TO serve the dispute resolution needs of businesses in the region, the International Chamber of Commerce or ICC Court will set up a case management office in Singapore - the first international arbitral institution to have a physical presence here.
The new office is expected to start operating in the first quarter of 2018 at Maxwell Chambers.
Headquartered in Paris, the ICC Court will take up about 2,000 sq ft in the new Maxwell Chambers Suites - a conserved heritage building - which will be an expansion of Maxwell Chambers when the refurbishment works are completed in 2019.
Singapore is ICC Court's fourth overseas case management office after Hong Kong, New York and Brazil. In 2016, it administered almost 1,000 arbitral cases from around the world.
Senior Minister of State of Ministry of Law (MinLaw) Indranee Rajah said the move "will augment Singapore's offerings and raise our hub status up one notch".
Speaking at the third ICC Asia Conference on International Arbitration on Wednesday, Ms Indranee said: "It is a vote of confidence in Singapore as a base for major players to access and capture opportunities, and to be part of Asia's growth story."
MinLaw and the ICC Court announced their collaboration at the signing of a memorandum of understanding - a milestone agreement - in Singapore on Wednesday.
Under the partnership, MinLaw and the ICC Court will work together to develop and promote Singapore as a seat and venue for arbitration in Asia through advancing thought leadership, developing manpower talent and arbitration services, and undertaking joint marketing.
Said Alexis Henri Louis Mourre, president of the ICC Court: "With its two case management teams in Hong Kong and Singapore, as well as its representative office in Shanghai, the court is now able to offer a unique international arbitration platform across the entire Asian continent."
The new case management office forms part of a growing presence for ICC in Singapore.
Following the establishment of an Asia Regional Office, ICC's first regional office outside of Paris, in 2002, ICC and IE Singapore joined forces in 2015 to establish the ICC Academy, an e-learning platform for trade and banking professionals. Both outfits are currently located at Maxwell Chambers.
Singapore is a key international dispute resolution centre, offering a full suite of services including international arbitration, mediation and litigation. It is one of the top five seats of arbitration in the world and has been the leading seat of arbitration for ICC cases in Asia for the last seven years.
Source: Business Times, 29 June 2017