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Asia Pacific: Corporate payment delay trend stabilized; companies see brighter outlook, but risks and uncertainty remain07/05/2021
Coface’s 2021 Asia Corporate Payment Survey provides insights into the evolution of payment behavior and credit management practices of over 2,500 companies across Asia Pacific during a pandemic year. Respondents came from nine markets (Australia, China, Hong Kong SAR, India, Japan, Malaysia, Singapore, Thailand and Taiwan) and 13 sectors located in the Asia Pacific region.
Late payment or unpaid invoices are an inevitable part of any business. The first step to avoid the probability of default begins with understanding the financial situation of your customer. Knowing your customer, its company details, financial stability, payment behavior, credit history, etc. will help you to avoid bad deals and reduce credit risks. ICON, a new business intelligence platform developed by Coface designed to help businesses assess debtors' and suppliers' financial situation.
The settlement of debts owed by either another company or an individual is a common challenge that businesses often experience. Debt collection can be a complex and highly involved process. It is time-consuming, especially if the debtor refuses to cooperate. Therefore, it makes sense to consider leveraging the services of a third-party debt collector.
As the Covid-19 situation begins to improve, notably with the implementation of vaccination campaigns, there has been a rebound in consumption, particularly in developed countries. For emerging countries, the economic recovery is benefiting export-oriented countries, but service-dependent economies are lagging behind. Read our in-depth analysis in our latest Country and Sector Risk Barometer.