New initiatives, Fintech to Speed up Blockchain Patent Approval Process In Signapore
New initiatives, Fintech to Speed Up Blockchain Patent Approval Process In Signapore
The Intellectual Property Office of Singapore (IPOS) has announced a new Fintech Fast Track initiative which provides expedited patent application-to-grant process for Fintech inventions.
According to a statement from the Office, the FinTech Fast Track initiative seeks to shorten that process from about two years to as little as six months. In order to be eligible for a patent, an application must be first filed in Singapore and contain 20 or fewer claims. The request for the grant of patent and request for search and examination report forms have to be filed on the same day.
The program was announced during the 2018 World Intellectual Property Day on Thursday by Low Yen Ling, Senior Parliamentary Secretary for Ministry of Trade and Industry and Ministry of Education.
According to Mr Chia Hock Lai, President of the Singapore Fintech Association: “The Singapore Fintech sector is growing rapidly. With innovation at its heart, a swiffer 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.”
According to IPOS, this initiative is in line with Singapore’s industry transformation map (ITM) for financial services and the Republic’s Smart Nation agenda. It will complement the Monetary Authority of Singapore (MAS)’s S$225 million Financial Sector Technology and Innovation (FSTI) funding scheme which is designed to boost Fintech development in Singapore.
The initiative was announced by Ms Low Yen Ling, Senior Parliamentary Secretary for Ministry of Trade and Industry and Ministry of Education, at the 2018 World Intellectual Property Day (World IP Day) Event held on 26 April, which saw more than 200 participants from the creative and innovation community gather to celebrate World IP Day alongside 191 member states across the world.
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