Singapore’s Intellectual Property Office has approved an artificial intelligence-related patent application lodged by Alibaba in record time, according to a report published by the World Intellectual Property Review.
The patent was approved in the space of three months under the authority’s new Accelerated Initiative for Artificial Intelligence, which is designed to make Singapore an attractive prospect for businesses who wish to commercialize their digital innovations to the global market.
“Companies looking to implement AI solutions globally have grown exponentially. Against this backdrop, the speed at which a patent can be granted is critical,” Benjamin Bai, VP and Chief IP Counsel of Ant Financial told the World Intellectual Property Review.
“Singapore plays a pivotal role as it facilitates our entry into markets of interest rapidly. We look forward to filing more patent applications in Singapore under this initiative.”