Slow payments among S'pore firms rise for first time in six quarters

The quantum of slow payments among Singapore firms rose for the first time in six quarters, led by the services sector, according to the Singapore Commercial Credit Bureau (SCCB).

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Slow payments inched up 0.05 percentage point to 44.05 per cent in the fourth quarter of 2024, from 44 per cent in the third quarter, according to data released by the firm on Jan 7. This was the first rise since the third quarter of 2023.

SCCB chief executive Audrey Chia said: "The increase in slow payments in Q4 2024 was due primarily to a rise in payment delays by the services sector... Overall, however, local companies are still relatively in a better state compared to a year ago."

Prompt payments, on the other hand, slid 0.05 percentage point to 41.15 per cent during the period, compared with 41.2 per cent in the previous quarter, according to the credit and risk information solutions provider.

On a year-on-year basis, prompt payments climbed 0.1 percentage point from 41.05 per cent. Slow payments however dropped 0.1 percentage point from 44.15 per cent, while partial payments remained unchanged.