Fintech Fast Track (FTFT) initiative in Singapore is extended

By K. Ilangkumanan

In our earlier update on the FinTech Fast Track (FTFT) initiative in Singapore, we highlighted a great initiative by the Intellectual Property Office of Singapore (IPOS) to inspire and encourage Financial Technology (FinTech) enterprises and start-ups to develop solutions over conventional financial methods in the sector of financial services. This initiative has been a catalyst to the aforementioned players to meet the growing demand for FinTech solutions in ASEAN region.

Furthermore, this has been a system or route to expedite patent application-to-grant process for FinTech inventions. For instance, any FinTech patent application could be expected to be granted in as quickly as six to twelve months in comparison to a conventional route of at least two years for normal applications, if this route is taken. This initiative was launched on World Intellectual Property Day in 2018, or 26^th April 2018, for an initial one-year period.

The inventions and/or products that may benefit from this initiative include solutions not limited to the following: electronic payment, investment platforms, insurance technology, blockchain and banking, and security, fraud and authentication. Typically, FinTech inventions utilize enabling technologies, such as data analytics, Internet-of-Things (IOT), mobile platforms, cloud computing, artificial intelligence/machine learning and cryptocurrency, in order to improve the provision of financial services.

Having said the above, IPOS has now successfully extended the initiative for another year, up to 25^th April 2020. However, it is uncertain whether there will be another extension of time for this program and in view of the same, it has been confirmed by IPOS that a notice will be issued on its website to announce the termination of this program – if it happens – 3 months prior to the anticipated due date.

Hence, it is best to grab this at the soonest possible opportunity, before the end of this initiative, in order to obtain a faster decision and/or patents sooner for any pertinent application filed. The criteria and/or requirements to qualify for the FTFT initiative and related processes thereof may be found in our previous article (here). Please contact us at kass@kass.asia for more details on the FTFT initiative and how you can take advantage of the same.

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KASS

Communications at KASS International Sdn Bhd

KASS International is an established Intellectual Property Firm which offers a one-stop solution for IP matters in Malaysia, South East Asia, and worldwide.