Cash & Liquidity ManagementPaymentsMore Singapore Firms are Late with Payments

More Singapore Firms are Late with Payments

The promptness with which Singapore-based firms pay their suppliers are other bills deteriorated unexpectedly in the first three months of this year, reversing an improvement recorded in the fourth quarter of 2014.

Fewer than two in five payments were prompt and more than half were delayed according to the latest payment statistics from the Singapore Commercial Credit Bureau (SCCB), which is part of consultancy Dun & Bradstreet (D&B) Singapore.

Describing the Q115 performance as “an unprecedented turn for the worse”, the SCCB said that overall, prompt payments fell 11.03 percentage points from 50.07% in Q414 to 39.04% in Q115. The latest reading marks the lowest level in nearly three years since Q212 when prompt payments registered 37.3%.

Slow payments – where more than 50% of total bills are paid later than the agreed credit terms – rose by 12.52 percentage points from 38.89% in Q414 to 51.41% in Q115.

All five industries tracked by the SCCB experienced an increase in the proportion of slow payments quarter on quarter, with the manufacturing sector overtaken the construction sector in registering the highest proportion of slow payments.

Related Articles

Case study: BNP Paribas’ experience of MyStandards Readiness Portal - streamlining implementation projects worldwide

SWIFT Case study: BNP Paribas’ experience of MyStandards Readiness Portal - streamlining implementation projects worldwide

3w SWIFT
Commercial cards on the rise: BOAML

Payments Commercial cards on the rise: BOAML

4w Victoria Beckett
US County tax collector to accept bitcoin payments

Payments US County tax collector to accept bitcoin payments

1m Laura Noble
Take a Bow - what Rihanna can teach us about 10 years of UK Faster Payments

Payments Take a Bow - what Rihanna can teach us about 10 years of UK Faster Payments

1m Lu Zurawski
4 ways to make cross-border payments

Payments 4 ways to make cross-border payments

2m Victoria Beckett
Towards open banking: can street food teach us about fintech?

Payments Towards open banking: can street food teach us about fintech?

3m Lu Zurawski
Bringing cryptocurrency to the front line  

Payments Bringing cryptocurrency to the front line  

3m Karen Vickers
Is Ripple a threat to SWIFT gpi's monopoly on cross-border payments?

Banking Is Ripple a threat to SWIFT gpi's monopoly on cross-border payments?

3m Victoria Beckett