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South Korea plans to provide 5.6 trillion won to help small businesses in trouble.

TraderKnows
TraderKnows
07-29

This week, South Korea announced that it will provide 560 billion won in aid to small businesses facing difficulties due to delays in payments on e-commerce platforms.

South Korean financial authorities will provide liquidity support of at least 560 billion won (approximately 404.55 million USD) to small businesses impacted by delayed payments from e-commerce platforms, the Ministry of Finance said on Monday.

"The government will utilize all available resources to minimize losses," Deputy Finance Minister Kim Bok-seok stated.

Last week, South Korean authorities launched an investigation into TMON and WeMakePrice, subsidiaries of Singapore’s Qoo10, because the two Seoul-based e-commerce companies failed to pay suppliers on time.

On Saturday, TMON and WeMakePrice announced that they are working to minimize the impact on customers and are actively informing customers on how to cancel credit card payments.

Qoo10 has informed financial authorities that it will raise 50 million USD to resolve the issue, but the Financial Services Commission stated on Sunday that a detailed plan has not yet been submitted.

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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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