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Singapore’s Ministry of Law has announced it will extend its third-party funding framework as the city-state continues its push to stand out as a leading arbitration hub.

Under the new rules, third-party funding can be used to cover domestic arbitration proceedings, specific proceedings in the Singapore International Commercial Court and related mediation.

Singapore introduced third-party funding back in 2017 for international arbitration and related court and mediation proceedings. The latest change is a response to a 2018 public consultation from the Ministry of Law.

The city-state recently tied with London as the world’s top arbitration seat, according to the 2021 international arbitration survey by the Queen Mary University of London. Meanwhile, in 2019, the Singapore Convention on Mediation, which allows the enforcement of mediated settlement agreements across countries, was signed.

 

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