In October 2023, the Singapore Police Force arrested a man for allegedly swindling a total of $198,000 in a series of renovation scams. This is just one example of the thousands of renovation-related complaints that had been reported in the Lion City.
From 2021 to early 2023, over 3,300 complaints were logged, according to data from the Consumers Association of Singapore; and between 2021 to 2022, over $1.16m in prepayment losses due to sudden business closures were reported.
These cases inspired David Ng– who was the group chairman of a tech solutions company– to launch HomePay, a local app designed to redefine payment practices for both interior designers and clients.
“HomePay was created to solve a very simple problem. And that problem was that a lot of cases reported of either interior design firms running away with the money that was put on deposit by homeowners when they agreed to a renovation contract; for when the work is done to a substandard workmanship level, leaving homeowners not happy and unwilling to pay,” Ng told Asian Banking & Finance in an interview.
Lack of regulation
Diese Geschichte stammt aus der Issue 114-Ausgabe von Asian Banking & Finance.
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Diese Geschichte stammt aus der Issue 114-Ausgabe von Asian Banking & Finance.
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