- Singapore’s standing as an international arbitration powerhouse is set to grow as it builds on past efforts and global economies recover from the Covid-19 pandemic.
- The capital markets are still the largest in the world, and that leads to more transactions, more financial instruments, more disputes.
- Mr Cheng, who recently returned from the US to head the firm’s Singapore office as a co-managing partner.
- Mr Cheng Tai-Heng runs the Singapore office of leading global law firm Sidley Austin.
- Mr Kevin Nash was appointed registrar last month.
As it expands on previous efforts as global economies recover from the Covid-19 pandemic, Singapore’s stature as a worldwide arbitration powerhouse is poised to rise as reported by The Straits Times.
Global player
Industry insiders note that Singapore has firmly established itself as Asia’s top dispute resolution centre and that the post-pandemic recovery should give the momentum to propel Singapore as a worldwide leader. According to figures released by the Singapore International Arbitration Centre (SIAC) earlier this year, India, the United States, and China are the three largest international users of SIAC.
Mr Chong Yee Leong, Allen & Gledhill’s co-head of international arbitration, stated, “All three of these economies are predicted to have solid growth in 2021 and beyond, and the number of activities for conflict resolution can only go up.”
“Both international arbitration and court litigation (particularly the Singapore International Commercial Court) should experience development in terms of size and value of cases as a dispute resolution venue,” he added.
SIAC was also named the most favoured arbitral institution in Asia-Pacific and second globally, according to him.
Mr Cheng’s judgement
Mr Cheng Tai-Heng, who oversees Sidley Austin’s Singapore office, said that when looking at the big picture, including arbitration, “my judgement is that the deepest legal markets with the highest rates will continue to remain in the US for some decades; but the growth markets will be in Asia.”
In comparison to Asia, the United States has a stable legal market that is not expanding rapidly.
“Because the United States has the world’s largest economy and the world’s largest corporations, it has the highest legal demands.
I believe it will continue to be so for some time, especially as long as the US dollar is the world’s reserve currency.”
Separately, SIAC announced the nominations of a new chief executive officer and a new registrar earlier this month as it looks to build on its arbitration success and advance to the next level.
International standing
Ms Gloria Lim, who was previously the director of the Legal Industry Division of the Ministry of Law, has been designated CEO.
Last month, Mr Kevin Nash was named the registrar.
“SIAC’s caseload expanded dramatically during her tenure, from 235 cases in 2012 to 1,080 cases in 2020, with parties from over 100 countries arbitrating conflicts at SIAC.
Seok Hui was also in charge of SIAC’s international expansion, which included offices in India, South Korea, China, and the United States.”
“They both played key roles in strengthening the worldwide status and prominence of SIAC, and helped it achieve the success it has witnessed today,” SIAC chairman Senior Counsel Davinder Singh said of Ms Lim and Ms Ho.
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Source: The Straits Times
