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Fintech companies in Singapore will have patents approved faster through an expedited patent grant application procedure announced by the Singapore Intellectual Property Office (IPOS). Patents will be issued within six months, compared with a minimum of two years for normal applications, according to an announcement on the IPOS website.
Low Yen Ling, Parliamentary Secretary of the Ministry of Commerce and Industry and Minister of Education, announced the initiative on World Intellectual Property Day 2018 which brought together more 200 participants from 191 member states of the world.
The demand for Fintech increases
This initiative, part of the Republic's Smart Nation program, will encourage companies and start-ups to develop solutions to meet the growing demand for fintech solutions in ASEAN and to function effectively within the framework of Singapore's financial and regulatory policies. ]
This initiative will complement the $ 225 million financing program of the Monetary Authority of Singapore for technology and innovation in the financial sector to stimulate the development of financial technologies in Singapore.
Singapore, with London, is already the world's first fintech hub according to a Deloitte study of 44 hubs, the ministry said.
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Initiative makes its mark
"By dramatically reducing the time required to grant a fintech patent, our innovative companies will be able to compete effectively with their intellectual property and utilize those intellectual assets to grow and penetrate the global marketplace. ", Said Daren Tang, IPOS chief executive. "At the same time, we hope to see the emergence of more fintech innovations that will enhance the way we deal in our daily lives, bringing more value and convenience to our people, and paving the way for reaching our national goal of becoming a smart nation. "
"In an industry where time-to-market is essential, the accelerated Fintech patent process will allow companies to market their products and services more quickly," said Sopnendu Mohanty, Chief Financial Officer at MAS. "The accelerated path of fintech will make Singapore more attractive as a destination for fintech companies, and will further strengthen Singapore's fintech ecosystem."
"Singapore's fintech sector is growing rapidly," said Chia Hock Lai, president of the FinTech Association of Singapore. "With innovation at its heart, a faster patent application process will help companies to get into the market faster."
"As we develop more sophisticated fintech solutions, the accelerated patent application process will help companies with rich innovations, such as ours, to take a long time to market our technology and brand." said Branson Lee, co-founder of Morpheus Labs.
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