The Intellectual Property Office of Singapore (IPOS) has announced a new initiative that will speed up the patent application-to-grant process for FinTech inventions such as blockchain-based payments.
The initiative, called Fintech Fast Track, was launched to support the growth of Singapore’s FinTech sector and help businesses bring their FinTech innovations to the market more rapidly. The initiative seeks to shorten the patent-granting process from about two years to as little as six months.
“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 startups 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,” IPOS said.
According to IPOS’ guidelines on FinTech inventions, the incorporation of blockchain technology to improve the security and efficiency of clearing and settlement across borders for transaction and payment is deemed as a FinTech invention.
Daren Tang, Chief Executive of IPOS, said that by significantly reducing the time needed for grant of a FinTech patent, Singapore’s 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.
“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,” Tang said.
Chia Hock Lai, President of the Singapore FinTech Association, said “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.”
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