{"id":25948,"date":"2024-07-30T18:17:54","date_gmt":"2024-07-30T12:47:54","guid":{"rendered":"https:\/\/asia.businessupturn.com\/?p=25948"},"modified":"2024-07-30T18:17:54","modified_gmt":"2024-07-30T12:47:54","slug":"south-korean-government-steps-in-with-krw-560-billion-to-resolve-tmon-wemakeprice-vendor-payments","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/asia\/east-asia\/south-korea\/south-korean-government-steps-in-with-krw-560-billion-to-resolve-tmon-wemakeprice-vendor-payments\/25948\/","title":{"rendered":"South Korean Government steps in with KRW 560 billion to resolve Tmon, WeMakePrice vendor payments"},"content":{"rendered":"<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"fe07e46e-d92b-4f3d-b503-2ef2efbf1be2\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>Singapore-based Qoo10\u2019s South Korean e-commerce platforms, Tmon and WeMakePrice, have filed for corporate rehabilitation, prompting significant intervention from the South Korean government. In response to the financial turmoil, the government has allocated at least 560 billion won to address outstanding payments to small vendors affected by the platforms\u2019 financial issues.<\/p>\n<p>According to local media, the Seoul Bankruptcy Court has confirmed that Tmon and WeMakePrice are under a court-supervised restructuring. The two platforms collectively owe a substantial 213.4 billion won to their vendors, with Tmon responsible for 128 billion won and WeMakePrice for 85.4 billion won. This amount is anticipated to rise as more transactions near completion, as estimated by the Korea Herald.<\/p>\n<p>The government\u2019s substantial financial support aims to tackle the immediate liquidity crisis and ensure that vendors receive their overdue payments. This intervention reflects a broader commitment to stabilizing the e-commerce sector and safeguarding smaller businesses that have been impacted by the financial difficulties of these major platforms.<\/p>\n<p>In addition to the government aid, Qoo10 plans to raise $50 million in August to help mitigate the liquidity issues facing its South Korean operations. However, the Financial Services Commission (FSC) has indicated that this amount may not be sufficient to cover all unpaid dues. The FSC\u2019s assessment underscores ongoing financial strain and highlights the necessity for additional measures to fully resolve the situation.<\/p>\n<p>The current scenario underscores significant challenges within the South Korean e-commerce sector, affecting vendor relationships and overall market stability. As Tmon and WeMakePrice continue their restructuring processes, the effectiveness of the government\u2019s support and Qoo10\u2019s fundraising efforts will be crucial in determining the future stability and recovery of these platforms.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The two platforms collectively owe a substantial 213.4 billion won to their vendors, with Tmon responsible for 128 billion won and WeMakePrice for 85.4 billion won. This amount is anticipated to rise as more transactions near completion, as estimated by the Korea Herald.<\/p>\n","protected":false},"author":415,"featured_media":25955,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28,13],"tags":[14666,5213,4994,12401,4436,14664,603,14244,14665,14245],"class_list":["post-25948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-singapore","category-south-korea","tag-corporate-rehabilitation","tag-e-commerce","tag-financial-crisis","tag-government-support","tag-ipo","tag-qoo10","tag-south-korea","tag-tmon","tag-vendor-payments","tag-wemakeprice"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/25948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/users\/415"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/comments?post=25948"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/25948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media\/25955"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media?parent=25948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/categories?post=25948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/tags?post=25948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}