A new credit report has been launched in Singapore to help hospitality firms in their risk management. The SCCB Hospitality Credit Report is a joint effort by Singapore Commercial Credit Bureau (SCCB) and Hospitality Alliance Singapore (HAS). It will be made available to members of seven key associations under HAS, benefitting some 80 hospitality firms.
According to SCCB, payment performance within the hospitality industry has been relatively weak over the past year with both the hotels and accommodation segment and food and beverage sector seeing a rise in payment delays.
Said SCCB: “The all-new SCCB Hospitality Credit Report essentially provides a holistic credit assessment based on data which reflects their historical performance as well their propensity for delinquency in the payment of dues. We believe that the comprehensive information in the Hospitality Credit Report will afford hospitality firms with crucial business insights and more importantly, the early identification of their business partners’ credit risk.”
The seven key associations under HAS are: the Food and Beverage Management Association of Singapore; Association of Rooms Division Executives (Singapore); Association of Singapore Housekeepers; Singapore Chefs Association; Association of Bartenders & Sommeliers Singapore; Hospitality Purchasing Association and The Society of the Golden Keys Singapore.