SEOUL — South Korea will provide US$400 million (S$537 million) in financial support to small businesses hit by payment delays at two Qoo10 e-commerce platforms, as the Singapore-based firm's founder pledged to use his own assets to help compensate customers and vendors.
A person passes in front of TMON headquarters amid WeMakePrice and TMON, owned by Singapore-based e-commerce platform Qoo10, are facing increasingly delayed payments, in Seoul, South Korea, July 24, 2024.SEOUL — South Korea will provide US$400 million in financial support to small businesses hit by payment delays at two Qoo10 e-commerce platforms, as the Singapore-based firm's founder pledged to use his own assets to help compensate customers and vendors.
Missed payments by the e-commerce platforms have grown to around 210 billion won , the government estimates. Ku Young-bae, the South Korean founder and chief executive of Qoo10, apologised on July 29 and said Qoo10 would secure emergency liquidity by drawing on overseas funds or by disposing of assets and stakes or using them as collateral.
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