A new initiative has been launched by the Intellectual Property Office of Singapore (IPOS) called the Fintech Fast Track Initiative in a bid to issue patents for all fintech businesses within a faster time scale than ever before. With waiting times as long as up to two years for a new patent to be allowed, this new system aims to cut down the processing period for fintech applications to just 6 months.
But what is fintech? And what does it mean?
Fintech is a term given to businesses producing computer programs and other technologies used to enable, support or advance digital financial services and banking. The fast track system is set up to issue the accepted patents on innovations relating to fraud and the prevention of fraud, security, authentication, blockchain, insurance, banking, electronic payments and investment platforms, however this list is not exhaustive with many other digital financial services being included.
The Monetary Authority of Singapore (MAS) has invested over S$225 million ($169.8 million) into the financial services sector through its Financial Sector Technology Innovation scheme (FSTI) in 2015. Building upon that groundwork, MAS’s latest move to fast track fintech patents should increase competition within the financial industry, launching more solutions and expanding the fintech sector by allowing financial services companies to market their financial products faster through the use of digital technology.
Alongside digitalization and ICO opportunities, Singapore is now being seen as the worlds next fintech hub, with an influx in opportunities available to companies, specifically designed to promote fintech solutions.
But Singapore doesn’t just have its FSTI scheme up its virtual sleeves, and there is a plan to develop and use artificial intelligence and has been working on a series of guidelines for companies that want to expand into this field.
Why is there a need for a Financial Sector Technology Innovation scheme and why should fintech patents be fast tracked?
During the financial crisis of 2008, fintech first burst onto the scene. But with financial services and digital financial systems changing, fintech needs the funding and space it needs to expand to cover the changing needs or the industry. Indeed, fintech is no longer associated just with traditional financial services, but has branched out into the mainstream sector of finance.
It is becoming more and more common for new startups to be making changes to the continually growing and mutating sector of technology and most fintech elements have continued to grow and become less relevant to a broader financial sector. With some fintech categories have had to make major changes just to keep ahead. And with rapidly changing technological advancements comes the need for new subcategories, such as digital identity verification fintechs, something that was not needed a year ago, but which has now become a necessity and would need patenting as quickly as possible so that fintech businesses can keep ahead of their competitors. Thus securing fintech a solid placement in mainstream finance as a moldable resource in the ever changing digital, technological and financial marketplace.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like MAS a strong supporter of Fintech, Top things to do in Singapore and all topics related to Singapore tech and Business.If you are interested about Company Formation in Singapore contact us or visit our website for more info.
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