SINGAPORE - The Singapore International Commercial Court (SICC) has heard 17 cases on subjects ranging from construction to banking and finance since it was established in 2015, said Senior Minister of State for Law Indranee Rajah.
New laws were passed on Tuesday (Jan 9) to make clear the SICC can hear the same cases on international commercial arbitration as the High Court under the International Arbitration Act, she added.
The SICC, which is a division of the High Court, has already heard cases with parties from countries such as Japan, Israel and India, among others.
The latest move is expected to increase Singapore's attractiveness as a seat of arbitration, given the SICC includes international judges who hear disputes governed by foreign law, said Ms Indranee.
The changes will not, however, give the SICC additional jurisdiction, Ms Indranee told Mr Louis Ng (Nee Soon GRC).
The latest amendments come after a series of developments in the area of international arbitration here. Last year, it was announced that the Permanent Court of Arbitration would set up its first Asian office here, aimed at serving states and businesses in the region that require dispute resolution.
"The SICC has received positive reviews for the quality and speed of its judgments," said Ms Indranee.
Most judgments were delivered within three months of the last hearing, she said. In some instances, judgments were issued less than a month after cases were argued.