Qoo10 Founder Commits $58 Million to Support Korean Merchants Amid Liquidity Crisis

Tuesday, 30 July 2024, 07:59

In a significant move to assist Korean merchants impacted by Qoo10's liquidity crisis, CEO Young-bae Ku has pledged his personal assets worth $58 million. This commitment was announced during an emergency government hearing in South Korea, where Ku expressed his determination to secure these funds within the next 30 days. This initiative highlights the growing concern for merchant welfare in the e-commerce sector as companies navigate financial challenges.

TechCrunch — Qoo10 Founder Commits $58 Million to Support Korean Merchants Amid Liquidity Crisis

Qoo10 CEO's Pledge

During an emergency hearing held by the South Korean government, Qoo10's founder, Young-bae Ku, made a notable commitment to support affected merchants.

Details of the Commitment

The CEO pledged to secure $58 million in personal assets.
This amount aims to compensate Korean merchants facing financial difficulties.
Ku promises to finalize this commitment within the next 30 days.

Conclusion

This proactive stance taken by Ku not only underscores the importance of merchant support during crises but also reflects the broader challenges faced by e-commerce platforms in maintaining financial stability.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Qoo10 CEO's Pledge

Details of the Commitment

Conclusion

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