From 2013 to 2023, private credit bureau coverage in Singapore showed fluctuating yet generally increasing values. Notable declines occurred in 2014 and 2018, but overall, the trend has been one of growth, reaching 68.9% of adult population coverage in 2023. Year-on-year variations indicated substantial changes from 2013 to 2023, with peaks such as 2015’s 15.35% and troughs like 2018’s -10.18%. The average annual growth rate over the last five years settled at around 2.5% CAGR.
Looking ahead, forecasted data from 2024 to 2028 suggests continued gradual growth. Coverage is expected to increase steadily, culminating in a forecasted 74.1% by 2028. The projected five-year CAGR is 1.14%, indicating a more tempered but stable expansion trajectory.
Trends to watch for:
- The impact of digital transformation on data accuracy and coverage.
- Regulatory changes influencing credit reporting practices.
- Advancements in financial inclusion initiatives boosting coverage rates.
