Delayed payments of Tmon, WeMakePrice spike to W1.3tr


The government has recently revealed that overdue payments for sellers on the struggling ecommerce platforms Tmon and WeMakePrice, owned by Qoo10, have soared to 1.3 trillion won, impacting over 48,000 businesses. This staggering amount surpasses the initial estimate of 1 trillion won and represents a significant increase from the previous tentative figure of 818.8 billion won. The liquidity crunch has affected a large number of vendors, with the majority being owed relatively small amounts, but a significant percentage facing substantial sums. The delayed payments are spread across various product categories, with digital and home appliances accounting for the largest portion. To address the issue, the government has pledged to promptly implement a budget of 1.6 trillion won to support affected vendors, with a portion of it already in execution. Additionally, measures are being considered to revise regulations governing the e-commerce industry to prevent similar incidents in the future. Meanwhile, the troubled platforms are taking steps to address the situation, with Tmon announcing an organizational reshuffle and plans to incorporate escrow functionalities into its payment system to shorten settlement periods. Interpark Commerce, another subsidiary under Qoo10, has been approved for an autonomous debt-restructuring program, similar to Tmon and WeMakePrice. The platforms have a one-month negotiation period with vendors to reach debt repayment agreements before potentially facing court receivership.


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