Between April and August this year, the central bank and other government agencies received several complaints from Qoo10’s merchants over delays in processing payments. Qoo10 was asked to address these complaints. While some of the complaints were resolved, others remained outstanding. Qoo10 then informed MAS in September that a “significant number” of these merchants would face payment delays.
The Monetary Authority of Singapore (MAS) has asked e-commerce platform Qoo10 to suspend the provision of all payment services covered under the Payment Services Act 2019, or covered payment services, in Singapore from Sept 23.
On Sept 12, Qoo10 and its logistics subsidiary Qxpress were reported to be facing police investigations after vendors issued complaints about delayed payments and disruptions to deliveries by the latter.
