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Analysis South Korea looks to overhaul e-commerce with strict payment regulationsAmendments to financial laws target gaps exposed by TMON-Wemakeprice crisis but may limit market competition South Korea is moving to tighten oversight in the wake of a liquidity crisis that rocked e-commerce platforms TMON and Wemakeprice, leaving vendors unpaid and damaging trust in online marketplaces. At a public hearing on Monday, the Financial Services Commission (FSC) and Fair Trade Commission outlined the government’s move to amend the Electronic Financial Transactions Act and the Fair Transactions in Large Retail Business Act. The FSC emphasized that these changes aim to prevent a repeat of the crisis and improve the security of online payment systems. While these amendments aim to create a safer, more transparent environment © Korea Risk Group. All rights reserved. |





