KT, Coway forge ties in smart home appliances

The Korea Times

The Korea Times

Business

Tue, October 3, 2023 | 05:19

Companies

KT, Coway forge ties in smart home appliances

Posted : 2022-11-30 16:39

Updated : 2022-11-30 16:56

Yoon Kyung-rim, right, head of KT's Transformation Division, and Coway CEO Seo Jang-won pose after agreeing to cooperate in the home appliance business, at KT's headquarters in Seoul, Wednesday. Courtesy of Coway

By Baek Byung-yeul

KT and Coway have decided to form a partnership to cooperate on artificial intelligence (AI)-based home appliance business, the mobile carrier and the home appliance rental company said Wednesday. The two companies said that they decided to cooperate with each other to improve their customers' quality of life by combining their smart home appliance-related technologies. The two also expect they can create a synergy effect by expanding sales channels.

Under the agreement, the two companies said they will work together to develop advanced home digital transformation technology, expand synergy by combining their products and develop new market segments such as appliances for pets or single-person households. In addition, KT and Coway also seek to expand into the overseas market together.

The industry view is that their cooperation is expected to make up for each other's weak points. KT, which is trying to become what it calls a "DIGICO," a digital platform provider, has been looking for opportunities to expand the use of its AI technology, while Coway also wants to improve its software capability to compete better with Samsung and LG.

More specifically, Coway will consider integrating KT's GiGA Genie AI platform into its major water purifier and air purifier products and use the AI platform in its future products.

Based on big data technology, the two will also try to advance customized services for their customers and cooperate to make various devices compatible with each other by utilizing Matter, a technology standard for the smart home industry.

The partnership will also give KT a chance to expand into overseas markets, as Coway has been doing business in many countries and regions such as the United States, Japan, China, Europe and Southeast Asia.

"With Coway, a leading environmental home appliance company, we will present future AI life by combining DIGICO KT's capabilities," said Yoon Kyung-rim, head of KT Group's Transformation Division.

Coway CEO Seo Jang-won also said he expects "the partnership could bring new changes in the smart home market."

baekby@koreatimes.co.kr