Singapore to fast track applications for fintech inventions
IPOS says approval can now be granted in as quickly as six months, instead of a typical two-year wait.
“Singapore is a place where great ideas from anywhere in the world can be commercialised,” states Daren Tang, CEO of IPOS.
“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.”
FinTech Fast Track is aligned with the SGD 225 million ($169.7 million) Financial Sector Technology and Innovation (FSTI) funding scheme by the Monetary Authority of Singapore (MAS).
Sopnendu Mohanty, chief fintech officer at MAS, says fast time-to-market is critical for fintech firms as it enables them to commercialise their products and services without delay. FinTech Fast Track will make Singapore a more attractive destination for fintechs and will help strengthen the nation’s fintech ecosystem, Mohanty adds.