With the intention to support the growth of Singapore Fintech market rapidly, the IPOS is providing expedited patent application to grant process for Fintech inventions.
According to a Office statement, the new Fintech Fast Track initiative to provides expedited patent application to grant process for Fintech inventions. However, the initiative process is expected to grant within six months comparatively about two years.
The Fintech Fast Track initiative was announced by the Senior Parliamentary Secretary for Ministry of Trade and Industry and Ministry of Education. Thus, on Thursday, World Intellectual Property Day 2018 by Low Yen Ling.
However, it defines how application can fall under the fintech category. The IP office suggested that technology utilities blockchain to facilitate banking payments will be eligible.
The statement said:
“The incorporation of blockchain technology to improve the security and efficiency of clearing and settlement across borders for transaction and payment is deemed as a Fintech invention”.
Moreover, to be eligible for the fast-track initiative, the applicants of Blockchain patent to file document first in Singapore. Therefore, less than 20 claims in one applications.
At present, the de facto central bank, the Monetary Authority of Singapore declared a Project Ubin. It is a cross border payment system concept based on blockchain platform.
Significantly, the Fintech Fast Track initiative was just a week after the Singapore government launched a blockchain competition. Since, it was in a bidding to reward and opt for successful blockchain startups.
Philip Heah, senior director of sectoral transformation at the IMDA, commented:
“To ensure every business is a digital business, Singapore’s Digital Economy requires technologies which can accelerate sector transformation. Through the IMDA Blockchain Challenge, we will drive awareness and spur development and adoption of this promising technology. However, throughout our economy, including non-fintech segments”.
Image Source: Blockchain Technology