The Intellectual Property Office of Singapore (IPOS) recently granted the first accelerated fintech patent under its initiative: FinTech Fast Track. The patent was granted to am ASEAN-based technology company Voyager Innovations.

According to Fintech Singapore, Daren Tang, chief executive of IPOS, 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 percent 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.”

In the fintech space, it is important for companies to draw clarity about their patent status. The application to grant patent comes at no extra fee, and fintechs across the world can file through IPOS.