.jpg)
The Intellectual Property Office of Singapore (IPOS) has launched a new fintech fast-track scheme which will greatly reduce waiting times for patent applications by fintech firms.
Under the fast-track scheme, fintech patents can be granted in just six months, down from two years for regular applications.
The move aims to foster greater innovation among Singapore’s financial sector by making it easier for companies to meet the rapidly rising demand for technological solutions and services. It will also assist companies in operating effectively within Singapore’s financial infrastructure and regulatory environment.
The fintech domains covered by the fast-track scheme include, but are not limited to, electronic payments, investment platforms, insurance technology, blockchain and banking, and anti-fraud technologies.
It is aligned with Singapore’s industry transformation map (ITM) for financial services and the government’s Smart Nation agenda. It complements the Monetary Authority of Singapore (MAS)’s SG$225 million Financial Sector Technology and Innovation (FSTI) funding scheme which aims to boost fintech development in Singapore, which is one of the top-ranked fintech hubs in the world according to research by Deloitte.
“Singapore is a place where great ideas from anywhere in the world can be commercialised,” said Daren Tang, chief executive of IPOS. “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”
