28 March 2019
On 4 March 2019, the Intellectual Property Office of Singapore (“IPOS”) issued Patents Circular No. 1/2019 on “One Year Extension of FinTech Fast Track till 25 April 2020” (“Circular”).
The FinTech Fast Track (“FTFT”) initiative facilitates a faster patent application-to-grant process for FinTech inventions. It was launched by IPOS on 26 April 2018. Under this initiative, businesses can expect to be granted FinTech patents in as quickly as six months instead of the usual two years for normal applications. The initiative was originally scheduled to run for 12 months.
Pursuant to the Circular, IPOS will extend the initiative by another year to 25 April 2020. With the one-year extension, FinTech-enabled businesses can continue to leverage on FTFT to fast-track their patent protection globally and to accelerate the commercialisation of their products and services. Businesses may refer to IPOS Patents Circular No. 3/2018 for more information on FTFT.
The following are available from the IPOS website www.ipos.gov.sg: