New credit report to help hospitality firms manage credit risk

THE Singapore Commercial Credit Bureau (SCCB) and the Hospitality Alliance Singapore (HAS) have launched the new SCCB Hospitality Credit Report with the aim of helping local hospitality companies better tackle credit risk management.

Among other things, the credit assessment report will help firms evaluate the magnitude of risk when extending credit terms to their business partners in Singapore.

This comes as payment performance in the hospitality industry has been lacklustre over the past year, according to SCCB's quarterly payment analysis. The hotels and accommodation segment chalked up the highest proportion of payment delays for the past three consecutive quarters.