Singapore launches the "Fintech Fast Track" for new patents

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The Intellectual Property Office of Singapore (IPOS) has announced the launch of a new initiative, dubbed the Fintech Fast Track initiative, which aims to grant patents for fintech innovations at a faster pace than before. While it can traditionally take up to 2 years for a patent to be granted, this new initiative will bring that down to 6 months for new fintech solutions. The initiative includes fintech innovations related to electronic payments, investment platforms, insurance technology, blockchain, banking, security, fraud, and authentication, among others.VC Investment SingaporeBI Intelligence

The Fintech Fast Track initiative is aligned with Singapore’s broader fintech agenda. The Monetary Authority Singapore (MAS) launched the Financial Sector Technology and Innovation (FSTI) scheme in 2015 to promote more innovation in the financial services sector by pouring S$225 million ($169.8 million) into the industry. This latest move will build on that effort by helping fintechs and other financial services companies looking at new ways to use technology to get their products to market quicker. That should increase competition in the industry, as more solutions will be launched, which will boost the fintech sector.

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