Kim Byunghwan, Financial Services Commission Chairman, "Will Quickly Resolve the Timeff Incident"

Not only promoting support measures
but also calling for preparation of e-commerce system improvement plans
Regarding major shareholders and management of Tmon and Wemakeprice
"There is a need to hold them clearly accountable"

Kim Byung-hwan, Chairman of the Financial Services Commission, ordered a swift resolution regarding the delayed settlement of sales proceeds by TMON and WEMAKEPRICE.

On the afternoon of the 31st, Chairman Kim emphasized directives related to the TMON and WEMAKEPRICE incident during the first executive meeting held after his inauguration at the Financial Services Commission's 16th-floor conference room in the Government Seoul Office.

He expressed regret over the significant damage caused to many consumers and sellers due to this incident, stating, "Above all, a prompt resolution is the most important right now."

Financial Services Commission Chairman Kim Byung-hwan emphasized instructions related to the Tmon and Wemakeprice incidents during the first executive meeting held after his inauguration on the afternoon of the 31st at the Financial Services Commission's 16th-floor conference room in the Government Seoul Office Building.
[Photo by Financial Services Commission]

First, he announced that support measures such as emergency funding for affected companies, extension of existing loan maturities, and assistance with consumer payment cancellations and refunds will be implemented without delay. He also ordered, "We will thoroughly collect the opinions of companies suffering from delayed settlements and consumers experiencing refund inconveniences to ensure that support measures are smoothly carried out."

He also stated the need to prepare institutional improvement plans related to e-commerce. He emphasized the establishment of a trustworthy transaction order and a strict regulatory system in the fields of electronic commerce and electronic payment, saying, "We must thoroughly re-examine the problems in e-commerce operations and supervision from the ground up and promptly prepare institutional improvement plans."

He added, "We must improve unfair business practices that disadvantage sellers and consumers, such as the safety management of settlement funds and shortening of settlement cycles raised by the Political Affairs Committee, to enhance the reliability of the e-commerce industry." He stressed, "Supervisory shortcomings regarding Payment Gateway (PG) companies must also be improved to ensure sound management."

Meanwhile, regarding the major shareholders and management of TMON and WEMAKEPRICE, he pointed out that they provided the fundamental cause of this incident and said, "It is necessary to hold them firmly accountable." He also stated that they will actively cooperate with investigative agencies by promptly sharing information identified through supervision processes and on-site inspections conducted so far.

This content was produced with the assistance of AI translation services.