Singapore continues its efforts to challenge Hong Kong’s title of Asian international arbitration centre. The Ministry of Law is proposing changes to the International Arbitration Act to ensure a world-class legislative framework to support arbitration. Proposed changes include recognising arbitration agreements in any form instead of only those that are in writing, as is the current practice, much like the 2006 version of the UNCITRAL Model Law. This means even oral agreements will be valid, as long as they are recorded. This move may be seen as an answer to the new Hong Kong Arbitration Ordinance 2011. The battle for international commercial arbitration in the Asia-Pacific continues. Read more here: Singapore Law Watch.
International arbitration hubs: the race continues