The Intellectual Property Office of Singapore (IPOS) has launched a new FinTech Fast Track initiative to expedite patent application-to-grant process for FinTech inventions. FinTech patent applications can be expected to be granted in as quickly as six months, compared to at least two years for normal applications.
The goal of the initiative is to encourage innovative FinTech enterprises and start-ups to develop solutions to meet the growing demand for FinTech solutions in ASEAN, as well as operate effectively within the scope of Singapore’s financial infrastructure and supportive regulatory policies.
The FinTech Fast Track initiative will complement the Monetary Authority of Singapore’s (MAS) S$225 million Financial Sector Technology and Innovation (FSTI) funding scheme which is designed to boost FinTech development in Singapore.
Daren Tang, IPOS chief executive, said, “Singapore is a place where great ideas from anywhere in the world can be commercialized. 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.”
MAS chief Fintech officer, Sopnendu Mohanty, commented that with time-to-market being critical to Fintechs, the expedited process for FinTech patents will enable businesses to commercialize their products and services more quickly. He sees the FinTech Fast Track as making Singapore more attractive as a destination for FinTech firms, and help further strengthen Singapore’s FinTech ecosystem.
“This is great news for the FinTech community and we appreciate such a pro-business and forward-looking initiative. As we develop more sophisticated FinTech solutions, the expedited patent application process will help companies with rich innovations, such as ours, gain a headstart in bringing our technology and brand to the market,” said Branson Lee, co-founder of Morpheus Labs.
Source Enterprise Innovative