Singapore International Mediation Centre celebrates a decade of growth, unveils AI-powered tool
Mediation AI Assistant to enhance efficiency of dispute resolution process
SIMC gearing up to handle more complex disputes, including cyrpto assets and cases involving foreign states
The Singapore International Mediation Centre (SIMC) will mark a decade of achievements on 28 August 2024 with the launch of its new artificial intelligence (AI) tool during Singapore Convention Week 2024.
MAIA (Mediation AI Assistant) is designed to streamline the dispute resolution process by generating a chronology of events, outlining the roles of individuals, providing a table of common positions and differences between parties, and summarising disputes based on extensive documents and data provided by the parties.
MAIA can also assist in drafting an initial settlement agreement for counsel to revise and finalise, significantly enhancing the efficiency of the dispute resolution process. The launch underscores SIMC’s commitment to leverage new technologies to advance mediation practices.
The launch will be part of SIMC’s 10th anniversary celebration at the Shangri-La Hotel with the highlight being a fireside chat with Singapore’s Minister for Home Affairs and Minister for Law, Mr K Shanmugam SC. The event has already reached full capacity with 280 guests, including close to 100 international attendees.
During Singapore Convention Week, SIMC will sign a Memorandum of Understanding with the China International Contractors Association (CHINCA) to enhance cross-border dispute resolution, particularly in relation to the Belt and Road Initiative. The collaboration provides for cross referral of commercial disputes, training and promotion of mediation.
Since its inception in 2014, SIMC has emerged as a major venue for alternative dispute resolution in Asia, mediating over 430 cases with a combined dispute value of nearly US$18 billion. Its global reach extends to over 60 jurisdictions, including major economies like China, India, Japan, South Korea and the United States.
Among SIMC’s achievements is its supporting role in the adoption of the Singapore Convention on Mediation in 2019, which has strengthened the international enforcement of mediated settlements. Notably, it has been instrumental in promoting mediation as a credible and effective dispute resolution mechanism. So far, 57 countries have signed the Convention, and 14 have ratified it, including Japan, which acceded to the Convention last year.
One of SIMC’s most notable successes was the reported resolution of a billion-dollar dispute between US-based FuelCell Energy and South Korea’s largest private energy producer, Posco Energy. This complex case, previously mired in five ICC arbitrations, was successfully mediated at SIMC, resulting in a mutually beneficial and sustainable settlement.
As the mediation landscape evolves, SIMC is gearing up to address emerging challenges, particularly in areas like crypto assets. The Centre has mediated eight crypto-related cases since 2022, reflecting its readiness to adapt to new and complex disputes.
This caseload is expected to increase as crypto asset owners, many of whom value swift resolutions due to the fluctuating value of these assets, increasingly turn to mediation. In addition, these tech-savvy individuals are drawn to mediation as it saves time and provides an opportunity to preserve business relationships in a rapidly evolving industry. To address this demand, SIMC said it is establishing a dedicated working group focused on crypto asset disputes.
SIMC Chairman George Lim, SC, said: “The journey over the past decade has been transformative for both SIMC and the broader mediation practice. We have tackled some of the most complex disputes, proving that mediation is not just an alternative, but often the preferred path to resolution.
“Mediation saves time and costs while preserving relationships between parties, which is key to business sustainability. As awareness grows, we have seen interest picking up in sectors which traditionally do not turn to mediation to resolve disputes like crypto assets and energy.
“The growth in mediation means that the Singapore International Mediation Centre has to harness new technologies like AI to help us be more efficient and to support our mediators. We are also exploring new international collaborations to address the specific needs of today’s dispute resolution landscape. We are not merely adapting to change – we are shaping the landscape of dispute resolution.”
SIMC CEO Chuan Wee Meng said: “As we celebrate our 10-year milestone, SIMC is not only reflecting on our past achievements but actively charting the course for the future of mediation. We are committed to pushing boundaries, embracing innovation, and setting new standards in dispute resolution for the next decade and beyond.”