IPOS Circular No. 1/2019 (Registry of Patents): One Year Extension of FinTech Fast Track till 25 April 2020

05 Mar 2019

To continue to drive innovation in the FinTech space, the Intellectual Property Office of Singapore (“IPOS”) has extended the FinTech Fast Track (“FTFT”) initiative into a second year. The new expiration date for the FTFT initiative is 25 April 2020. 
 
With the announced one-year extension, FinTech-enabled businesses can continue to leverage FTFT to fast-track their patent protection globally and to accelerate the commercialisation of their products and services. Under the FTFT initiative, an applicant can expect to get a patent granted as fast as six months.
 
Unless FTFT is terminated early with three month’s prior notice from IPOS, applications filed on or before 25 April 2020 are eligible to quality for the initiative. To qualify for the FTFT, the following criteria have to be met:
  1. The application is related to FinTech;
  2. The application has to be first filed in Singapore;
  3. Forms PF1 and PF11 have to be filed on the same day;
  4. The application contains 20 or fewer claims;
  5. The applicant needs to respond within two weeks from the date of receipt of formalities examination adverse report;
  6. The applicant needs to respond within two months from the date of receipt of written opinion; and
  7. A supporting document tagged as Fast Track document stating that the application is related to FinTech has to be furnished during the submission of Form PF11.
 
Please click here to read The Registry of Patents Circular No. 1/2019, dated 4 March 2019.