South Korea Provides $400 Million to Small Businesses

South Korea's government announced a financial support package of $400 million to assist small businesses affected by payment delays from e-commerce platforms TMON and WeMakePrice, both owned by Singapore-based Qoo10. The delays, caused by a payment system glitch, have resulted in unpaid vendors and refund struggles for customers, totaling estimated missed payments of around 210 billion won ($152 million). In response to the crisis, financial authorities have initiated an investigation into the two companies, while Qoo10's founder, Ku Young-bae, has pledged to use his personal assets to help remedy the situation. The government will also offer low-interest loans and extend repayment deadlines for existing loans and taxes to support the affected small businesses. Despite Qoo10's commitment to secure $50 million to alleviate the issue, no detailed recovery plan has yet been submitted to authorities. The situation has led to significant vendor dissatisfaction, with potential protests planned as affected parties seek resolution.