By K. Ilangkumanan
In our earlier update on the FinTech Fast Track (FTFT) initiative in Singapore, we highlighted a great initiative by the Intellectual Property Office of Singapore (IPOS) to inspire and encourage Financial Technology (FinTech) enterprises and start-ups to develop solutions over conventional financial methods in the sector of financial services. This initiative has been a catalyst to the aforementioned players to meet the growing demand for FinTech solutions in ASEAN region.
Key Takeaways
- The FinTech Fast Track initiative by IPOS was designed to accelerate patent application-to-grant timelines for FinTech inventions from the conventional two-year route to as little as six to twelve months.
- The initiative covers a broad range of FinTech solutions including electronic payment, investment platforms, insurance technology, blockchain, banking, and security and authentication systems.
- Enabling technologies such as data analytics, IoT, cloud computing, artificial intelligence, machine learning, and cryptocurrency all fall within the scope of inventions that may benefit from the fast track route.
- IPOS extended the initiative by one year to 25th April 2020, though the long-term continuation of the programme remains uncertain and a three-month notice will be issued ahead of any termination.
Your FinTech Innovation Deserves The Fastest Protection Available
Furthermore, this has been a system or route to expedite patent application-to-grant process for FinTech inventions. For instance, any FinTech patent application could be expected to be granted in as quickly as six to twelve months in comparison to a conventional route of at least two years for normal applications, if this route is taken. This initiative was launched on World Intellectual Property Day in 2018, or 26th April 2018, for an initial one-year period.
The inventions and/or products that may benefit from this initiative include solutions not limited to the following: electronic payment, investment platforms, insurance technology, blockchain and banking, and security, fraud and authentication. Typically, FinTech inventions utilize enabling technologies, such as data analytics, Internet-of-Things (IOT), mobile platforms, cloud computing, artificial intelligence/machine learning and cryptocurrency, in order to improve the provision of financial services.
Having said the above, IPOS has now successfully extended the initiative for another year, up to 25th April 2020. However, it is uncertain whether there will be another extension of time for this program and in view of the same, it has been confirmed by IPOS that a notice will be issued on its website to announce the termination of this program, if it happens, 3 months prior to the anticipated due date.
Hence, it is best to grab this at the soonest possible opportunity, before the end of this initiative, in order to obtain a faster decision and/or patents sooner for any pertinent application filed. The criteria and/or requirements to qualify for the FTFT initiative and related processes thereof may be found in our previous article. Please contact us at kass@kass.asia for more details on the FTFT initiative and how you can take advantage of the same.