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Credit assessment initiative launched to help hospitality industry manage risks
THE Singapore Commercial Credit Bureau (SCCB) and Hospitality Alliance Singapore (HAS) on Tuesday jointly announced the launch of the all-new SCCB Hospitality Credit Report, which seeks to meet the growing demand for risk management needs in the Singapore hospitality industry.
This marks a first-of-its-kind credit assessment initiative that will benefit about 80 hospitality firms with links to seven key associations under HAS, including the Food and Beverage Management Association of Singapore (FBMA), the Association of Rooms Division Executives (Singapore) and the Association of Bartenders & Sommeliers Singapore.
Notably,the SCCB Hospitality Credit Report will support hospitality firms in their evaluation of low, medium and high-risk business transactions when extending credit terms to their business partners in Singapore, through providing key business information as well as an in-depth analysis of the risk profile of their business partners.
A key feature of the Hospitality Credit Report is SCCB's proprietary Payment Rating which measures the overall payment performance of the business partners of the hospitality firms, noted both partners in the statement.
"There is a common misconception that risk management poses more of a liability than a long-term investment for firms, which results in it being sacrificed. We strongly believe that local hospitality-related companies will benefit the most from SCCB's Hospitality Credit Report as they look to expand operations in the region . . . the data provided will increase confidence and better understanding of our surrounding markets," said Cheong Hai Poh, HAS chairman and FBMA president.