SINGAPORE - A new credit report has been launched to help local restaurants, hotels and other hospitality firms in their risk management.
The SCCB Hospitality Credit Report is a joint initiative by the Singapore Commercial Credit Bureau (SCCB) and Hospitality Alliance Singapore (HAS), they announced on Tuesday.
About 20,000 hospitality firms, including 80 with direct relations with seven key associations under HAS, will benefit from this initiative, they added.
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.
The credit report will feature a payment rating which measures the overall payment performance of business partners of hospitality firms in Singapore. It will also contain a 12-month payment information with a breakdown of the existing amount of credit given and the amount owed by the hospitality firm.
Said Ms Audrey Chia, SCCB's chief executive officer: "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 offer hospitality firms 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.