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Singapore sees boom in arbitration

22 March 2013 Last updated at 01:44 GMT

For years, Singapore and Hong Kong have jostled to become Asia's biggest financial centre. But now, competition is heating up in another area - international arbitration.

An increasing number of firms are looking to solve their disputes in courts close to where they do business - and Singapore has seen a spike in business.

The Singapore International Arbitration Centre posted a record-high figure of $2.9bn (£1.9bn) worth of new cases last year as the number of new cases jumped by 25% to 235 in 2012, from 188 in 2011.

The BBC's Rico Hizon spoke to Kent Phillips, a partner at law firm Berwin Leighton Paisner, and asked him what Singapore's attraction was.