IPOS grants first FinTech patent under expedited scheme

The Intellectual Property Office of Singapore (IPOS) today announced that it has granted the first patent under the FinTech Fast Track initiative.

IPOS launched the scheme in April 2018 with the aim of helping Singapore develop into a “smart nation”. The Fast Track initiative was designed to accelerate the process of securing patents in the FinTech sector.

IPOS issued a document outlining the scheme, which says that patents may be granted “as fast as six months” after the initial application.

The patent was granted to Philippines-based tech company Voyager Innovations for an invention which “allows audiences at an onsite or offsite live event to participate in real-time activities such as surveys or prize draws through an app.”

According to IPOS, some of the areas eligible for the schemeinclude the use of blockchain technology in the banking sector, as well as insurance technology and electronic payment methods.

FinTech is a fast growing sector in the Association of South-East Asian Nations (ASEAN) countries. Investment in FinTech in ASEAN totalled US$252 million in 2016, representing growth of 33%. According to IPOS, 12,058 FinTech patents have been granted worldwide in 2018 so far, nearing the 2017 record of 13,592.

Daren Tang, IPOS CEO, said that Singapore’s world class financial services infrastructure and business-friendly regulatory framework make the country ideally placed to see continued fast growth in the FinTech sector. He further stated that IPOS would continue to introduce new initiatives to allow investors to more quickly take their IP to market.

According to a Techwire Asia report in June, the Monetary Authority of Singapore (MAS), the country’s central bank, has invested US$169.8 million in the Financial Sector Technology and Innovation scheme (FTSI), which issues grants for FinTech projects. On Monday, December 3, MAS announced a S$30 million (US$21.9 million) grant through FTSI to further develop advanced cybersecurity.