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[Global Times correspondent in South Korea Mang Jiuchen, Global Times reporter Ren Yiran, Global Times special correspondent Ren Zhong] The explosion of South Korean e-commerce Weimeipu and TMON has attracted continuous attention from the South Korean public opinion. The two e-commerce platforms, with a total of more than 8.6 million monthly active users, are in serious financial difficulties and are unable to settle payments to merchants on the platform on schedule. The "Korea Tariff News" reported on the 7th that in response to the e-commerce industry crisis caused by TMON and Weimeipu, the South Korean government announced a series of response measures and system improvement directions to prevent similar incidents from happening again. South Korea is the world's fourth largest e-commerce market, and the e-commerce industry is highly competitive. Some commentators said that this explosion broke the "bubble" of the South Korean e-commerce industry. South Korea's "Asia Daily" said that the South Korean government will conduct a comprehensive inspection of e-commerce companies and will reorganize the market structure with major e-commerce companies as the center. "The South Korean e-commerce industry is facing a reshuffle."

The South Korean government stepped in to provide a safety net

The Korea Times reported on the 7th that as of August 1, the total amount of unsettled payments on TMON and Weimeipu, two platforms under Singapore's Qoo10, has reached 278.3 billion won (1,000 won is about 5.2 yuan), and consumer losses related to general goods, travel products and gift certificates are estimated to be 59.4 billion won. As the number of claims continues to increase, the total losses are expected to increase further.