Flyway to a cashless Singapore

By Jagannathan Arumugam

Education to entertainment. Exploration to exploitation.

Everything in the world is being digitized. A few Japanese companies are even in the process of making digitized companions for their customers.

So why not money?

Understanding the need for digitizing transactions, many countries are racing towards a cashless society. Singapore is one of the global leaders in Financial Technology, commonly referred to as FinTech, and is also one of the most developed countries in the Asian continent. But despite rigorous promotions from the government, migration to digital payments is taking place at a very slow pace. As per a study by online payment giant, PayPal, cash is the primary mode for more than 90% of payments made in Singapore. Only a small percentage of the population show interest in doing digital payments in Singapore regularly.

Hating to wait, Singaporean government is using patents as the nitro-booster to quickly reach the destination. It launched the FinTech Fast Track (FTFT) initiative on World Intellectual Property Day last year (26^th April 2018) to accelerate the patenting process, exclusively for inventions related to FinTech.

Usually, it would take around 4 years to obtain a patent from the date of filing a patent application. Through this initiative, an applicant will be able to obtain a patent for his/her invention within six months from the date of filing the patent application, provided the invention satisfies all the other patenting requirements. The main purpose of the FTFT is to encourage innovation in the FinTech field in Singapore, while enabling applicants to exploit their inventions more rapidly, which will eventually result in realizing a cashless society faster (Quid pro quo). As an added bonus, applicants can opt for FTFT without incurring any additional cost.

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Are You Fintech?

Any invention is a FinTech invention if it is applicable in financial and related services or helpful to companies or individuals in managing financial aspects thereof. More importantly, you’ve got a FinTech invention if your answer is ‘YES’ to any of the following questions:

Is your invention related to…

online banking;
electronic payments viz. mobile payment, streamlined payment, integrated billing and mobile money;
investment platform;
security, fraud prevention and/or authentication for electronic payments;
insurance technology; or
blockchain technology to help in improving security and efficiency of clearing and settlement for transactions and payments?

A typical FinTech invention improvises the ability to render financial services through Artificial Intelligence (AI), Internet of Things (IoT), blockchain technology, cloud computing, cryptocurrency, mobile platform and the like.

According to a recent press release by the Intellectual Property Office of Singapore (IPOS), the first FinTech patent was granted to Voyager Innovations within 7 months from the filing date for the invention relating to determining outcome of a real-time event such as prize draw, raffle and/or lottery, based on location and body motion of a computing device carried by each participant.

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Special Requirements

IPOS requires a few obligations from the applicant as fuel to accelerate the patenting process:

The patent application shall be first filed in Singapore.
Request for search and examination shall be filed together with the patent application.
The number of claims shall not be more than 20.
The applicant shall respond within two weeks from the date of issuing a formalities adverse report and within two months from the date of issuing a written opinion.
A supporting document labelled “Fast Track document” shall be submitted together with the patent application to indicate that the patent application is related to FinTech.

Additionally, the applicant has to request for certificate of grant within 2 months from the date of issuing the notice of eligibility of grant. The applicant may also have to file a request for early publication on or before filing a request for certificate of grant, if the application is not published before the notice of eligibility of grant is issued.

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Limited Period Offer

IPOS currently accepts patent applications through the FTFT until 26^th April 2019. However, IPOS reserves the right to terminate the FTFT initiative before the said date by issuing a three-month notice.

Monopoly or exclusivity has always been the top motivation for businessmen, and the Singaporean government is allowing FinTech innovators to acquire it faster through the FTFT. In return, the government expects developers to innovate FinTech solutions to meet the rising demands for the same in the country as well as around the globe, and also to effectively function under the country’s well-built financial infrastructure and supportive regulatory policies.

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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.