Singapore IP Office Grants First Accelerated Patent Under New FinTech Initiative

The Intellectual Property Office of Singapore (IPOS) has granted its first accelerated patent under its new FinTech Fast Track initiative last week to Voyager Innovations, a technology company based in Southeast Asia, according to an IPOS press release.

“While patent grants typically take at least two to four years, and in many cases even longer, the fast track patent granted to Voyager took only seven months from application to grant,” the release explained.

“This accelerated patent application-to-grant process comes at no additional cost and is open to any FinTech enterprises from anywhere in the world who file through IPOS,” it said.

IPOS explained in the release that “it is crucial for enterprises to get clarity about their patent strength within months, instead of years,” in order for them to “gain a competitive edge in fast-paced industries such as FinTech.”

“Singapore already has all the ingredients for a vibrant innovation ecosystem,” Daren Tang, chief executive of IPOS (and chair of the copyright committee at the World Intellectual Property Organization), said in the release. “Our broad IP network reaches out to over 70 countries which account for more than 90 per cent of global GDP. Complemented with a world-class financial services infrastructure and business-friendly regulatory policies, Singapore is well placed for FinTech enterprises to commercialise their IP into the fast-growing ASEAN region.”