We are pleased to announce the impending opening of our Singapore office, our sixth location in Asia and first outside of Greater China. Martin Tupila, managing director and head of our forensic accounting practice will build up a local team supported by other JLA professionals.
The services offered by JLA Singapore will complement those offered by our established teams in Hong Kong, Beijing, Shanghai, Shenzhen and Macau and allow JLA to provide an integrated service to clients, across a variety of sectors, with coverage over Greater China and South East Asia.
There have been a number of exciting new developments in Singapore over the past few years particularly in the area of alternate dispute resolution (ADR) with the establishment of the Singapore International Arbitration Centre, the Singapore International Mediation Centre and the Singapore International Commercial Court (SICC). Earlier in the year, amendments were made by the Supreme Court of Judicature in Singapore confirming that the SICC can hear proceedings related to international commercial arbitration.
Singapore is also pushing to establish itself as an international debt restructuring hub. Amendments to the Singapore Companies Act in mid-2017 have introduced significant new legislative tools to rescue distressed companies and greatly enhanced Singapore’s schemes of arrangement and judicial management processes.
In the up and coming field of fintech, Singapore is widely held to be one of the highest performing fintech hubs in the world ranking alongside London and followed by New York and Silicon Valley. Back in 2014 the Singapore government launched the Smart Nation initiative to harness infocomm technologies, networks and big data to create tech-enabled solutions and in 2017, Singapore’s central bank launched a batch of initiatives including helping banks create an industry-wide platform for compliance checks. The Association of Banks in Singapore is also exploring the use of blockchain technology to make payments systems more efficient.
We are truly excited by these developments and the opportunities to expand our services to clients throughout Asia.