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Singapore MAS Directs E-Commerce Platform Qoo10 to Suspend Providing of Payment Services in Singapore from 23rd September 2024, Received Complaints from Qoo10 Merchants Clients of Delayed Payment Processing from 2024 April to August
24th September 2024 | Hong Kong
Monetary Authority of Singapore (MAS) has directed e-commerce platform Qoo10 to suspend providing of payment services in Singapore from 23rd September 2024. Singapore MAS had received complaints from Qoo10 merchants clients of delayed payment processing from 2024 April to August. In 2024 August, South Korea prosecutors had raided the residences of e-commerce platform Qoo10 founder & CEO Ku Young-bae, senior executives and headquarters of TMON & WeMakePrice to investigate liquidity crisis in the companies, fraud, embezzlement & breach of trust. The South Korea government estimates $153 million of overdue payments. TMON & WeMakePrice had filed for receivership with the Seoul Bankruptcy Court. Qoo10 founder & CEO Ku Young-bae pledged to sell his personal assets to resolve liquidity crisis. The South Korea government has announced to provide $400 million of low-interest rate loan to support the affected small businesses. Qoo10 was founded in 2010 (GMarket) by Ku Young Bae. Singapore MAS (23/9/24): “The Monetary Authority of Singapore (MAS) announced today that it has directed Qoo10 Pte Ltd (Qoo10) to suspend the provision of all payment services covered under the Payment Services Act 2019 (PS Act) (covered payment services) in Singapore from 23 September 2024. When the PS Act was introduced, existing payment service providers were exempted and could continue these services pending the review of their licence applications by MAS. This is so that these services are not disrupted pending licensing. Qoo10 is not licensed by MAS, but was exempted and could continue conducting payment services while its licence application is being reviewed. Between April and August 2024, MAS and other government agencies received several customer complaints against Qoo10 for delays in processing payments to these customers, who are merchants on Qoo10’s e-commerce platform. Qoo10 was asked to address these complaints, and while some were resolved, others remained outstanding. In early September 2024, Qoo10 informed MAS that a significant number of merchants will face payment delays. MAS engaged with the management of Qoo10 about these delays and expressed our serious concerns. MAS provided opportunities to Qoo10 to remedy these concerns and required the company to take steps to satisfy MAS that it would be able to meet its obligations to merchants on an ongoing basis, including engaging a third-party payment service provider to offer the covered services. To date, Qoo10 has been unable to provide sufficient assurance that it had the resources and systems to meet its payment obligations to merchants in a timely manner. MAS has thus directed Qoo10 to suspend its covered payment services in Singapore from 23 September 2024. MAS has had to carefully consider the potential disruption the suspension could cause to Qoo10’s e-commerce platform or other services that are integrated with the covered payments services. However, permitting Qoo10 to continue providing covered payments services would expose more merchants using Qoo10’s covered payment services to risks of larger outstanding obligations and potential losses. Qoo10 will be permitted to make payments to satisfy outstanding claims by such merchants, but may not take on new payment obligations. This suspension does not prohibit Qoo10 from operating its e-commerce platform, but it may need to engage a third-party payment service provider for transactions on this platform. MAS will review the suspension when Qoo10 is able to satisfy MAS of its ability to resolve the payment delays and safeguard the interest of its customers in Singapore on an ongoing basis. Merchants facing payment delays should raise their concerns with Qoo10. If the concerns remain unresolved, there are established processes in place to assist merchants in resolving commercial disputes, inclusive of debt recovery. For example, they can consider filing a civil claim with the courts. Merchants who face cash flow difficulties because of the payment delays may contact any of the participating Financial Institutions listed on Enterprise Singapore’s website to apply for the Enterprise Financing Scheme (Working Capital Loan).”
“ Singapore MAS Directs E-Commerce Platform Qoo10 to Suspend Providing of Payment Services in Singapore from 23rd September 2024, Received Complaints from Qoo10 Merchants Clients of Delayed Payment Processing from 2024 April to August “
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South Korea Prosecutors Raid Residences of E-Commerce Platform Qoo10 Founder & CEO Ku Young-bae, Senior Executives and Headquarters of TMON & WeMakePrice to Investigate Liquidity Crisis in the Companies, Fraud, Embezzlement & Breach of Trust, South Korea Government Estimates $153 Million of Overdue Payments, TMON & WeMakePrice Had Filed for Receivership with Seoul Bankruptcy Court, Qoo10 Founder & CEO Ku Young-bae Pledged to Sell Personal Assets to Resolve Liquidity Crisis, South Korea Government to Provide $400 Million of Low-Interest Rate Loan to Support Affected Small Businesses
3rd August 2024 – South Korea prosecutors had raided the residences of e-commerce platform Qoo10 founder & CEO Ku Young-bae, senior executives and headquarters of TMON & WeMakePrice to investigate liquidity crisis in the companies, fraud, embezzlement & breach of trust. The South Korea government estimates $153 million of overdue payments. TMON & WeMakePrice had filed for receivership with the Seoul Bankruptcy Court. Qoo10 founder & CEO Ku Young-bae pledged to sell his personal assets to resolve liquidity crisis. The South Korea government has announced to provide $400 million of low-interest rate loan to support the affected small businesses. Qoo10 was founded in 2010 (GMarket) by Ku Young Bae.
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