Singapore Bolsters Reputation as a Global Arbitration Hub

Global Arbitration Hub

Singapore continues to develop its reputation as an arbitration hub and center for legal technology in Asia

Last year, Singapore’s landmark Convention on Mediation formalised the city-state’s well-earned reputation as an attractive arbitration hub, with legal muscle and global recognition to back up its standing. But as the government continues to fine-tune the law and COVID-19 continues to cast a shadow, the market still has work to do.

In 2019, Singapore continued its push to develop its reputation as an arbitration hub and a pinnacle for legal technology in Asia – and it broke some pretty big ground in the process, with the first United Nations treaty named after Singapore. The Singapore Convention on Mediation, which allows the enforcement of mediated settlement agreements across countries, triggered widespread interest, and lawyers in the region were quick to celebrate the new law as a testament to Singapore’s work in developing its reputation.

The convention was officially enacted into Singapore law this year, coming into force on Sept. 12. It happened at a time when the country continues to fine-tune various laws related to disputes. In early October, Singapore’s parliament passed changes to the International Arbitration Act, in part to hold parties account able for confidentiality obligations. The amendments also outline powers for the High Court and arbitral tribunals.

Edwin Tong, Second Minister for Law, said these changes would serve to strengthen Singapore’s international arbitration framework and continue to bolster its pull as an arbitration hub, according to local media. And those watching the market feel more developments in support of the city’s arbitration sector may be in the offing. read more

Source: Elizabeth Beattie | Asian Legal Business