Ganganm Style, the odd viral hit track by 35-year-old South Korean rapper, Psy, on Wednesday clinched the Song of the Year award at the 27th annual Golden Disk Awards, a Korean pop event nicknamed the ‘Korean Grammys.’

Held in the Malaysian capital of Kuala Lumpur before hordes of screaming fans, the two-day celebration is a testimony to the rising global popularity of Korean pop music.

Gangnam Style made history last month when it became the first ever video on YouTube to have been viewed 1 billion times. The Song of the Year award, which the track won, was the topmost and final prize at the ceremony.

Since the release of the track, the chubby rapper has been enthroned as K-pop’s first artiste to achieve mainstream success in the United States.

Decked out in a bow tie and suit jackets varying from pink to baby blue, and only a towel for one sequence set in a sauna, Psy raps in Korean and busts funky moves based on horse-riding in venues ranging from playgrounds to subways.

The song, released in July, was meant as a commentary on the rampant materialism of today's South Korea - particularly in relation to the Gangnam section of the city, which Psy has termed Seoul's Beverly Hills.

“My goal in this music video was to look uncool until the end. I achieved it,” Psy said of the song, which was released in July 2012.

Winners of the Golden Disk Awards, which began in 1986, are chosen based on album sales and digital downloads. The ceremony first ventured overseas in 2012, when it was held in Japan.

On Tuesday, the first night, Super Junior again won the Best Album award with the album, Sexy, Free & Single; while Boy band Shinee scooped the Most Popular Star prize.