Korea extends rescue funds as Qoo10 CEO apologizes over payment delays

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Korea extends rescue funds as Qoo10 CEO apologizes over payment delays - Korea Economic Daily

Quick Summary:

South Korea on Monday came up with a plan to offer at least 560 billion won ($445 million) in emergency funds to support small businesses hit by payment delays at Singapore-based Qoo10 Pte.’s two e-commerce platforms – TMON and WeMakePrice.

My deepest apologies to the customers and partners who suffered due to the recent payment delays,” he said in a statement.“I will sell or use my stake in Qoo10, which is most of my assets, as collateral to raise money and solve this matter.”The CEO said Qoo10 estimates damages to customers, mostly those who purchased travel packages, at around 50 billion won but it’s difficult to give a damage estimate for vendors.

SLIPPING INTO CRISISIn early July, Seoul-based TMON and WeMakePrice began failing to make payments to merchants using their platforms, with the two online platform operators’ parent company Qoo10 saying the problem was triggered by a glitch in its payment system for WeMakePrice.