Slow payments fall to near two-year low in Q1 2024

The construction, manufacturing, and services industries all saw a QoQ decrease in slow payments.

Slow payments in Singapore fell to a near two-year low in the first quarter of 2024, as per Singapore Commercial Credit Bureau (SCCB).

According to the data, slow payments slightly decreased from 44.15% in Q4 2023 to 44.12% in Q1 2024, and on a year-on-year (YoY) basis, it dropped from 44.22% in Q1 2023 to 44.12% in Q1 2024.

Meanwhile, prompt payments increased quarter-on-quarter from 41.05% in Q4 2023 to 41.07% in Q1 2024, and YoY, it rose slightly from 41.03% in Q1 2023 to 41.07% in Q1 2024.

Additionally, partial payments also edged up marginally by 0.01 percentage points from 14.80% in Q4 2023 to 14.81% in Q1 2024, indicating a balanced financial landscape.

“Payment delays have in particular hit a near two-year low since Q2 2022 despite a slight deterioration in both the retail and wholesale sectors,” said Audrey Chia, chief executive officer of SCCB.

“With rising cost pressures, firms will have to continue to exercise credit vigilance and adopt good cashflow management practices,” she said.

Across sectors, construction witnessed a continued downward trajectory in slow payments, declining by 0.12 percentage points in Q1 2024, with heavy construction contributing significantly to the sector's overall improvement.

Meanwhile, manufacturers experienced a consecutive quarter of reduced payment delays, attributed to improvements in electronics, chemicals, and transportation equipment sectors.

However, the retail sector witnessed a slight increase in payment delays, primarily driven by segments such as automobiles, food and beverages, and furniture.

The services sector continued its positive trend, marking a fourth consecutive quarter of improved payment behavior, particularly noticeable in hospitality, health, and consumer services.

Despite challenges, such as rising cost pressures, wholesale trade faced a minor setback with a slight increase in slow payments, reflecting challenges in both durable and non-durable goods segments.

You're the reader we write for. You're also the person our partners want to reach.

If that sentence describes you — a founder, a C-suite, someone whose attention companies pay good money for — then you already understand why SBR works. We've spent twenty years earning the trust of readers exactly like you. Which is exactly what makes this an interesting place for your company to show up, too.

The ways it can show up are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The right fit depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If your company has something this audience should know about, we'd like to hear what you're working on.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

30 One-Sentence Stories From People Who Have Built Better Habits

None of these stories are mine. They were sent to me by readers of Atomic Habits. My hope is that these examples will illustrate how real people are putting the book into practice. They will show you what people are actually doing to build good habits and break bad ones. And hopefully, they will spark some ideas for how you can do the same.

5 days ago

news conversion

5 days ago

SBR 5 Lorem Ipsum News 2 [8 May]

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

SBR 4 Lorem Ipsum [8 May Top Stories]