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Qoo10 Ordered to Suspend Payment Services in Singapore Amid Vendor Payment Delays

 


E-commerce platform Qoo10 has been directed by the Monetary Authority of Singapore (MAS) to halt all payment services from Monday (Sep 23), following delays in processing payments to merchants on its platform. While Qoo10 can continue operating its e-commerce platform, customers are currently unable to make purchases due to the suspension of its payment gateway.

The suspension follows a series of complaints from merchants between April and August regarding late payments. Despite efforts to address some of these issues, significant delays remained unresolved. In early September, Qoo10 informed MAS that more vendors would face payment delays, prompting MAS to intervene.

Qoo10 has been unable to provide sufficient assurance that it can meet its ongoing payment obligations, leading MAS to suspend services covered under the Payment Services Act, including merchant acquisition, account issuance, and domestic and cross-border money transfers.

While the platform is allowed to settle outstanding claims with merchants, it cannot take on new payment obligations. MAS said the suspension will be lifted once Qoo10 resolves its payment delays and can safeguard the interests of its customers.

Merchants facing payment delays are encouraged to contact Qoo10 directly or seek recourse through legal channels.



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Location: Singapore

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