Singapore is rising in popularity as a hub for international dispute resolution, pitting itself against the likes of London and New York. In 2015, the Singapore International Arbitration Centre (SIAC) released figures reporting a 22 per cent increase in the amount of new cases filed in 2015. The 271 new cases contrast the 222 new cases filed in 2014, emanating from parties from 55 jurisdictions around the world. The total breaks the record of 259 set in 2013. The total sum from these disputes has followed a similar pattern, up 24 per cent between 2014 and 2015 from S$5bn (£2.6bn) to S$6.2bn (£3.2bn) and up 3 per cent from S$6bn (£3.1bn) in 2013. The highest claim from SIAC’s 2015 statistics was S$2bn.
The Singapore International Mediation Centre (SIMC) which was established in 2014 to provide a resolution service for cross-border disputes to manage the rise of trade and investment in Asia, has also released its first annual statistics. Sums in the disputes between the SIMC’s establishment in November 2014 and December 2015 range from S$5m to S$600m with all cases involving at least one foreign party.