The Singapore International Arbitration Centre (SIAC) has set a new annual record for new cases after notching up 479 new filings in 2019.
It marked the third consecutive year in which SIAC registered more than 400 cases. SIAC recorded 452 and 402 in 2017 and 2018, respectively. About 95 percent of the cases, while the remainder were ad hoc appointments.
Additionally, in 2019, SIAC’s total sum in dispute was S$10.91 billion ($8.09 billion), a 14.6 percent increase compared to the amount in the previous year.
The year saw parties from 59 jurisdictions arbitrate cases at the SIAC. According to the centre, “while India, China and the U.S. retained their top foreign user rankings, other significant contributors to SIAC’s caseload included new entrants from Brunei, the Philippines, Thailand, Switzerland, UAE and the UK, which is testament to SIAC’s global appeal to users from diverse legal systems and cultures.”
Davinder Singh, SC, SIAC chairman, said, “We are delighted that so many from around the world have placed their trust in us. We remain committed to ensure that SIAC will provide the best service ever in this field.”
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