Address by Mr Edwin Tong SC, Minister for Law and Second Minister for Home Affairs, at the Book Launch of “Charting New Waters - The Singapore International Commercial Court after 10 years”

The Honourable Chief Justice Sundaresh Menon,

The Honourable Justice Philip Jeyaretnam, President of the Singapore International Commercial Court (SICC),

Honourable Judges,

Distinguished Guests,

Ladies and Gentlemen

Introduction

1. Good evening, everyone. Just wanted to welcome you to the Asian Civilisations Museum (ACM).

2. In my past life as the Minister at MCCY, I spent a lot of time here. I would say that if you enjoy this room, you will enjoy the rest of this museum even more. I encourage you to look at the exhibitions and the rest of this museum, and you will find there is lots of history.

3. Speaking about history, it is indeed an honour to celebrate the launch of this book in the former Empress Place Building, itself a part of the Judiciary’s history.

4. It was used briefly as a colonial courthouse after its completion in 1867, and later, in the 1930s, was home to the Civil District Courts.

5. We are also right beside the Old Parliament House, where the Supreme Court sat from 1875 to 1939.

6. The title of this book Charting New Waters therefore, in my view, aptly captures the Judiciary’s path, from humble beginnings by the banks of the Singapore River, to the international waters of the SICC.

7. Today, whilst we celebrate this book launch, today’s occasion is much more than that.

8. We are commemorating an occasion that reflects a significant journey that the courts have taken. I would like to offer some suggestions as to how far we have come, the basis on which we have come so far, and to think about looking forward – how much more the SICC can do.

The SICC’s journey over the last decade

9. 10 years ago, the global business landscape was, by that time, rapidly evolving.

10. Transactions had become increasingly complex, involving multiple jurisdictions, and commercial arrangements were becoming more sophisticated.

11. Cross-border trade flows were growing exponentially. In the roughly almost 15 years or so before the SICC was set up, in ASEAN alone, trade volumes quadrupled to US$2.389 trillion. Foreign direct investment (FDI) had grown more than 5 times, at that time, to approximately US$114 billion.

12. The disputes arising from these transactions – and you know, law follows business – required adjudication by a robust judicial body, that would encompass the thinking, the cultural context, and the legal traditions from different jurisdictions, from where the parties originated.

13. As you know, Singapore itself, more than half of our trading partners come from civil law jurisdictions. We recognised this gap, and we saw an opportunity to establish the SICC to provide a trusted, neutral forum, specifically designed for resolving complex cross-border disputes, which also complemented the full suite of dispute resolution options we had, at the time, in Singapore.

14. It was Singapore’s answer to the evolving needs of international commerce.

15. When the SICC first started, they heard two transfer cases in its inaugural year.

16. Today, I think the numbers tell quite a different, and in my view, a compelling story:

(1) The SICC’s caseload has increased steadily.

(2) In 2024 alone, the total number of cases heard by the SICC was 28, with 18 of those being fresh filings.

17. What strikes me is not just the volume, but the true, international character of these disputes. Cases before the SICC have involved parties from 62 different nationalities.

18. The SICC has also published more than 200 judgments to date, creating a substantial body of jurisprudence that is studied and cited with approval around the world.

International judges and landmark Cases

19. Beyond merely looking at numbers, statistics, data, I think the real quality of the SICC lies in its people. The success of the SICC is really because of the calibre of its international bench. Today, the SICC has 24 International Judges serving alongside our Singapore local judges. Each of them with an impeccable reputation, legal giants reflecting an astute balance of jurisprudential prowess, but coupled with a judicial temperament that balances it up with practical considerations.

20. I think that is precisely what mercantile and commercial parties need – that bench strength, and their diversity is what I think has made SICC truly special.

21. Those of you who know me will know that I follow football – at least I used to. So if I may borrow an analogy from football, the SICC is a little bit like the English Premier League (EPL).

22. How so? It is the most successful league in the world that embraces diversity, brings together players and coaches from all corners of the globe, each with their own distinctive styles – playing style, management style – I think they all lend, overall, to an EPL that is vibrant, that is sometimes exciting. You have Pep Guardiola’s Spanish tiki-taka, you have Arne Slot’s Dutch philosophy “Total Football”, and you have Ruben Amorim’s “total mess”. Each of them, I believe, contribute in different ways, adding to the vibrancy, adding to the colour, each of them bringing their own experience, their own depth of talent, into the

23. I think that diversity is precisely what makes the SICC world-class.

24. The SICC’s international bench comprises eminent jurists from both the civil law as well as the common law traditions, with deep expertise in hearing commercial cases across different disciplines.

25. Take Justice James Michael Peck, for instance, an insolvency judge and mediator who has presided over some of the world’s largest corporate insolvencies.

(1) In 2024, Justice Peck heard a case in the SICC concerning the No Va Land group, a major Vietnam real estate developer that was financially distressed.

(2) The court was able to approve a cross-border restructuring plan covering US$300 million in debts in just over 15 days. Time is money – it gets people back on their feet, solves the restructuring and the business carries on – saving a lot of time.

26. Another example is the Honourable Justice Sir Henry Bernard Eder.

(1) In 2018, he presided over the case of Macquarie Bank v Graceland Industry, which involved the interpretation of the International Swaps and Derivatives Association Inc (ISDA) Master Agreement.

