Singapore firms tighten credit terms as delays persist in 2024: report

However, the average credit period shortened slightly to 53 days, a sign of increasing financial caution.

Singapore-based companies are tightening credit terms and facing persistent payment delays as economic uncertainty weighs on business sentiment, according to the Coface Asia Corporate Payment Survey 2025 released this week.

The survey, which covered over 2,700 companies across the Asia-Pacific region, found that 92% of Singapore firms extended credit terms in 2024, exceeding the regional average.

However, the average credit period shortened slightly to 53 days, a sign of increasing financial caution.

Despite offering more credit, payment delays remain widespread, with 60% of Singapore respondents reporting overdue payments in 2024, unchanged from the year before and above the regional average.

There were signs of improvement in payment quality: the average delay period decreased, and the proportion of long delays exceeding 90 days dropped sharply from 12% to 4%, one of the lowest in Asia.

The share of companies facing ultra-long payment delays (over 2% of annual turnover) also fell, from 23% in 2023 to 18% in 2024, indicating reduced credit risk exposure.

The country’s Days Sales Outstanding improved as well, dropping from 126 days to 117 days. Singapore now ranks amongst the best-performing markets in Asia in terms of payment collection and cash flow efficiency.

Still, concerns about the broader business environment persist. According to Coface, 41% of Singapore firms reported weaker business activity in 2024 compared to 2023, and 38% expect conditions to worsen further in 2025. Only a third anticipate an improvement.

Companies cited excessive competition (57%) and higher labour costs (42%) as the top risks affecting operations in the year ahead.

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