International Arbitration Is Booming In Singapore

International Arbitration

Singapore International Arbitration Centre statistics reflect the growing popularity of Singapore as an international arbitration hub

Tan Hai Song of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, commented after Singapore International Arbitration Centre (SIAC) reported that it had received 1,080 new cases in 2020, a 125% increase in its case filings from the previous year:

“Singapore’s connectivity to the world’s biggest economies is likely a key driver for its spectacular growth in the arbitration sphere. By leveraging its geographical advantage and its continuous efforts to be attuned to the legal climate of different jurisdictions, Singapore and the SIAC are fast becoming the new darlings of international arbitration.”

2020 SIAC Statistics

The centre said it had received 1,063 SIAC-administered cases (24 page / 2.5MB PDF), plus 17 ad hoc appointments, with the total sum in dispute hitting SG$11.25 billion (US$8.49bn). The number of new cases more than doubled from 479 in 2019, which was itself a record at the time.

Global Arbitration Cases

The vast majority of the cases – 1,018 cases or 94% of the caseload – had an international dimension. The centre’s top three foreign users are from India, the US, and China. India remains the biggest foreign source of arbitration cases filed with SIAC, with 690 cases, closely followed by 545 cases involving US parties. This was a record high for cases involving US parties. In total, parties from 60 jurisdictions chose to arbitrate at SIAC last year.

Source: Hai Song Tan | Pinsent Masons