(2) The published judgment now serves as an authoritative decision for lawyers internationally when advising clients on obligations under the ISDA Master Agreement.

27. Yet one more example, which the Honourable Chief Justice mentioned earlier is, Quoine v B2C2, which at that time was first decided in 2018 – cryptocurrency and its impact, the way you look at it, the way you analyse the legal effect of crypto transactions – was extremely novel.

(1) The court in that case, a five-Judge panel led by the Honourable Chief Justice, including two International Judges, took a view that cryptocurrency was capable of being held on trust, amongst other things.

(2) Less than two months later, that decision was cited with approval by the New Zealand High Court – a testament to the quality of the judgment, underpinned by a compelling and diverse bench coming together, lending their experience, applying it to something that was novel, creating a legal first, and other jurisdictions adopted.

28. The thought leadership of the SICC’s prestigious bench, in my view, has no doubt enhanced its reputation, as well as attracted foreign parties to litigate here.

Distinctive features of the SICC

29. Beyond its strong bench, the SICC’s achievements have also been built on several distinctive features, which have been explored in the book.

30. For example, the SICC allows flexible and innovative procedures that are adapted to commercial realities, and embrace technology and modern case management, and also finds ways to adjust to meet parties’ needs. Afterall, the law must serve mercantile and commercial needs.

31. Examples include the Technology, Infrastructure and Construction (TIC) List, and flexible rules of evidence.

32. Another distinctive feature is that the SICC allows foreign lawyers and legal experts a right of audience before the court, on matters of foreign law. Currently, there are 133 registered foreign lawyers, from approximately 18 different countries who can appear before the SICC.

33. On that note, I am reminded of a story that Justice Philip told:

(1) If you look at Chapter Three, he begins the opening paragraphs of Chapter Three by sharing an experience when he was a child in Singapore. He bartered toys through a fence with his neighbour. His neighbour was the son of a Canadian of Ukrainian descent, and he was watched over by his Cantonese amahs. It was the Cantonese amah who provided a trusted avenue of recourse and redress.

34. I think that, in many ways, tells the story, a little microcosm story of how apt it is that Justice Philip now can say that he is the President of a court that boasts of equal, if not better, international diversity in judicial, as well as legal representation.

35. I think that ethos of bringing diversity together, of having not just different legal systems, but legal traditions, cultural contexts, nuances and differences – all of that is part of what resolving disputes is all about.

International collaboration

36. The SICC also strongly embraces a spirit of international collaboration - from engaging counterparts through fora such as the Standing International Forum of Commercial Courts, to being a proud member of the Judicial Insolvency Network (JIN).

37. Most recently, as Chief Justice mentioned, the SICC has served as a model as well for other jurisdictions:

(1) When Bahrain wanted to establish its Bahrain International Commercial Court (BICC), it looked to the SICC for help. That is something that we are privileged and honoured to assist in.

(2) In 2024, Parliament passed legislation to establish the International Committee of the SICC, a designated body in Singapore, comprising local and international judges, that will hear appeals of international commercial cases from prescribed foreign courts, such as the BICC.

Rising to Meet Global Challenges

38. Being plugged in to global networks will continue to serve the SICC well.

39. As we look around the world today, we see rising geopolitical tensions, causing disrupted supply chains, increasingly complex international business environment.

40. We can therefore expect more cross-border disputes arising from traditional contractual and shareholder issues, to restructuring and insolvency, and technology-related ones, as well as to newer and novel ways of doing business – like as I mentioned, the use of cryptocurrency.

41. Trusted and adaptable institutions like the SICC can and should play a leading role in addressing such disputes, and providing certainty to cross-border businesses.

42. To achieve this, I believe the SICC must continue to remain plugged in and attuned to broader public policy considerations – not just in Singapore, but in the region and the world. These considerations shape states’ responses to global disruptions, and ensure that the law remains predictable and responsive to emerging issues.

Conclusion

43. As I close, I want to just go back to a comment I made about the trade situation and the rise of investments at the time the SICC first started. In the 10 years that the SICC has been operating, FDI into ASEAN has grown substantially – just in the last 10 years – by another 40%. It is now at US$225 billion and as a bloc, the ASEAN economy is slated to be the fourth largest economy in the world in about five years’ time. Total trade in goods alone is about US$3.5 trillion. These numbers and statistics tell a story. They tell a story about where the gravity of business is going to be focused on, where the Government, and focus and emphasis of the commercial world are going to be.

44. I believe that in ASEAN, in Asia, there will be a lot of investments coming in. Trade flows are coming in, FDI into this part of the world has been unabated despite COVID. I think the growth of the SICC will rise independently.

45. As I conclude, let me once again congratulate Chief Justice, the Judiciary, all the contributors on this remarkable volume. I saw a copy of the book earlier. I think it is something that is worth reading cover to cover. I want to say a big congratulations to everyone who must have worked so hard in contributing to the various chapters of this remarkable book.

46. As we celebrate this very milestone book launch, I remain optimistic that the SICC will indeed continue to chart new waters in the years to come, anchored in the values that brought it here in the first place, guided by the same spirit of excellence.

47. Thank you very much.

Last updated on 24 September 2025