The Intellectual Property Office of Singapore (IPOS) announced last week the launch of the country’s new Fintech Fast Track initiative in order to accelerate patent application-to-grant processing. According to the organization, the initiative expedites patent application-to-grant process for fintech inventions and fintech patents can be expected to be granted in as quickly as six months, compared to at least two years for normal applications.
“In line with the industry transformation map for financial services[1] and to advance the Republic’s Smart Nation agenda, 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 ASEAN, as well as operate effectively within the ambit of Singapore’s well developed financial infrastructure and supportive regulatory policies.”
While sharing more details about the initiative, Daren Tang, Chief Executive of IPOS, stated:
“Singapore is a place where great ideas from anywhere in the world can be commercialised. 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.”
Chia Hock Lai, President of the Singapore FinTech Association, added:
“The Singapore FinTech sector is growing rapidly. With innovation at its heart, a swifter patent application process will help companies come to market faster. The FinTech Fast Track is an excellent initiative, and one that will support and aid in further growing our community.”