It’s now is easier than ever to patent financial technology in Singapore. This new, Singapore initiative is part of the Republic’s, “Smart Nation” agenda which seeks to encourage start-ups and enterprises to find innovative solutions and fulfill the growing demand for fintech in Singapore.
The program announced at the 2018 World Intellectual Property Day event by Low Yen Ling, Sr. Parliamentary Secretary for the Ministry of Trade and Industry and Ministry of Education, will allow fintech companies to have a much faster patent application process, reducing to six month a process that that took an average of two years previously.
The Intellectual Property Office of Singapore (IPOS) announced via its website, according to Daren Tang, chief executive of IPOS, that
“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 … 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.”
Singapore is considered along with London, one of the top fintech hubs in the world, with $225 million in Financial Sector Technology and Innovation. Funding initiatives like this makes Singapore a perfect place for entrepreneurship in the blockhian and cryptocurrency area.
“The Singapore fintech sector is growing rapidly, with innovation at its heart, a swifter patent application process will help companies come to market faster.”
Said Chia Hock Lai, president of the Singapore FinTech Association.
by Samuel Larreal