KG Inicis is showing strength. It is interpreted that this was influenced by news that the government has ordered institutional improvement measures such as mandatory escrow in relation to the Tmon and Wemakeprice incidents.
As of 1:46 PM on the 1st, KG Inicis is trading at 11,110 KRW, up 7.45% compared to the previous day.
On this day, Kim Byunghwan, the Chairman of the Financial Services Commission, ordered that institutional improvement measures related to e-commerce should be prepared at the first executive meeting held after his inauguration. He especially emphasized that unfair business practices unfavorable to sellers and consumers, such as settlement fund safety management and shortening the settlement cycle raised by the Political Affairs Committee, should be improved to enhance the reliability of the e-commerce industry.
First, it seems that mandatory escrow measures for platform companies like Tmon and Wemakeprice will be reviewed. If escrow is made mandatory, it can prevent the excessive use of sales proceeds for other purposes. Escrow is a method where a third party such as a bank holds the payment, and the payment is made to the seller once the delivery of goods is completed.
Meanwhile, it is known that Interpark Commerce, which entrusted payment agency and payment deposit services to Tmon, had its sales proceeds frozen as Tmon recently filed for corporate rehabilitation. In response, Interpark Commerce announced that it has partnered with KG Inicis and others since the 29th of last month to introduce the escrow method for safe sales proceeds settlement.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
