Voyage Innovations Is Granted First Accelerated Fintech Patent Through IPOS In Singapore

Brief on IPOS

The Intellectual Property Office of Singapore (IPOS) is a statutory board under the Ministry of Law. IPOS advises on and administers intellectual property laws, promotes IP awareness and provides the infrastructure to facilitate the development of IP in Singapore. It has been appointed an International Searching Authority (ISA) and International Preliminary Examining Authority (IPEA) for patent applications filed in accordance with the Patent Co-operation Treaty since 9 October 2015. It acts as a legal regime and business ecosystem to support an innovation-driven economy, build IP skills and expertise and administer innovation and creativity for Singapore’s future growth.

Brief on FinTech Fast Track Initiative

In April 2018, Intellectual Property of Singapore (IPOS) had launched an initiative scheme to develop Singapore into a “Smart Nation” by shortening grant of patent applications in the field of financial technology (FinTech) to as fast as 6 months. The Fast Track initiative was designed to speed up the process of securing patents in the FinTech sector which is a fast growing sector in the Association of South-East Asian Nations (ASEAN) countries. Fintech is one of those fast-paced industries. As per IPOS there are more than 1200 FinTech businesses in Singapore.

IPOS Fintech fast track was created to gain a spirited frame in fast-paced industries such as FinTech. It is crucial for enterprises so that they can get clarity about their patent strength within months, instead of years. This will definitely help companies to bring their ideas to the market in a much shorter time.

This FinTech Fast Track (FTFT) initiative does not require additional official fees.  However, certain criteria apply, such as:

  1. The application must be first filed in Singapore, with immediate request for search and examination and a supporting “Fast Track document”.
  2. Application should contain less than 20 claims.
  3. An issued adverse substantive examination report should be responded within two months, instead of the full allocation of five months.

About Voyager Innovations

Voyager is a Philippines based technology company that is involved in the development and delivery of digital services.

Voyager has led change in emerging markets, introducing tools that have allowed millions more to participate in the new digital economy and society. Voyager was launched into the digital expanse on a mission of transformation.

Their top competitors in the market are BillDesk, Fino PayTech and TechProcess Payment Services, Yondu etc.

First Accelerated FinTech Patent Granted To Voyager Innovations

On 6th Dec 2018, Intellectual Property Office of Singapore (IPOS) announced that they have granted first patent under the FinTech Fast Track initiative.This patent was granted to Philippines-based tech company Voyager Innovations for an invention which “allows audiences at an onsite or offsite live event to participate in real-time activities such as surveys or prize draws through an app.” The capabilities of this digital marketing technology is made possible by combining event-specific location data, event-defined behaviors, as well as secondary sensing data such as the participants’ movement and position of their mobile devices.

Being a fast track patent, proceedings (from application to grant) took only seven months, post which Patent was granted to Voyager whereas Patent grant proceedings usually takes at least two to four years (or may be longer) for grant of Patents.

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 per cent of global GDP. Complemented with a world-class financial services infrastructure and business-friendly regulatory policies, Singapore is well placed for FinTech enterprises to commercialize 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.”

Author: Ms. Deepika Sharma, Sr. Patent Associate at Khurana & Khurana, Advocates and IP Attorneys. In case of any queries please contact/write back to us at  deepika@iiprd.com.

References:

[1]https://www.worldipreview.com/news/ipos-grants-first-fintech-patent-under-expedited-scheme-17105

[2]https://en.wikipedia.org/wiki/Intellectual_Property_Office_of_Singapore

[3]https://www.twobirds.com/en/news/articles/2018/singapore/ipos-launch-of-fintech-fast-track-initiative

[4]http://fintechnews.sg/26886/fintech/singapore-grants-first-accelerlated-fintech-patent-fasttrack/

[5]https://www.voyagerinnovation.com/about-us

[6]Singapore grants first accelerated fintech patent through ipos’ fintech fast track initiative

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