The amount owed by South Korea's e-commerce companies may exceed 800 billion won

​The South Korean government held a meeting on Friday (August 2) on the situation of e-commerce arrears to understand the current situation and plan for future responses. It is understood that the amount owed by the two e-commerce platforms is likely to exceed 800 billion won.

Yonhap news agency reported that according to the information obtained by the South Korean Financial Supervisory Service, the default payment of e-commerce companies TMON and WeMakePrice increased from 213.4 billion won on July 25 to 274.5 billion won on July 31, an increase of about 60 billion won.

The South Korean government forecasts that the total amount of arrears will more than triple to more than 800 billion won or even close to 1 trillion won, taking into account the accounts payable due in June and July.

The South Korean government announced on July 29 that it will invest 560 billion won to resolve the debt crisis. It was decided that the funds would be released quickly to provide financial assistance to affected small businesses. In addition, the government has decided to formulate and announce further measures as soon as possible.