SBF forms committee to draft prompt payment code

This aims to improve payment practices in Singapore’s business environment.

The Singapore Business Federation (SBF) has formed a working committee to develop a prompt payment code of conduct, chaired by Ang Yuit as President of ASME and co-chairman of SBF SME Committee.

The committee is comprised of representatives from the government and private sectors, including major suppliers and buyers of goods and services.

The Code aims to improve payment practices in Singapore’s business environment and hopes to establish a framework that promotes fair and timely payments between buyers and suppliers.

It will also provide guidelines for responsible payment practices to ensure payments are made on time, fostering trust and collaboration across the business ecosystem.

The working committee is inviting businesses’ feedback and input to formulate the draft code, which they hope to complete in Q4 2025. It will also draw references from international best practices.

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