6 December, 2018
The Intellectual Property Office of Singapore (IPOS) has granted the first accelerated patent under its FinTech Fast Track initiative (金融科技专利优速) to Voyager Innovations, a technology company based in ASEAN. While patent grants typically take at least two to four years, and in many cases even longer, the fast track patent granted to Voyager took only seven months from application to grant.
Built using a distributed ledger technology, the patented invention allows audiences at an onsite or offsite live event to participate in realtime activities such as surveys or prize draws through an app. The capabilities of this digital marketing technology is made possible by combining event-specific location data, event defined behaviours, as well as secondary sensing data such as the participants’ movement and position of their mobile devices.
IPOS’ FinTech Fast Track
To gain a competitive edge in fast-paced industries such as FinTech, it is crucial for enterprises to get clarity about their patent strength within months, instead of years. The community of over 1,200 FinTech enterprises1 in Singapore and the region can tap on IPOS’ FinTech Fast Track accelerated process to bring their FinTech ideas to the market in a much shorter time. This accelerated patent application-to-grant process comes at no additional cost and is open to any FinTech enterprises from anywhere in the world who file through IPOS.2
Supporting surging demand for FinTech solutions in ASEAN
In 2016, investments in ASEAN’s FinTech sector increased by 33 per cent to US$252 million.1 Being one of the fastest growing economic groupings in the world, this trend in ASEAN mirrors the global trend in which 12,058 FinTech patents are published in 2018 and is on track to surpass 2017’s record of 13,592.3 Enterprises can also leverage on IPOS’ extensive network of agreements to fast track patents into ASEAN and partner countries.
This allows innovators to use Singapore as a base to bring their FinTech ideas, IP and solutions to ASEAN markets and beyond quickly and efficiently.
Daren Tang (邓鸿森), Chief Executive of IPOS (新加坡知识产权局局长), said, “Singapore already has all the ingredients for a vibrant innovation ecosystem. Our broad IP network reaches out to over 70 countries which account for more than 90 per cent of global GDP. Complemented with a world-class financial services infrastructure and business-friendly regulatory policies, Singapore is well placed for FinTech enterprises to commercialise their IP into the fast-growing ASEAN region. Beyond the FinTech Fast Track initiative, we will continue to explore and introduce more initiatives to help innovation-driven enterprises use Singapore as a base for taking their ideas and IP to the market.”
IPOS has granted Singapore’s first accelerated patent under its recently launched FinTech Fast Track initiative, cutting down the time taken from application to grant from years to a mere 7 months.
An accelerated patent application-to-grant process allows businesses to bring their FinTech solutions to the fast-paced FinTech market much faster.
Paired with IPOS’ extensive networks, FinTech patents can be accelerated into many other markets enabling FinTech enterprises to bring their ideas, IP and solutions to ASEAN markets and beyond quickly and more efficiently.
ANNEX A
Objective
- To expedite FinTech patent application-to-grant process, shortening the time needed for grant from at least 24 months to just 6 months
- To enable faster commercialisation of FinTech innovations
Eligibility Criteria
- The application is related to FinTech (Refer to Guidelines on FinTech Inventions below);
- Application has to be first filed in Singapore;
- Request for grant of patent and request for search and examination report forms have to be filed
- on the same day;
- Application shall contain 20 or fewer claims;
- Applicant needs to respond within two weeks from the date of receipt of formalities examination
- adverse report;
- Applicant needs to respond within two months from the date of receipt of written opinion;
- A supporting document tagged as “Fast Track” document stating that the application is related to
- FinTech has to be furnished when submitting the request for search and examination report form.
Other criteria applies. Please see www.ipos.gov.sg/resources/patents, Circular No. 3/2018.
Guidelines on FinTech Inventions
FinTech refers to technology applied in financial-related services or used to help companies manage the financial aspects of their business. As an illustration, some of the areas include, but are not limited to, the following:
- Electronic payment: Patent applications relating to transaction methods on technology realised for transaction of goods and services over a network are considered to be FinTech. Other examples of electronic payment include mobile payment, streamlined payment, integrated billing and mobile money.
- Investment platforms: An investment platform which adopts data analytics to improve the efficiency of viability assessment of funding opportunities for companies is an example of an investment platform that could be classified as FinTech.
- Insurance technology: The use of matching systems, utilising network technology, for consumers to interact directly with insurance providers, as well as platforms implemented using machine learning to provide automated advice and wealth management are examples of FinTech inventions.
- Blockchain and banking: The incorporation of blockchain technology to improve the security and efficiency of clearing and settlement across borders for transaction and payment is deemed as a FinTech invention.
- Security, fraud and authentication: The utilisation of machine learning and big data analytics to prevent fraudulent payment transactions is considered a FinTech invention. Other applicable examples include the use of artificial intelligence solutions to provide digital identification and verification.
FinTech inventions could also involve alternative due diligence, virtual exchanges and smart contracts, as well as market information platforms among others.
FinTech inventions typically utilise 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.
