Government and ruling party announce measures for ‘TMON and WEMEF incident’
Enhancing requirements for electronic payment service providers
Separate management of prepaid charging funds for gift cards
Refund for general product purchases to be completed within the week,
Han Dong-hoon, the leader of the People Power Party, is adjusting his glasses during a party-government consultative meeting related to the TMON and WEMEF incident held at the National Assembly in Yeouido, Seoul on the morning of the 6th. From left, Choo Kyung-ho, the floor leader, Han Dong-hoon, the party leader, and Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance. Photo=News1,
, “‘To prevent a recurrence of failures in the e-commerce sector, such as the ‘failure to settle accounts in TMON and WEMEF,’ e-commerce companies will be required to manage sales proceeds separately, and the settlement deadline will be shortened,”
,
, “On the 6th, the government and the People Power Party held a party-government consultative meeting at the National Assembly to finalize relief measures for victims and improvement measures for the e-commerce system related to the ‘TMON and WEMEF unsettled account incident,'”
,
, ‘The government and the ruling party agreed to shorten the settlement deadline for electronic payment service providers (PG) from the current 40-60 days, introduce an obligation to separately manage sales proceeds, and strengthen management and supervision of PGs, according to Kim Sang-hoon, the policy committee chair of the People Power Party, during a briefing.’,
,
, ‘In relation to this, the government will strengthen the registration requirements and management standards for electronic payment service providers (PGs) and establish a legal basis for imposing sanctions if they fail to meet these requirements. Additionally, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok announced that the system for managing prepaid charging funds for gift card issuers will be strengthened by requiring 100% separate management.’,
,
, ‘The government and the ruling party also stated, “For the relief of consumer damage, in the case of general products, support will be provided so that refunds can be completed within the week through credit card companies and PGs.”‘,
,
, ‘For affected companies, it was agreed to provide emergency operating funds of 200 billion won and financial resources totaling 300 billion won through credit guarantee funds. In cases of wage arrears, discussions were held on the possibility of providing livelihood loans for immediate payment living expenses.’,
,
,