Amidst moderating business sentiment for the final quarter of 2018, the general consensus largely remains the same – businesses expect to see healthy returns to conclude the year with a bang. The need to make timely, effectual decisions is paramount to capitalize on the current business climate. A robust business climate does not necessarily equate sizable profits for all, it merely promises a market for the taking. At Dun & Bradstreet Singapore, we provide valuable information and actionable insights to help you secure your lion’s share. Presenting our latest edition of Asia Newsflash which consolidates recent developments in D&B, keynotes from the region, data stories and product updates.
Malaysia is under the spotlight in Dun & Bradstreet’s latest Asia Newsflash. Business Optimism Index (BOI) has moderated slightly for the final quarter of 2018 following the uptrend for the past three consecutive quarters. According to Singapore Commercial Credit Bureau (SCCB)’s Business Optimism Index study, BOI eased moderately from +10.58 percentage points in Q3 2018 to +9.19 percentage points in Q4 2018. Despite a slight drop in BOI, businesses anticipate fair winds ahead for Q4 2018 as well.
Payment performance of local firms has weakened slightly in Q2 2018 after two consecutive quarters of improvements. According to Singapore Commercial Credit Bureau (SCCB), prompt payments inched lower marginally below half of total payment transactions while slow payments accounted for more than one-third of total payment transactions. Q-o-y slow payments have improved across two industries but deteriorated across three industries in Q2 2018.
We believe in helping our customers grow relationships through data and this has been our true north star. As part of our ongoing commitment for service excellence and continuous improvement, we had recently launched the all-new D&B Onboard™ to meet your credit risk assessment needs. D&B Onboard™ is a comprehensive online tool which provides streamlined access to more than 300 million business records worldwide for compliance checks – eliminating the need for multiple reference points and data sources. With D&B Onboard™, due diligence processes can be electronically documented for easy storage and retrieval when required, all on a single platform. Scroll down below for more details.
Over 70 high-spirited athletes from Special Olympics (SO) Singapore participated in the Ultimate Grit Challenge by Infocredit Cares. Held at Singapore Sports Hub venue partner, the event unveiled modified versions of sporting activities, including CrossFit and Street Soccer. The event is graciously supported by social enterprise Love Action Project, and was designed to present the beneficiaries at SO Singapore with contemporary and relevant sporting experiences that were taking place in the region.
Corporate Social Responsibility (CSR) should exist as a long-term engagement and for the second year, Infocredit Cares partnered with SO Singapore again as part of its commitment towards social responsibility, philanthropy and volunteerism. Athletes and supporting IHPL staff competed in a series of innovative sports (Amazing Race style) including CrossFit, Relay Run, Street Soccer and Tele-match. Through the 2017 Ultimate Grit Challenge, Infocredit Cares hope to not only relay the importance of teamwork and exclusivity, but also empower beneficiaries by incorporating values of innovation and independence, essential to the foundation of a socially-connected community. Participants were also presented a BPA free bottle to discourage the use of bottled water.
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Local business sentiment has moderated slightly for the final quarter of 2018 following the uptrend for the past three consecutive quarters. According to Singapore Commercial Credit Bureau (SCCB)’s Business Optimism Index study, BOI eased moderately from +10.58 percentage points in Q3 2018 to +9.19 percentage points in Q4 2018. On a year-on-year (y-o-y) basis, BOI increased significantly from +2.60 percentage points in Q4 2017 to +9.19 percentage points in Q4 2018.
For Q4 2018, 5 of six indicators are expansionary – as compared to all 6 indicators in Q3 2018.
Payment performance of local firms has weakened slightly in Q2 2018 after two consecutive quarters of improvements. According to Singapore Commercial Credit Bureau (SCCB), prompt payment inched lower marginally below half of total payment transactions while slow payments accounted for more than one-third of total payment transactions.
From a sectoral perspective, q-o-q slow payments have improved across 2 industries. As with Q1 2018, slow payments deteriorated across three industries in Q2 2018.
Overseas credit searches by Singapore have rebounded in 2017 after experiencing a slight decline in 2016. According to Singapore Commercial Credit Bureau (SCCB), overseas credit searches by local businesses have risen by 3.04 per cent in 2018, compared to the 1.16 per cent decline in 2016 in light of a turnaround in overall trade growth in 2017.
The ASEAN region accounted for the highest proportion of overseas credit searches by Singapore firms for the fifth consecutive year, followed by East Asia and Europe. Both ASEAN and East Asia saw a slight uptrend in overseas searches made in 2017compared to 2016.
On 2nd September 2017, over 70 athletes from Special Olympics (SO) Singapore took part in a fun-filled morning at the Ultimate Grit Challenge by Infocredit Cares. Held at the Singapore Sports Hub venue partner for the event, athletes had the opportunity to partake in modified versions of sporting activities, including CrossFit and Street Soccer. The event is supported by social enterprise Love Action Project, and was designed to present the beneficiaries at SO Singapore with new sporting experiences in conjunction with sporting events taking place in the region.
