The Korean Commercial Arbitration Board (KCAB), South Korea’s sole authorised arbitral institution, announced plans to expand its global reach during its 60th anniversary ceremony in Seoul on 27 March 2026.
“If the current reliance – under which most international disputes involving domestic companies are resolved by foreign arbitral institutions – continues, it will result in a significant outflow of not only the cases but the legal services market, professional expertise and related industries,” Hyun Yoon Shin, the 12th president of the KCAB, said in his opening remarks.
Despite being among the most active participants in Asian international arbitration, South Korean firms continue to show a strong preference for international venues, particularly the Singapore International Arbitration Centre (SIAC) and the Hong Kong International Arbitration Centre. Notably, South Korean parties topped the SIAC foreign users’ chart in 2024, with 295 new cases filed.
In a congratulatory address, Justice Sukheui Shin of the Supreme Court of Korea echoed Hyun Yoon Shin’s sentiments.
“Given South Korea’s economic standing and geographic position, the development and promotion of arbitration – particularly international arbitration – are a critical priority in my opinion,” said Sukheui Shin.
Effective from January 2026, the KCAB’s revised International Arbitration Rules aim to enhance transparency and efficiency, and established the International Arbitration Court, an independent body composed of arbitration experts, to support these international objectives.
Hyun Yoon Shin also officially announced plans to rebrand the KCAB as the Korean Arbitration Board (KAB), noting that the current name has contributed to a perception that the institution’s mandate is limited to business and trade disputes between companies.
Around 200 KCAB officials, arbitrators, in-house counsel and private practice lawyers attended the ceremony.
