Finance Minister Choi Sang-mok (3rd from R) speaks during a meeting with the ruling People Power Party in Seoul on Aug. 6, 2024. (Image courtesy of Yonhap)
SEOUL, Aug. 6 (Korea Bizwire) — Finance Minister Choi Sang-mok on Tuesday unveiled policy measures for e-commerce vendors, as such vendors were hit by the recent payment delays of Qoo10-owned platforms TMON and WeMakePrice.
Under the measures, the government will shorten a term of payment by e-commerce platforms to vendors, Choi told a meeting with ruling party officials.
The government will also require e-commerce platforms to separately manage money set to be paid to vendors, Choi said.
As of last Thursday, the amount of delayed payments by the two platforms was estimated to reach 278.3 billion won (US$203 million), but speculation suggests that this amount could escalate to as much as 1 trillion won if future payments are included.
“It is possible that the extent of the damage may increase further when we consider the transactions for June and July, with their approaching settlement deadlines,” Choi said.
During the meeting, the government and the ruling party said they agreed to provide liquidity of 500 billion won to the vendors of TMON and WeMakePrice.
TMON and WeMakePrice have been accused of continuing their business dealings despite knowing that timely payments to vendors were impossible due to liquidity issues.
(Yonhap)
