onestore developer

ONE Store manages settlement funds payable to its developers in a safe and secure manner in compliance with the Financial Supervisory Service’s “Guidelines on External Management of Settlement Funds by Payment Gateway (PG) Operators” (the “Guidelines”).

ONE Store operates as an online marketplace intermediary pursuant to the Act on Consumer Protection in Electronic Commerce, Etc. In accordance with the Guidelines, ONE Store externally manages no less than 30% of settlement funds through a trust arrangement. The details of the settlement funds protection measures are as follows.

ONE Store segregates settlement funds subject to external management from its own assets and ensures that such funds are safely held and managed through a settlement funds management institution.

- Method of settlement funds management: Trust

- Settlement funds management institution: Hana Bank

If any of the following events occur with respect to ONE Store, developers may request priority payment of externally managed settlement funds from the settlement funds management institution.

(1) Registration is revoked or cancelled

(2) A resolution for dissolution is adopted

(3) Bankruptcy proceedings commence or other similar events occur

(4) An order is issued suspending all electronic financial business operations

(5) Commencement of rehabilitation proceedings

(6) Closure of business (including voluntary termination of payment gateway services)

(7) ONE Store fails to fulfill its obligation to make settlement payments to developers without contractual justification by the agreed settlement deadline

(8) Any other event equivalent to the foregoing items

Settlement fund claims may be submitted to the following institutions:

- Hana Bank (Settlement Funds Management Institution for ONE Store)

In coordination with the settlement funds management institution, ONE Store will, within one (1) month from the date on which a settlement fund claim event occurs, publish the following information in two or more daily newspapers, notify developers individually, and post such information on the ONE Store Developer Center website.

(1)The reason for, timing of, and method of settlement fund payment

(2)Other matters related to settlement fund payment

Where the settlement funds management institution is required to make settlement fund payments to developers, developers may request payment by providing the following information to the settlement funds management institution.

(1) Information sufficient to identify the developer

(2) Information regarding the amount of settlement funds payable to the developer

(3) Other information like the above that the settlement funds management institution deems necessary to process the claim

The amount of settlement funds payable shall be calculated as of the date on which the payment claim occurs, subject to the total amount of settlement funds externally managed by the settlement funds management institution.

The payment amount for each developer shall be determined by multiplying the developer’s settlement amount by the ratio of the total externally managed settlement funds to the total settlement funds payable to all developers. However, where the total externally managed settlement funds are equal to or exceed the total settlement funds payable to all developers, the full settlement amount shall be paid to each developer.

Where the settlement funds management institution is required to make settlement fund payments to developers, ONE Store may provide the following developer information to the settlement funds management institution to the extent necessary for settlement fund payment.

(1) Information sufficient to identify the developer

(2) Bank account information for receipt of settlement funds

※ This Notice was originally prepared in Korean, and the English version is provided for reference only. In the event of any inconsistency between the Korean and English versions, the Korean version shall prevail.