FinTech Fast Track Initiative Announced by Intellectual Property Office of Singapore
Major new initiatives being rolled out by the Intellectual Property Office of Singapore (IPOS) have just recently been announced, and these new initiatives are going to completely change the way that the examination of patent application specifically related to Financial Technology can be accelerated in one way or another.
Financial Technology (FinTech) has absolutely exploded in Singapore in just the last few years alongside the startup community that has begun to rival the ancestral home of startups in the Silicon Valley out in California.
Combining the world of finance with the world of technology in a way that allows for rapid evolutions and improvements to the way that people invest, understand financial data, and make smarter financial, Financial Technology might be in the early days of its conception but the impact it has already had on businesses, companies, organizations, and national governments around the world cannot be understated.
At the same time, the world of finance and the world of technology evolve much faster today than they ever used to in the past. The old patent in Singapore moved incredibly slowly, and that’s just not a viable for the Financial Technology companies that want to be able to call this great and business forward nation home.
The major new initiatives put forward by the IPOS are looking to find ways to rapidly accelerate the pathway for Financial Technology companies to pursue new patents on the technology that they are pioneering.
These initiatives are going to be effective for the next 12 months as a test and trial period, but right now it’s possible for Financial Technology companies to receive a qualifying application and a path inside of six months – if not even faster.
Of course, the Singapore government and the IPOS have smartly recognized that there may be potential for abuse of this streamlined and significantly sped up patent process. They have put a number of qualifications in place that all patents have to pass through if they are to move through the much faster Financial Technology application protocols:
- The application must be directly related to Financial Technology
- The application needs to originate in Singapore
- The application must have a request for searches and examinations filed on the same day as the application
- All application must have 20 or fewer claims associated with them
- All adverse formalities need to be responded to within 14 days
- Any examination written opinion needs to be responded to within 60 days and
- Supporting documents need to be filed with any request for searches and examination
Singapore needed to make this kind of change to the intellectual property protection process, especially if they were going to enjoy the kind of growth they have been expecting and anticipating. As we highlighted above, Singapore has become a hotbed for the startup community, a major global leader in Financial Technology, and one of the most business friendly and forward thinking nations on the planet.
These changes initiated by the IPOS are only going to help Singapore compete on the world stage moving forward.