Intellectual Property Law

Singapore grants First Accelerated FinTech Patent through IPOS’ FinTech Fast Track Initiative

Date: 06 December 2018; Type: Legal News; Source: Intellectual Property Office of Singapore

Singapore, Dec 6 - The Intellectual Property Office of Singapore (IPOS) has granted the first accelerated patent under its FinTech Fast Track initiative (金融科技专利优速) to Voyager Innovations, a technology company based in ASEAN. 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.

Built using a distributed ledger technology, the patented invention allows audiences at an onsite or offsite live event to participate in real-time activities such as surveys or prize draws through an app. The capabilities of this digital marketing technology is made possible by combining event-specific location data, event-defined behaviours, as well as secondary sensing data such as the participants’ movement and position of their mobile devices.

To gain a competitive edge in fast-paced industries such as FinTech, it is crucial for enterprises to get clarity about their patent strength within months, instead of years. The community of over 1,200 FinTech enterprises in Singapore and the region can tap on IPOS’ FinTech Fast Track accelerated process to bring their FinTech ideas to the market in a much shorter time. 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.

In 2016, investments in ASEAN’s FinTech sector increased by 33 per cent to US$252 million. Being one of the fastest growing economic groupings in the world, this trend in ASEAN mirrors the global trend in which 12,058 FinTech patents are published in 2018 and is on track to surpass 2017’s record of 13,592.

Enterprises can also leverage on IPOS’ extensive network of agreements to fast track patents into ASEAN and partner countries. This allows innovators to use Singapore as a base to bring their FinTech ideas, IP and solutions to ASEAN markets and beyond quickly and efficiently.

 

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