This is the second consecutive year Infocredit Cares is partnering SO Singapore as part of Infocredit Holdingsâ€™ commitment to social responsibility, philanthropy and volunteerism. Athletes and supporting IHPL staff competed in a series of innovative sports (Amazing Race style) including CrossFit, Relay Run, Street Soccer and Tele-match. Through the 2017 Ultimate Grit Challenge, Infocredit Cares hope to not only drive home the important message of teamwork and exclusivity, but also empower the beneficiaries by incorporating values of innovation and conservation, which are critical pillars of a sustainable community. Participants were given a BPA free bottle to reduce the use of bottled water, and awarded with recycled medals, framed with written notes by its former owners â€“ staff at IHPL, to thank them for their participation.
Infocredit Cares CSR Newsletter Issue 04 & Full Event Coverage
The risk ratings for Q3 2018 indicate that 3 countries have been upgraded and 4 countries has been downgraded.
Malaysian business confidence has hit a 3-year high for Q3 2018. According to Dun & Bradstreet (D&B) Malaysia’s Business Optimism Index (BOI) study, overall BOI increased from +12.58 percentage points in Q1 2018 to +13.17 percentage points in Q2 2018. On a year-on-year (y-o-y) basis, BOI jumped significantly from +3.40 percentage points in Q3 2017 to +13.17 percentage points in Q3 2018.
Is your business sufficiently protected from potential risks through the adoption of comprehensive due diligence measures?
In an ever-changing business landscape, risks have become more complex and harder than ever to manage. Before developing a relationship with a new customer, supplier or other business partner, you need to be as sure as possible that they do not pose any threats. This involves researching the business and its principals to find out if they are on any sanction or watch lists, have questionable associations or are the subject of negative publicity.
Did you know that the lack of Know Your Customer (KYC) Due Diligence is one of the key reasons for business failure? Every high-risk business sends out certain warning signs before its eventual collapse. Such adverse consequences can be avoided by taking strategic measures. Singapore Commercial Credit Bureau (SCCB)’s KYC Report serves as a quick and convenient tool for the KYC assessment of both corporates and individuals to determine if they are on any global sanctions and watchlists, have questionable associations or are the subject of negative media publicity.
Is your due diligence hindered by the lack of predictive, forward-looking tools which provide critical insights into your consumers’ risk profiles?
Adopting world-class rigorous methodologies, Singapore Commercial Credit Bureau’s Consumer Credit Score is a first-of-its kind, predictive decisioning tool which enables you to benchmark and conduct an accurate risk profiling of your consumer database. Whether it is for extending a loan or offering credit, SCCB’s Consumer Credit Score provides you with the high level of granularity needed to ascertain the creditworthiness of your consumer.
Renowned for its highly skilled workforce and competitive business environment, Singapore is a valuable entry point to ASEAN, and filled with investment opportunities for firms seeking to establish themselves within Southeast Asia.
Find out more about the initial steps required for setting up Representative Offices and Private Limited Companies – two of the most effective investment vehicles for foreign companies seeking to establish a presence within Singapore. The decision on which type of investment to make is largely determined by the nature of activities that a given firm is hoping to accomplish.
The new government’s campaign pledges will bring considerable changes: an end - from June - to Malaysia’s new, 2015-implemented, 6% VAT; a review of foreign financed projects, including those in China’s Belt and Road initiative, on grounds of national interest; a reintroduction of retail fuel subsidies; and the abolition of road tolls. The zero-rating of VAT from June will cut 2018 revenue by approximately 1.8% of GDP. The cost will be mitigated by positive effects from the fiscal stimulus and any replacement sales tax. However, the timing for the cut is also benign as given the direction of oil prices past USD70/barrel, public oil revenues will rise to help offset most of the 2018 losses to tax revenue, and at least half the effect in 2019.
While Thailand’s large external account surpluses are supportive from an external risk point of view, we think it is worth noting that this is at least partially symptomatic of a structurally-unbalanced economy that receives large amounts of FX (from trade and tourism), but which also suffers from comparatively weak domestic demand.
Regulatory compliance is an established and increasingly prominent part of business today. Failure to be in compliance can result in severe penalties including legal action, fines and reputational damage. These consequences can have costly and long-lasting repercussions for your business.
If you are like most businesses, you understand the importance of due diligence and are performing it in some capacity. However, the struggle with common pain-points - such as information being available but dispersed across multiple sources render due diligence a manually tedious and cumbersome process.
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Business intelligence is the key to gaining the competitive edge and driving your business results. In order to gain the competitive advantage and conduct research swiftly you need to get quick access to exactly the right business information. D&B provides you with the business information you need, in the format you need, when you need it. Whether you are a library, corporate information center, or marketing and sales department our business directories and publications cover the locally and International markets to provide you with the unparalleled breadth and depth of business information you've come to expect from D&B.
ASIA Newsflash rounds up monthly exciting developments in D&B, news around the region, data stories and product updates.
Click here for the updated issue of ASIA Newsflash.
The D&B ASEAN Business Optimism Index (BOI) is a measure of business confidence in the ASEAN-6 economies â€“ Singapore, Malaysia, Indonesia, Philippines, Thailand and Vietnam. Released quarterly, it is based on a business sentiment survey that is designed to capture business expectations and is one of the most effective ways to track how the business community perceives the business environment, and where they think it is moving. This is commonly used, worldwide, to assist in analyzing major trends and issues concerning the business community through tracking business parameters including net profits, selling prices, new orders, inventory levels, and employee count.
Click here for the latest issue of D&B ASEAN Business Optimism Index.
Click here for the previous issues of D&B ASEAN Business Optimism Index.
Click here for ASEAN SMEs: Are you transforming for the future?