The currency of trust: How the Singapore International Commercial Court fortifies global commerce

A DECADE ago, the Singapore International Commercial Court (SICC) was established with a simple yet profound ambition: to serve as a forum where international commercial disputes could be resolved with the same confidence and integrity that underpins successful commercial transactions.

Since the SICC’s inception, the astonishing growth in international trade and commerce has created a corresponding need for commercial dispute resolution. Despite a lack of any apparent harmony or organisational clarity in this global ecosystem, it works dynamically and effectively, providing the impetus for the development of a modern international commercial law, a modern-day lex mercatoria.  

The notion of international commerce

There is an innate paradox that arises in considering the value and workings of international commerce. Commerce begins with self-interest, and encompasses disagreements, misunderstandings and sometimes a lack of good faith. Yet, commercial transactions flourish only when both sides feel they have secured something worthwhile.