According to its annual report, the Singapore International Arbitration Centre (SIAC) set a new record with 1,080 new case filings in 2020. This is the first time that SIAC’s caseload has crossed the 1000-case threshold.
"We are deeply grateful for this immense support, which is a clear re-affirmation of the international community's trust in the SIAC's neutrality, integrity, independence, time and cost efficiency, and of the world's regard for our best-in-class judiciary and a government which sets the legislative pace," SIAC chairman Davinder Singh said.
SIAC’s total sum in dispute for 2020 was SGD 11.25 billion (USD 8.49 billion) which was a 4.9% increase from 2019, an SIAC press release stated.
Parties from 60 jurisdictions chose to arbitrate at SIAC in 2020. India, US and China topped the foreign user rankings. Other top foreign users encompassed a broad spectrum of civil and common law jurisdictions, including Switzerland, Thailand, Indonesia, Hong Kong SAR, Vietnam, Japan and Cayman Islands.
“These numbers are exceptional and will spur us to work even harder on improving the quality and efficiency of SIAC’s case administration, to fulfil our goal of being the leading choice of users all over the world,” Gary Born, President of the Court of Arbitration of SIAC, commented.
Arbitrators appointed last year by SIAC came from diverse jurisdictions, including Singapore, Britain, India, France, Lebanon, China and Germany.