The Intellectual Property Office of Singapore (IPOS) has introduced a new financial technology (FinTech) Fast Track initiative to accelerate patent application-to-grant process for all FinTech inventions.

The move is aimed at supporting the growth of the FinTech sector in the country as well as enable the companies to quickly launch their innovations in the market.

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All FinTech patents can now be granted in six months at the earliest, compared to a minimum of two years for normal applications.

IPOS chief executive Daren Tang said: “By significantly reducing the time needed for grant of a FinTech patent, our innovative enterprises will be able to compete effectively through their intellectual property and use these intellectual assets to scale up and enter the world’s market.

“At the same time, we hope to see the emergence of more FinTech innovations that will improve the way we transact in our daily lives, bringing greater value and convenience to our people, and paving the way to achieve our national goal of becoming a Smart Nation.”

The initiative is expected to encourage new FinTech enterprises and startups to fulfil the demand of FinTech solutions in ASEAN.

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Furthermore, it will also support the Monetary Authority of Singapore’s S$225m ($169.4m) Financial Sector Technology and Innovation (FSTI) funding scheme to encourage FinTech development in the country.

Singapore FinTech Association president Chia Hock Lai said: “With innovation at its heart, a swifter patent application process will help companies come to market faster.

“The FinTech Fast Track is an excellent initiative, and one that will support and aid in further growing our community.”