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
Esta historia es de la edición Issue 114 de Asian Banking & Finance.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición Issue 114 de Asian Banking & Finance.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Embedded Finance, Digital Banks To Drive SEA's Fintechs
Embedded finance, partnerships, and digital banks will be the three defining trends shaping Southeast Asia’s financial technology (fintech) landscape in the future.
UBC Aims For Top 5 In Sri Lanka Banking
Chairman Nirvana Chaudhary is prepared to lead amidst a national finance crisis.
What Makes Malaysia The Next Great Investment Banking Frontier In Southeast Asia?
EVs, takaful insurance, and its proximity to Singapore attract investment activity, according to a BofA executive.
How HomePay Is Combating Renovation Scams In Singapore
Money is put in an escrow account and disbursed when milestones are reached.
Will Property Woes Continue To Weigh On Chinese Megabanks?
This year, Chinese megabanks are facing two big hurdles: the government’s mandate that may force banks to take on more risks in the name of propping up China’s embattled property sector; and declining credit demand and interest rates.
How Have Banks' Wealth Management Pivots Played Out In China?
There’s up to $25b in fees to be made in Asia, but it’s a tough market, an analyst said.
Why Singaporeans are okay with locking away over $4b of their money
Customers can only access 'locked' money with a physical card or by visiting a branch.
OCBC builds the the next pipeline of talent
Lim weaves in support for women bankers to broader industry talent shortage.
Banks flip the tables on disruption by becoming the disruptors themselves
Companies are facing not just tech transformations but also shorter skill lifespans for their workforce.
Basel III capital hike is not a problem for APAC
Most of banking jurisdictions in most Asia Pacific markets should be able to absorb the moderate increases in capital requirements stipulated under the final Basel III standards.
