The Monetary Authority of Singapore (MAS) has ordered e-commerce platform Qoo10 to suspend all payment services from 23 September 2024.
This follows several customer complaints received between April and August 2024 about delayed payments to merchants on Qoo10’s e-commerce platform.
While Qoo10 is not yet licensed by MAS, it was allowed to continue operating while its application was under review under an exemption provided by the PS Act.
However, despite MAS’s engagement and multiple opportunities provided to Qoo10 to address the payment delays, the persistent issues led to the suspension.
MAS emphasized that this move aims to protect merchants from further risks and potential losses.
Qoo10 can still operate its e-commerce platform but it may need to use a third-party payment provider for transactions.
The suspension will be lifted once Qoo10 can assure MAS of its ability to meet its payment obligations and resolve outstanding delays.
Merchants facing payment delays are advised to contact Qoo10 and, if unresolved, explore dispute resolution mechanisms, such as filing a civil claim through the courts.
Those experiencing cash flow problems can apply for financial assistance through the Enterprise Financing Scheme (Working Capital Loan) via participating financial institutions listed on Enterprise Singapore’s website.
Featured image credit: Edited from Freepik
