While prompt payments saw a marginal decline, decreasing by 0.05 percentage points (ppts) q-o-q from 3Q2024 to 41.15% in the 4Q2024, y-o-y however, the transaction improved by 0.1 ppts in the period. Slow payments, on the other hand, increased by 0.05 ppts q-o-q to 44.05% in the 4Q2024, though this conversely fell 0.1 ppts y-o-y. Partial payments remained unchanged at 14.80% both q-o-q and y-o-y.
The Singapore Commercial Credit Bureau (SCCB), a subsidiary of Credit Bureau Asia (SGX:TCU
) (CBA) Limited, has reported a slight deterioration in payment performance for the 4Q2024. Slow payments rose for the first time since 2Q2023, with both prompt and slow payments accounting for just over two-fifths of total payment transactions.
The SCCB monitors over 2.4 million payment transactions contributed by local firms. Prompt payment refers to instances where 90% or more of total bills are paid within agreed terms, while slow payment indicates less than 50% of bills paid within terms. Partial payment falls between 50% and 90%.
