Qoo10, a Singaporean e-commerce company and the parent company of TMON and WEMAKEPRICE (Timemep), which caused controversy in South Korea due to unsettled payments, has suspended its sales activities. Consumer payments have been blocked as Singaporean authorities ordered the suspension of payment services.
According to CNA, a local Singaporean media outlet, on the 24th, the Monetary Authority of Singapore (MAS) ordered Qoo10 to suspend its payment services the day before. MAS explained that while Qoo10's e-commerce platform operations are not completely banned, consumers cannot make payments. Previously, MAS and other Singaporean authorities received multiple complaints about delayed settlements from sellers on Qoo10, and some sellers who did not receive their sales proceeds reported to the Singapore Police or filed lawsuits in court.
Earlier this month, Qoo10 informed MAS that significant delays in settlements would occur for many sellers, and Singaporean authorities expressed serious concerns to the management. MAS stated, "Qoo10 has resolved some issues related to settlement delays, but some remain unresolved," adding, "If payment services continue to be allowed for Qoo10, more sellers could be exposed to unsettled payments and potential losses." MAS further explained, "We requested Qoo10 to take measures to continuously fulfill its obligations to sellers, such as third-party mediated payment services, but since these were not met, this decision was made."
Qoo10 also announced on its website the day before that it would temporarily suspend sales. Qoo10 explained, "The payment window is temporarily unavailable to introduce a simpler and more stable payment system," and asked for understanding, stating, "The service will resume soon." It is known that Qoo10 laid off 80% of its employees last month, and with this sales suspension, its operations have effectively come to a halt.
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