IPOS launch of Fintech Fast Track initiative
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In line with Singapore's status as a regional financial hub, the Intellectual Property of Singapore (IPOS) has launched an initiative to shorten grant of patent applications in the field of financial technology (FinTech) to as fast as 6 months. A non-exhaustive list of FinTech eligible content is provided in an IPOS circular on this FinTech initiative, found on the website here.
The eligible content is not only directed at infrastructure that facilitates electronic payment, but also inventions that support such payment (e.g. blockchain, security and authentication).
Encouragingly, this FinTech Fast Track (FTFT) initiative does not require additional official fees. However, certain criteria apply, such as the application having to be first filed in Singapore, with a simultaneous request for search and examination and a supporting "Fast Track document". The application should contain less than 20 claims. An issued adverse substantive examination report should be responded within two months, instead of the full allocation of five months.
This article is produced by our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice. It is intended to provide general information only. Please contact our authors if you have any specific queries.