The Atradius Payment Practices Barometer survey conducted in Singapore in March 2020 found that late payments have increased, with a significant percentage being overdue. However, both indicators are better than the regional average. Singapore businesses are taking steps to minimize credit risk, including reducing single-buyer concentrations, letters of credit, payment guarantees, self-insurance, and trade credit insurance. Cash sales have increased, but as much as two-thirds of sales to B2B customers were made on credit, including within the domestic market, suggesting that B2B buyers need suppliers' help to provide short-term trade financing. Despite the virus-tinged backdrop, Singapore businesses are managing their payment behavior better than the regional average.
