Singapore firms’ payment delays worsen for third straight quarter in Q3: SCCB
Ongoing trends highlight financial strain on local businesses, says the bureau’s CEO Audrey Chia
Singapore firms' payment delays worsened for a third straight quarter in Q3, according to the Singapore Commercial Credit Bureau (SCCB). The bureau reported that slow payments, which occur when less than 50% of total bills are paid within agreed terms, made up 44.47% of total payment transactions in Q3, up 0.02 percentage points from Q2 and 0.01 percentage point from the same period last year.
Prompt payments, which are 90% or more of total bills paid within agreed terms, rose by 0.01 percentage point quarter-on-quarter to 41.05% in Q3. Partial payments, where between 50 and 90% of bills are paid within terms, fell by 0.03 percentage point over the same period to 14.48%. SCCB CEO Audrey Chia noted that these trends highlight financial strain on local businesses, with payment delays particularly increasing in manufacturing and construction sectors for the third consecutive quarter.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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