The Intellectual Property Office of Singapore (IPOS) has put in place a FinTech Fast Track initiative which will speed up the application-to-grant process of patents for financial technology innovations. The launch is expected to help FinTech businesses expand their markets and use new technologies such as blockchain. The press release stated that from now onwards, patents can be granted within six months, an improvement from the previous process, which took at least two years.
IPOS’ FinTech Fast Track initiative looks to encourage innovative FinTech enterprises and start-ups to develop solutions to meet the surging demand for FinTech solutions in [Association of Southeast Asian Nations] ASEAN, as well as operate effectively within the ambit of Singapore’s well developed financial infrastructure and supportive regulatory policies.
Some of the FinTech categories listed in the Appendix include electronic payment, investment platforms, insurance technology, blockchain and banking, and security, fraud and authentication. “FinTech inventions could also involve alternative due diligence, virtual exchanges and smart contracts, as well as market information platforms among others,” the statement read.
The initiative was announced on April 26th at the 2018 World Intellectual Property Day. Daren Tang, Chief Executive of IPOS, applauded Singapore, which already holds the position as one of the top FinTech hubs in the world, for its effort in commercializing fresh ideas. “By significantly reducing the time needed for grant of a FinTech patent, our innovative enterprises will be able to compete effectively through their intellectual property and use these intellectual assets to scale up and enter the world’s market. At the same time, we hope to see the emergence of more FinTech innovations that will improve the way we transact in our daily lives, bringing greater value and convenience to our people, and paving the way to achieve our national goal of becoming a Smart Nation,” said Tang.
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