Qoo10’s Checkout Chaos: MAS Hits the Brakes on Payments, Merchants in Limbo

The Monetary Authority of Singapore (MAS) has ordered E-commerce platform Qoo10 to suspend all payment services in Singapore from Monday, September 23 due to ongoing delays in paying merchants.

The suspension followed months of complaints (April-August) regarding delayed payouts, which Qoo10 failed to fully resolve. In September the platform informed MAS of its inability to process payouts to a significant number of merchants. The authority then directed  Qoo10 to suspend the provision of payment services covered under the Payment Services Act.

Although payment services are on hold, the E-commerce platform can still operate but may need to use a third-party service provider to handle transactions moving forward, as recommended by MAS.