IPOS grants first ever accelerated financial technology patent
Normally, patent grants from IPOS take at least two to four years, but under its fast-track initiative, it only took Voyager seven months from application to grant.
According to IPOS, it is crucial for businesses in fast-paced industries to obtain their patents in months, instead of years.
Fintech is one of those fast-paced industries. Currently, there are over 1200 FinTech businesses in Singapore, according to IPOS.
Its accelerated patent application-to-grant process comes at no additional cost and is open to any fintech enterprises from anywhere in the world that file through IPOS.
Commenting on the grant, Daren Tang, chief executive of IPOS, said: “Singapore already has all the ingredients for a vibrant innovation ecosystem.”
“Our broad intellectual property network reaches out to over 70 countries which account for more than 90 percent 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 this fast-growing region.”
“Beyond the fintech fast-track initiative, we will continue to explore and introduce more initiatives to help innovation-driven enterprises use Singapore as a base for taking their ideas and IP to the market.”