S Korea to support vendors hit by Qoo10 payment delays, founder pledges compensation

S Korea to support vendors hit by Qoo10 payment delays, founder pledges compensation

FILE PHOTO: 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. Yonhap via REUTERS/File Photo

South Korea will provide $400 million in financial support to small businesses hit by payment delays on two Qoo10 e-commerce platforms and the Singapore-based firm’s founder pledged to use his own assets to help compensate customers and vendors.