Litigation Funding in Singapore – support for third-party funding of international arbitration and related proceedings
By way of update to our Litigation Funding in Singapore report on 3 August 2016, on 10 January 2017 the Singapore Parliament passed amendments to the Civil Law Act legalising third-party funding in arbitration and related proceedings in Singapore. Woodsford plans to take a lead role in this significant new market, and we look forward to further supporting access to justice in Singapore, Hong Kong, and elsewhere in the region.
Steven Friel, Woodsford’s Chief Executive Officer, commented:
“Whilst the reforms in Singapore are currently limited to international arbitration and related proceedings, I am confident that once Singapore has tested the water with third-party funding, it will fully embrace third-party funding of litigation and domestic arbitration. In other jurisdictions, including the US and the UK, Woodsford supports top flight claimant law firms that wish to offer their clients contingency fee arrangements. In due course, we are hopeful that we can provide such support in Singapore. The “light touch” approach to regulation in Singapore is appropriate. Litigation funding is now a $multi-billion, global industry, with remarkably few reported problems or disputes. Intensive regulation is neither necessary nor appropriate.”