How HomePay Is Combating Renovation Scams In Singapore
Asian Banking & Finance|Issue 114
Money is put in an escrow account and disbursed when milestones are reached.
How HomePay Is Combating Renovation Scams In Singapore

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

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Diese Geschichte stammt aus der Issue 114-Ausgabe von Asian Banking & Finance.

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