South Korea's $405M Rescue Plan for eCommerce Crisis

Seoul, South Korea - South Korea's government announced a KRW560 billion (US$405 million) liquidity injection to address the payment crisis at e-commerce platforms TMON and WeMakePrice. 

The move comes as the companies face criticism for delayed seller payments and consumer refunds.

The emergency funding, unveiled by First Vice Minister of Economy and Finance Kim Beom-seok, includes KRW200 billion (US$145 million) in urgent management stabilization funds and KRW300 billion (US$217 million) through credit guarantee programs. 

An additional KRW60 billion (US$43 million) will support travel agencies affected by the crisis.

Qoo10 CEO Ku Young Bae, whose company owns TMON and WeMakePrice, pledged to use his assets to resolve the situation. 

He estimated consumer damages at around KRW50 billion (US$36 million), primarily affecting travel products.

The government plans to extend loan maturities, defer tax payments, and assist affected businesses in listing on other online platforms. 

A dedicated task force will investigate potential legal violations and develop measures to prevent future incidents.

* US$1=KRW1,382.43