Singapore launches 10-year blueprint to cement IP hub status

AN improved filing system for intellectual property (IP), national standards and an online marketplace are among the initiatives to be rolled out under a new 10-year blueprint to strengthen Singapore as an IP hub.

Called the Singapore IP Strategy (SIPS) 2030, the blueprint aims to build up the existing ecosystem for IP and intangible asset (IA) services, said Indranee Rajah, Minister in the Prime Minister's Office, at a press conference on Monday. The launch was held on the back of World Intellectual Property Day.

"SIPS 2030 aims to create a future economy that is vibrant, innovative and ready to seize new opportunities in IA and IP as we look to emerge stronger from the Covid-19 crisis," said Ms Indranee who is chairing the implementation committee.

Under the blueprint, the Intellectual Property Office of Singapore (IPOS) is building a new IP filing system with predictive assistance and analytical insights, to be launched by mid-2022.

Another initiative is the roll-out of IP Grow, an online marketplace for enterprises to access IA and IP services.

In addition, Singapore will develop a set of nationally-recognised IP standards and certification programmes that the industry can adopt, to be able to hire workers and engage professionals with the right skills.

"In the longer term, a regional community of qualified technical experts could be fostered to facilitate cross-border innovation activities," said a joint statement by IPOS, the Ministry of Finance, Ministry of Law and Ministry of Trade and Industry.

Singapore will also set up an international IA and IP valuation panel to establish guidelines, focusing on key asset classes, as well as to grow a pool of valuation professionals here.

Another key objective of the blueprint is to build up Singapore as an IP dispute resolution hub, said Edwin Tong, Minister for Culture, Community and Youth and deputy chairperson of the SIPS 2030 implementation committee.

The blueprint will introduce "complementary initiatives specific to IP, such as growing the IP dispute resolution expertise and a pool of expert witnesses who will be invaluable in resolving disputes", Mr Tong said.

He added: "We will improve the training and education programmes for both students and working professionals. We are also introducing a national standard for IA and IP management that can serve as a benchmark for these skills."

The launch of SIPS 2030 comes as companies are increasingly focused on IP globally. In Singapore itself, IP filing numbers grew by over 20 per cent in the past five years.

Singapore first launched its IP Hub Masterplan in 2013, and updated it in 2017.