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Fintech groups in Singapore will have patents approved faster thanks to an hurried patent application-to-grant process initiative announced by the Intellectual Property Work of Singapore (IPOS). Patents will be granted in as soon as six months, compared to two years lowest for normal applications, according to an announcement published on the IPOS website.
Low Yen Ling, chief parliamentary secretary for Ministry of Trade and Industry and Ministry of Education, betokened the initiative at the 2018 World Intellectual Property Day event attended by numberless than 200 participants among 191 member states across the coterie.
Fintech Demand Rising
The initiative, part of the Republic’s Smart Political entity agenda, will encourage enterprises and start-ups to develop solutions to intersect the rising demand for fintech solutions in ASEAN, as well as operate effectively within Singapore’s monetary infrastructure and regulatory policies.
The initiative will complement the Monetary Officialdom of Singapore’s $225 million Financial Sector Technology and Innovation readying scheme to boost fintech development in Singapore.
Singapore, along with London, is already the top-ranked fintech hub in the rapturous, according to a Deloitte study of 44 hubs, the ministry noted.
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Leadership Draws Accolades
“By significantly reducing the time needed for grant of a fintech unmistakable, our innovative enterprises will be able to compete effectively through their wise man property and use these intellectual assets to scale up and enter the world’s superstore,” said Daren Tang, chief executive of IPOS. “At the same time after time, we hope to see the emergence of more fintech innovations that will redeem the way we transact in our daily lives, bringing greater value and convenience to our woman, and paving the way to achieve our national goal of becoming a smart nation.”
“In an dynamism where time-to-market is critical, the expedited process for fintech patents hand down enable businesses to commercialize their products and services more hastily,” said Sopnendu Mohanty, chief fintech officer of MAS. “The fintech sybaritically track will make Singapore more attractive as a destination for fintech partnerships, and help further strengthen Singapore’s fintech ecosystem.”
“The Singapore fintech sector is become more pleasing to mature rapidly,” said Chia Hock Lai, president of the Singapore FinTech Tie. “With innovation at its heart, a swifter patent application process ordain help companies come to market faster.”
“As we develop more soigne fintech solutions, the expedited patent application process will support companies with rich innovations, such as ours, gain a bean start in bringing our technology and brand to the market,” said Branson Lee, co-founder of Morpheus Labs.
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