Singapore climbed one spot to reach fourth place amongst 129 countries in the International Property Rights Index (IPRI) 2019 report.
The index placed the Republic within the top countries under the three core categories of (i) Legal and Political Environment, (ii) Physical Property Rights, and (iii) Intellectual Property (IP) Rights. The index ranked Singapore top in the category of “Protection of IP Rights” in Asia.
The Intellectual Property Office of Singapore (IPOS) made headlines this year when it launched the world’s first trademark registration mobile app called IPOS Go that has been slated to reduce the time taken to file a trademark by 80%. IPOS’ other initiatives to catalyse the growth of innovative enterprises, industries and the economy through intellectual property and intangible assets include the announcement of new partnerships with nine ASEAN IP offices to expedite Industry 4.0 patent applications in key emerging technologies such as fintech, cybersecurity and robotics patent applications. An accelerate programme – IPOS Accelerated Initiative for Artificial Intelligence (AI2) – also saw the first use case, with China’s Ali Baba Group Holdings Ltd granted an AI patent in three months compared to an average of two to four years.
Mr Daren Tang, Chief Executive of IPOS, said, “It is an honour to be recognised as a leading country in the protection of property rights. Societies and economies are becoming more interconnected in the new digital world, where growth and development are driven by IP and intangible assets. This accolade will bolster confidence for innovative enterprises to continue to use Singapore as a hub to manage, grow and deploy their IP and intangible assets into the region and beyond.”
Developed by US based Property Rights Alliance, the IPRI serves as a barometer for the strength of protection across physical and intellectual property. It reflects the significant and positive correlation between property rights and indicators of social well-being across dimension of development such as economic outcomes, strengths of institutions and levels of innovation. It is determined using data from official sources across various international organisation together with case studies compiled across 118 think-tanks and policy organisations in 72 countries involved in research, policy development, education and promotion of property rights.
The full report on Singapore may be accessed here: https://internationalpropertyrightsindex.org/country/singapore