of Monetary Authority of Singapore (MAS) The company ordered e-commerce platform Qoo10 to suspend all payment services from September 23, 2024.
This follows complaints from several customers about delayed payments to merchants on Qoo10’s e-commerce platform between April and August 2024.
Qoo10 has yet to receive approval from MAS but has been allowed to continue operating while its application is being reviewed, based on exemptions provided for in the PS Act.
However, despite MAS’ involvement and multiple opportunities offered to Qoo10 to address the payment delays, the issues persisted, leading to the suspension.
MAS stressed that the measure is aimed at protecting traders from further risks and potential losses.
Qoo10 can continue to operate its e-commerce platform, but may need to use third-party payment providers for transactions.
The suspension will be lifted if Qoo10 can provide assurances that it can meet its payment obligations to MAS and resolve outstanding arrears.
Merchants facing late payments are advised to contact Qoo10 and, if the issue is not resolved, consider dispute resolution mechanisms such as filing a civil lawsuit through the courts.
Businesses experiencing cashflow problems can apply for financial assistance through Enterprise Singapore’s Enterprise Finance Scheme (Working Capital Loans) through participating financial institutions registered with the company. Website.
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