Singapore is taking another step towards cementing itself as the top fintech hub in the world. Today the Intellectual Property Office of Singapore (IPOS) said it would speed up the patent granting process for fintechs in the country.
Singapore, according to a Deloitte study, ranks first along with London, among 44 hubs across the globe.
Following this announcement by IPOS, patents can be granted in as little as six months.
Daren Tang, chief executive of IPOS, told Finextra:
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.