S. Korean gov't announces measures for financial support amid e-commerce crisis

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Now onto the crisis with e-commerce retailers in South Korea.
The government has announced extra measures to alleviate damage for vendors and customers.
Ahn Sung-jin tells us more.

The crisis surrounding e-commerce platforms TMON and Wemakeprice still persists with enraged sellers and customers looking for concrete solutions.
During an economic ministerial meeting held on Wednesday, the government discussed additional measures to respond to the chaos as well as policies to prevent similar crises in the future.
"The government has put together solutions for financial support. We will begin by completing the refund process for product buyers."

To assist the process, the government will be cooperating with credit card companies, electronic payment service providers and travel agencies to give out refunds as quickly as possible.
For those customers who seek a refund from travel, lodging and airline companies, the government will also be collecting applications for collective dispute mediation by the end of this week and begin the mediation process next week.
For vendors that haven't received payments, additional liquidity support worth 1-point-2 trillion won or 870 million U.S. dollars will be provided from the central and local governments.
Starting from Wednesday, businesses that have been affected can extend their loans and guarantees by up to a year.
Meanwhile, to prevent another e-commerce crisis in the future, the government will establish regulations for e-commerce platforms to prevent them from using payments from vendors as liquidity.
"We will be pushing for fundamental policy reform to prevent damage like this from happening again."


Existing regulations on retail and electronic transactions will also be revised so e-commerce platforms have a shorter payment period than huge retailers.
Measures discussed in Wednesday's meeting will become more concrete within the month.
Delays in payments from the two e-commerce retailers began in July when their mother company, the Singapore-based platform Qoo-10, was reportedly in a tight financial situation.
This led to unilateral cancellations of orders leading to financial damage for both vendors and customers.
More than 3,000 vendors have been affected, suffering total damages of 278 billion won, or roughly 200 million dollars, as of August 1st.

Ahn Sung-jin, Arirang News.

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2024-08-07, 12:00 (KST)
Catégories
E commerce Divers
Mots-clés
Arirang News, Customer, English
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