The Singapore International Arbitration Centre (SIAC) has released its Annual Report for 2015, revealing the highest number of new cases and the highest total amount in dispute in its history.
An overview of the statistics in the Annual Report shows that:
- SIAC administered 271 new cases from 55 jurisdictions; representing a 300% rise from a decade ago and a 22% increase from 2014;
- SIAC handled a total amount in dispute of $6.23 billion, an increase of 25% from 2014;
- Singaporean parties continued to be the largest contributor to the SIAC caseload, with about one-third of all cases involving companies that are Singapore registered subsidiaries of international companies;
- 84% of new cases filed with SIAC in 2015 were international in nature, and 42% had no connection with Singapore; and
- The top ten countries (excluding Singapore) that used SIAC were India, China, South Korea, the US, Australia, Vietnam, Hong Kong, Indonesia, the British Virgin Islands and Malaysia.
SIAC had a record breaking year in 2015 and the statistics affirm its position as one of the world’s leading and fastest growing arbitral institutions.