok Shop, highlighting the platform's high conversion rate. Unlike traditional search-based e-commerce, TikTok’s interest-based algorithm precisely matches K-Brands with potential customers and products, providing SMEs with an effective marketing and sales channel.
To provide practical export support for domestic companies, TikTok recently launched the 'Korea-SEA Cross-border Solution.' Previously, entering the Southeast Asian market required establishing a local entity and navigating complex procedures. However, with this solution, Korean businesses can open TikTok Shops in five countries—Thailand, Singapore, Vietnam, Philippines, and Malaysia—using only a Korean business registration certificate.
Kim Hyun-woo, CEO of SBA, stated, "In a rapidly changing trade environment, market diversification is essential for the survival of Seoul-based companies. Through a strategic partnership with TikTok, a leader in the global media commerce market, we will establish a solid foundation for our companies to enter and grow in the Southeast Asian market."
Shin Sung-pil, Vice President of Public Policy at TikTok Korea, commented, "TikTok aims to fulfill its role as a corporate citizen contributing to Korean society and businesses through active collaboration with public institutions such as the Seoul Metropolitan Government and SBA. Leveraging TikTok’s unique strengths in content and commerce, as well as the cross-border solution that lowers export barriers, we will do our utmost to support more Korean SMEs in succeeding on the global stage."
wongood@fnnews.com Joo Won-kyu Reporter