SINGAPORE, The Intellectual Property Office of Singapore (IPOS) has launched a new FinTech Fast Track initiative to provide faster patent application-to-grant process for FinTech inventions, Xinhua news agency reported.
According to a press release published by the IPOS on Thursday, the move is to support the growth of Singapore's Financial technology sector and help businesses bring their FinTech innovations to the market more rapidly.
The application-to-grant process for FinTech innovations will be largely shortened from at least 24 months for normal applications to as quickly as six months under the new initiative, said the release.
Meanwhile, the initiative also looks to encourage innovative FinTech enterprises and start-ups to develop solutions to meet the surging demand for FinTech solutions in ASEAN, as well as operate effectively within the ambit of Singapore's well developed financial infrastructure and supportive regulatory policies, it noted.
Source: NAM News Network