Singapore - Qoo10 Group, the Singapore-based owner of online marketplaces TMON and WeMakePrice, is reportedly seeking to raise US$50 million in response to ongoing payment delays that have impacted thousands of sellers.
According to Yonhap News Agency, the e-commerce giant has been grappling with liquidity issues attributed to aggressive merger activities, resulting in payment delays to sellers for transactions completed in May. The company has informed South Korean financial authorities of its plan to secure additional funds next month to alleviate the financial strain. Despite these efforts, a senior official from the South Korean financial regulators has deemed the proposed measures insufficient.
In response to growing concerns about the potential industrywide impact and the financial vulnerability of the affected sellers—many of whom are small merchants or self-employed—the financial and antitrust authorities initiated joint on-site inspections this past Thursday at TMON and WeMakePrice. Lee Se-hoon, vice governor of the Financial Supervisory Service, reported to the media that the total value of delayed payments could range between 160 billion won (US$115 million) and 170 billion won (US$122 million), highlighting the scale of the issue.