APAC Businesses Wait 79 Days for Payment as Cash Flow Pressures Persist, Aon Study
SINGAPORE, Aug. 17, 2026 –
Aon plc (NYSE: AON), a leading global professional services firm, today released findings from its
Working Capital Benchmarking Report APAC 2026, revealing that companies across Asia Pacific continue to wait an average of 79 days to receive payment for goods and services delivered. As financing costs remain elevated, the findings underscore the value of strong working capital management in supporting liquidity, flexibility and growth.
The study analysed the working capital performance of 3,805 publicly listed companies across 14 markets and 21 industries in Asia Pacific using audited financial data. The report found that average days receivable across the region remained unchanged at 79 days in 2025 compared with 2024, although performance varied significantly across countries and sectors.
Days receivable measures the average time it takes for a business to collect payment after delivering goods or services. Longer collection periods can tie up cash and reduce financial flexibility needed to support growth, investment and day-to-day operations.
"As financing costs remain elevated, many CFOs and treasurers are increasingly focused on unlocking liquidity already within their businesses,” said Steve Taylor, Deputy Global and Asia Head of Credit Solutions, Aon. "Understanding working capital performance relative to peers can help organisations identify opportunities to improve financial flexibility, support growth and strengthen access to capital through solutions such as credit insurance and credit insurance-backed financing."
Significant Differences Across Asia Pacific Markets
The report identified significant differences in payment collection performance across the region. China recorded the longest average days receivable at 99 days, followed by Hong Kong at 76 days and Singapore at 73 days. At the other end of the spectrum, New Zealand recorded the shortest collection cycle at 41 days, followed by Vietnam at 45 days and Australia at 48 days.
India recorded the most significant improvement year-on-year, reducing days receivable by eight days to 56 days. The Philippines also saw a notable improvement, reducing collection times by seven days to 49 days. In contrast, Thailand recorded the largest deterioration, increasing by four days to 53 days, while Hong Kong increased by three days to 76 days.
Industry Performance Remains Uneven
The study found significant variation in payment collection performance across industries. Hospitality recorded the shortest average days receivable at 28 days, followed by retail (29 days) and non-retail food (38 days). By comparison, engineering and construction recorded the longest collection cycle at 143 days, followed by electrical products (109 days) and pharmaceuticals (96 days).
Over the past year, transportation and logistics recorded the largest deterioration in working capital performance, with days receivable increasing by four days, while semiconductors deteriorated by three days. Working capital performance of chemicals and electrical products improved by two days each. Over a five-year period, engineering and construction experienced the largest deterioration, increasing by 19 days, while hospitality and motor vehicles recorded the strongest improvements.
The report also identified significant cross-country differences within the same industry. Engineering and construction recorded a 121-day gap between China, where companies averaged 194 days receivable, and Australia, where companies averaged 73 days. Transportation and logistics showed one of the largest year-on-year differences, with Thailand increasing by 29 days to 84 days compared with South Korea's 41 days.
"Even within the same sector, businesses can have very different working capital outcomes," said Ankit Tambe, Head of Trade Credit, Credit Solutions, Asia, Aon. "Benchmarking against peers can help organisations identify opportunities to improve liquidity, support investment and enhance financial resilience."
About the Report
Working Capital Benchmarking Report APAC 2026 analysed the days receivable performance of 3,805 publicly listed companies across 14 Asia Pacific countries and territories and 21 industries using public audited financial data. Financial services and real estate companies, and businesses with incomplete audited data were excluded from the study.
About Aon
Aon plc (NYSE:AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.
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