Singapore’s Intellectual Property Office has launched an initiative to have patents submitted by Fintech companies processed and approved within a shorter period of time. In a statement by the Intellectual Property Office of Singapore (IPOS), the expedited patent application-to-grant process initiative will see patents submitted by Fintech companies approved in as early as six months as opposed to the minimum two years for normal patents.
The new initiative was announced at this year’s World Intellectual Property Day by senior parliamentary secretary for Ministry of Education and Ministry of Trade and Industry, Low Yen Ling. The event was attended by over 200 participants from 191 countries around the round.
The IP office has indicated that all technologies that use blockchain to facilitate bank transactions will be categorized under the fintech category. Additionally, those seeking blockchain patents will be required to submit their applications with less than 20 claims in a single application so as to qualify for the fast-track initiative.
The country has introduced this initiative as part of its Smart Nation agenda and is geared at encouraging startups and enterprises to come up with solutions that will help solve the rising demand for fintech solutions. The initiative will also allow startups to efficiently operate within the country’s regulatory policies and financial infrastructure.
It is another effort taken by the government to encourage and promote the development of blockchain especially among startups, which is part of the broader plan for the city-state’s fintech development.
The country’s central bank launched the concept of cross-border payment system, which is built on a blockchain platform called Project Ubin. The platform was built in partnership with the Canadian central bank.
The new program will help boost the $225 million Financial Sector Technology and Innovation funding scheme launched by the Monetary Authority of Singapore to support fintech development in the country.
Additionally, the government of Singapore has launched a blockchain competition aimed at selecting and rewarding successful blockchain startups. The competition is backed by government funding. According to a study by Deloitte, Singapore together with London, is the top-ranked global fintech hub. The study examined 44 hubs.