FinTech (Financial Technology) patents can be expected to be granted in as quickly as six months in Singapore, compared to at least two years for normal applications, as Intellectual Property Office of Singapore (IPOS) launched the 'FinTech Fast Track initiative' today. This will provide expedited patent application-to-grant process for FinTech inventions.
Low Yen Ling, Senior Parliamentary Secretary for Ministry of Trade and Industry and Ministry of Education, made the announcement of the new initiative at the 2018 World Intellectual Property Day (World IP Day) Event.
In the programme, more than 200 participants from the creative and innovation community gathered to celebrate World IP Day alongside 191-member states across the world.
“The above step has been taken to support the growth of Singapore’s FinTech sector and help businesses bring their FinTech innovations to the market more rapidly,” said IPOS in a press release issued today.
The FinTech Fast Track initiative will complement the Monetary Authority of Singapore’s (MAS) SGD225 million Financial Sector Technology and Innovation (FSTI) funding scheme which is designed to boost FinTech development in Singapore.
Pointedly, Singapore is a global leader in FinTech alongside London. The city-state is the top-ranked FinTech hub in the world according to a Deloitte study of 44 hubs across the globe.
Speaking about the FinTech Fast Track initiative, Daren Tang, Chief Executive of IPOS, said, “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,” he added.
Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “In an industry where time-to-market is critical, the expedited process for FinTech patents will enable businesses to commercialise their products and services more quickly. The FinTech Fast Track will make Singapore more attractive as a destination for FinTech firms and help further strengthen Singapore’s FinTech ecosystem.”
The IPOS’ FinTech Fast Track initiative is in line with the industry transformation map for financial services 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,” stated the release.