Singapore International Arbitration Centre opens an office in GIFT IFSC

AHMEDABAD: The Singapore International Arbitration Centre (SIAC) on Wednesday opened a second representative office in India at the Gujarat International Finance Tec-City (GIFT) International Financial Services Centre Zone (IFSC) in Gujarat. This is pursuant to the Memorandum of Agreement entered into between SIAC and GIFT.

SIAC and GIFT will collaborate to promote to all companies and investors in GIFT, the use of arbitration and related dispute resolution services such as the Arb-Med-Arb service jointly provided by SIAC and the Singapore International Mediation Centre.

Ajay Pandey, MD & Group CEO of GIFTCL said, “SIAC will provide a neutral and independent dispute resolution platform to parties, thereby enabling them to undertake large international financial transactions from GIFT IFSC. GIFT companies will also start adopting SIAC’s model clause as their preferred dispute resolution clause for international contracts exceeding a certain value. With increasing participation by international and domestic parties in GIFT IFSC, an international dispute resolution mechanism will be useful in making GIFT IFSC a global financial hub along the lines of London, Dubai, Hong Kong, Singapore and New York.”

Lim Seok Hui, CEO of SIAC, commented that “Opening a second SIAC office in India in GIFT IFSC will allow SIAC to participate in GIFT’s economic development through the provision of a world-class dispute resolution mechanism to businesses and investors within GIFT IFSC, and will deepen SIAC’s existing ties with the legal and business communities in India.”