Payment delays among Singapore companies drop to 3-year low 

Slow payments fell to 44.0% in Q3 2024.

More Singaporean companies are paying their bills promptly, with payment delays falling to the lowest in three years in Q3 2024.

Data from Credit Bureau Asia (CBA) Limited, a subsidiary of Singapore Commercial Credit Bureau (SCCB), showed that slow payments fell by 0.07 percentage points (pp) quarter-on-quarter (QoQ) and by 0.25 pp year-on-year to 44.0% in Q3.

With the decline in slow payments, prompt payments rose by 0.09 pp QoQ and 0.24 pp YoY to 41.20% in Q3.

Meanwhile, partial payments slipped 0.02 sequentially but increased YoY by 0.01 to 14.80%.

Amongst the five sectors studied by CBA, three reported a decline in payment delays: wholesale trade, services, and retail.

Slow payments fell by 0.03 pp QoQ to 43.12% for retail, 0.23 pp QoQ to 42.35% for services, and 0.18 pp QoQ to 40.10% for wholesale trade.

On the other hand, manufacturing and construction saw increased payment delays, with slow payments rising by 0.02 pp QoQ to 55.26% and 0.07 pp QoQ to 39.15%%, respectively.

SCCB CEO Audrey Chia said the overall improvement in payment performance for Q3 reflects greater prudence among local firms in managing their cashflows and offering appropriate credit terms.