Syed Rahman discusses how the SIAC has adapted to modern international arbitration, with provisions for crypto-assets and blockchain contracts, and its new Rules for 2025
The SIAC was founded in July 1991 and is made up of a panel of over 600 independent and neutral arbitrators from more than 40 countries. Each arbitrator has specialist knowledge of their subject area, which ensures that expertise presides over the centre.
The SIAC has become a leading international arbitral institution. It is committed to updating its rules in line with commercial global interests and has released six editions between 1991-2016.
In January 2025, it published its latest set of rules based on advice and feedback from global stakeholders. One of the main reforms was to provide urgent measures by empowering the SIAC to appoint an emergency arbitrator within one day of receiving an application, with a subsequent order delivered within 14 days. This has proven to be an effective tool for claimants concerned that the respondents may dissipate assets in anticipation of a dispute.
The SIAC 2025 Rules have further increased transparency of proceedings by mandating the disclosure of the existence, identity and contact details of any third-party funders. Anonymous third-party lenders have the potential to have unjust influence over the appointed arbitral tribunal, but this amendment seeks to tackle that problem. If there is any conflict of interest between an SIAC arbitrator and the funder, the party cannot enter the funding agreement.
The Singapore International Commercial Court
The Singapore International Commercial Court (SICC) was formed in 2015 and is an international court which is available to parties across the world. Its development was kickstarted by Singapore’s efforts to strengthen its appeal to foreign jurisdictions.
On 12 January 2023, the SICC launched a model clause (‘SICC Model Jurisdiction Clause’) to assist parties to be able to designate the SICC as having supervisory jurisdiction over international arbitrations. In tandem, the SIAC modified its own popular Model Arbitration Clause to recommend the inclusion of the SICC Model Jurisdiction Clause.
In November 2024, the Singaporean International Commercial Court (International Committee) Bill was passed in a bid to further capitalise on the international appeal of the Singaporean court system. This reform was subsequent to a bilateral treaty signed between Singapore and Bahrain in March 2024, after the establishment of Bahrain’s own international Commercial Court (‘BICC’). The SICC was made the appellate court for disputes arising from the BICC, which strengthened Singapore’s commercial connection to the Middle East.
The distinction is that the SICC does not directly hear appeals from Middle Eastern courts, but the SICC Committee can hear appeals from foreign civil judgments, including those from the Dubai International Finance Centre (DIFC) Courts. Decisions of the SICC International Committee for purposes of enforcement will be treated as judgments from the originating foreign court where the appeal was filed. The mechanism therefore seeks to preserve the legal identity of the foreign court’s decisions, such as the DIFC, while providing a neutral appellate forum. Decisions of the SICC International Committee are final and not subject to appeal or review by any court.
Notably, the SICC has proposed future reforms to facilitate disputes involving crypto-assets and blockchain contracts. It is no secret that cryptoassets disputes come with challenges. It is not always clear which international law applies. Often the respondents cannot be easily identified. We are yet to see what these future reforms will entail to tackle the anonymity problem.
Key differences between the SIAC and SICC
Despite the SIAC and SICC’s mutual enforcement of the other, each component differs in the services they offer. There is substantial overlap of the types of disputes that can be heard before both institutions.
A few key differences are outlined below for parties seeking to choose between the SICC and the SIAC:
- SIAC awards are enforced and recognised under the New York Convention, paving the way for arbitral awards to be enforced in the 172 signatory countries.
- The SICC may have lower costs than the SIAC.
- The SIAC has the advantage of confidentiality as arbitration is always a private forum. However, the SICC competes closely on this point. Proceedings in the SICC take place in open court by default, but parties can still agree on confidentiality or apply to the Court for it.
- The SICC has the upper hand with respect to the appellate process. This may be an advantage or a disadvantage, depending on the dispute. Parties who want the arbitral award to be final should opt for the SIAC. But parties who want the option to appeal would prefer the SICC.
