Singapore's arbitration centre sets record in 2020 with 1,080 case filings

THE Singapore International Arbitration Centre (SIAC) set a new record with 1,080 case filings last year, breaking the 1,000-case threshold for the first time, said the centre in a statement on Wednesday.

The Singapore-based global arbitral institution administered 1,063 or 98 per cent of the cases, which was also a record.

The remaining 17 cases were ad hoc appointments, said the SIAC.

In its statement, the SIAC stated that the total sum in dispute for 2020 amounted to US$8.5 billion (S$11.3 billion), up 4.9 per cent from 2019.

SIAC chairman Davinder Singh said: "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."

In 2020, parties from 60 jurisdictions chose to arbitrate at the SIAC, with India, the US and China topping the foreign user rankings, said the SIAC. Other top foreign users include a broad spectrum of civil- and common-law jurisdictions, such as Thailand, Switzerland, Indonesia and Hong Kong SAR.

Chief executive officer of the SIAC Lim Seok Hui said that the milestones reached by the institution in 2020 were achieved through careful planning and hard work. "We greatly value and appreciate the trust of our users all around the world, which keeps us firmly motivated," she added.