FinTech Fast Track (FTFT)
An Accelerated File-to-Grant Service for Financial Technology (FinTech) Patent Applications
Launch of the FinTech Initiative: An Accelerated File-to-Grant Service for Financial Technology (FinTech) Patent Applications
Advancements in financial technology, commonly known as FinTech, are necessary as Singapore embarks on its journey to become a Smart Nation. In line with the national agenda, the Intellectual Property of Singapore (IPOS) has established a FinTech Fast Track (FTFT) initiative to advance the file-to-grant process for FinTech patents.
Under this initiative, an applicant can expect to get a patent granted as fast as 6 months and businesses do not need to pay additional application fees under this initiative.
The objective of this initiative is to support the growth of FinTech innovations in Singapore, as well as enable businesses to market and commercialise their products and services more rapidly.
The FTFT initiative will be launched on 26 April 2018, World Intellectual Property Day.
To qualify for the initiative, the following criteria have to be met:
1. The application is related to FinTech (See Guidelines on FinTech Inventions below);
2. Application has to be first filed in Singapore;
3. Request for grant of patent and intention to request for search and examination have to be filed on the same day;
4. Applicant needs to respond within two months from the date of receipt of the report;
5. A supporting document to be furnished to briefly explain your invention.
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.