Singapore’s Rajah & Tann dispute resolution partners Danny Ong and Yam Wern-Jhien have left to establish their own boutique law firm Setia Law, specialising in dispute resolution, fraud and financial crimes, and debt restructuring and insolvency.
Headquartered in Singapore, Ong takes the role of managing director while Yam is the director at the new firm, and they are supported by a team of lawyers who also left Rajah & Tann.
Setia Law will focus on complex cross-border cases, drawing on its lawyers’ experience in complex financial disputes, commercial fraud, international enforcement and corporate distress situations.
“The recent collapse of Silicon Valley Bank and the emergency rescue of Credit Suisse has further fuelled concerns of a looming global recession and financial crisis,” said Ong.
“As a financial and legal services hub, there is a growing expectation that Singapore will see significant action as the country continues to cement itself as the jurisdiction of choice for resolving cross-border financial disputes and debt restructuring.”
Looking back at the 2022 crypto winter, many troubled cryptocurrency platforms turned to Singapore as their restructuring hub, and Ong believes the city-state’s progressive legal framework will continue to attract companies to conduct their restructuring and insolvency proceedings.
“In what’s expected to be another geopolitically and economically challenging year, we’ve observed a desire in clients for localised legal knowledge and technical speciality that’s applicable across multiple jurisdictions,” Ong added.
Ong has led multiple high stakes cross-border disputes and investigations, across a multitude of industries during the past two decades. Meanwhile, Yam has been at the forefront of blockchain and digital assets-related litigation in Singapore, having represented a blockchain and cryptocurrency advisory company in a dispute relating to the design and development of a blockchain-based marketplace and acting for the liquidators of a major cryptocurrency investment e-platform.