Singapore to cut length of fintech patent applications to six months

Applicants need to furnish a “Fast Track” document to be recognised as fintech.

The Intellectual Property Office of Singapore (IPOS) launched a fintech Fast Track initiative which provides an expedited patent application-to-grant process for fintech inventions. “Under this initiative, fintech patents can be expected to be granted in as quickly as six months, compared to at least two years for normal applications,” it said.

According to an announcement, a supporting document tagged as “Fast Track” document stating that the application is related to fintech has to be furnished when submitting the request for search and examination report form.

In order to be eligible for a patent, an application must be first filed in Singapore and contain 20 or fewer claims. The request for the grant of patent and request for search and examination report forms have to be filed on the same day.

The applicant also needs to respond within two weeks from the date of receipt of formalities examination adverse report and within two months from the date of receipt of written opinion.

IPOS said the initiative will complement the Monetary Authority of Singapore’s (MAS) $225m Financial Sector Technology and Innovation (FSTI) funding scheme.

IPO chief executive Daren Tang commented, “By significantly reducing the time needed for grant of a fintech patent, our innovative enterprises will be able to compete effectively through their intellectual property and use these intellectual assets to scale up and enter the world’s market. At the same time, we hope to see the emergence of more fintech innovations that will improve the way we transact in our daily lives, bringing greater value and convenience to our people, and paving the way to achieve our national goal of becoming a Smart Nation.”