RHTLaw Taylor Wessing’s Managing Partner Tan Chong Huat shared his views in this week’s topic in the Business Times’ weekly column, Views from the Top.
This article was first published in The Business Times on 27 June 2016.
Welcome to the internet of money
JUN 27, 2016 5:50 AM
THIS WEEK'S TOPIC: How do you think fintech innovations can potentially impact your business, and your life?
Tan Chong Huat
RHT Law Taylor Wessing LLP
AS a global financial node with high number of technology users, Singapore is already on the global radar as a major international fintech hub. It is therefore not surprising that fintech's disruptive potential has been in sharp focus here.
Fintech promises the delivery of more efficient, customer-centric and transparent financial services. Fintech platforms are also more nimble, able to adapt and customise the delivery of services quickly.
Fintech platforms, must, however, not forget the "fin" in fintech - they are delivering financial services and will succeed only if they have a robust governance, risk management and regulatory compliance framework.
RHTLaw Taylor Wessing congratulates Taylor Wessing UK on its move into East London
Taylor Wessing UK is relocating its dedicated Tech City office from Great Eastern Street to Second Home, London’s most high-profile community of entrepreneurs and creative businesses in the heart of London’s tech cluster in Shoreditch.
The Taylor Wessing Tech City team focuses on UK and international tech start-ups and more established tech companies, with representation from the firms’ Technology, Venture Capital, Intellectual Property, Tax and Incentives, Inward Investment and Employment groups. The Firm has offices in all the major technology centres around the world, including London, Cambridge, Paris, Berlin, Singapore, New York City and Palo Alto.
Second Home, the flexible members-only workspace was launched in 2014, in a former carpet factory just off London’s Brick Lane. Since then, it has become renowned for being a hub for fast growing creative companies.
Commenting on the move to Second Home, Adrian Rainey, Partner in the Corporate Technology team at Taylor Wessing said: “London’s tech sector has grown and internationalised enormously since we became the first City law firm to open an office in Tech City in 2011. Our office is at the heart of that community and we can benefit from the ideas and innovation spilling out of it.”
Simon Walker, Partner in the Corporate Technology team added: “For us, it’s about new ways of thinking and change, being a part of that discussion and being as close as possible to the industries we’re expert in.”
Josh Rivers, Head of New Membership at Second Home said: “We think Taylor Wessing’s great work in supporting entrepreneurs is a perfect fit for Second Home. We’re really thrilled to welcome them to the space.”
Taylor Wessing’s Tech City team moved to Second Home on 20 June 2016.
RHTLaw Taylor Wessing Head of Capital Markets Ch’ng Li-Ling was quoted in The Edge Singapore article titled “Crowdfunders respond to new MAS rules, want more done for investor protection”.
The article discussed how the new regulations announced by the Monetary Authority of Singapore (MAS) on June 8 seemed to be surprisingly welcomed by local crowdfunding platforms as “the new regulations are drivers to safeguard the industry…”. Research by The Edge Singapore also revealed that several of the newest crowdfunding platforms are not deterred by the prospect of more regulation but are in fact already preparing to apply for a Capital Markets Services (CMS) licence. MAS has made it easier for these companies to secure a licence by lowering the base capital requirement from S$250,000 to S$50,000 and removing the security deposit requirement of S$100,000.
Li-Ling gave her opinion that the new regulations put crowdfunding platforms under the oversight of the regulatory body (MAS) and give investors more protection.
The full article dated Monday 20 June 2016, can be found in The Edge Singapore.
RHTLaw Taylor Wessing and Taylor Wessing launched its fifth Global Intellectual Property Index (“GIPI5”), in which Singapore was highly ranked in the latest index.
The Global Intellectual Property Index (“GIPI”) is the most comprehensive assessment of how intellectual property regimes around the world compare with each other. As business success is more dependent than ever on the effective management and protection of its intellectual property, the growth industries of today are intrinsically linked to those that are IP-rich and IP-intensive, such as new technologies, high-end design and media content.
The latest GIPI5 index assessed the regimes of 43 jurisdictions, using more than 8,500 individual assessments from senior industry figures, balanced with 61 objective factors.
Singapore has leapfrogged to 9th position this year, from 12th position in the previous GIPI survey. Jurisdictions were assessed and rated in relation to obtaining, exploiting, enforcing and attacking five key IP rights: trade marks, patents, copyright, design and data protection. Notably, Singapore led the field amongst ASEAN countries in its ranking on the patent index while also ranking 5th among the 43 jurisdictions in terms of copyright enforcement, cost-effectiveness, and exploitation.
Roland Mallinson, partner and editor of GIPI5 commented: "The ever-growing value and role that IP has to play in our economies is receiving increasing recognition. Having a credible and effective IP regime is increasingly recognised as a stimulus for home-grown innovation and investment.”
"It is crucial that all IP regimes are reviewed and updated on a constant basis. Those that are not will hamper the innovation, entrepreneurialism and competiveness of their domestic businesses and discourage inward investment into their countries."
Jonathan Kok, Head of Intellectual Property & Technology at RHTLaw Taylor Wessing said, “It is very encouraging to see the level of IP protection in Singapore improve over the years. As we move to a future driven by knowledge and innovation, it is even more critical for Singapore companies to continue supporting and protecting IP, and to ensure that our businesses and investors remain confident and committed to protect IP in Singapore and the region.”
“IP is a key driver of Singapore’s economy, and having a business-friendly IP regime has been instrumental to our growth. With the robust IP ecosystem Singapore has created, businesses can continue to leverage on IP to create added value from their technology, brands and content,” he added.
GIPI5 adds seven new countries and highlights some of the key themes across IP regimes including increasing harmonisation and the cost-effectiveness of litigation. Those countries that deliver a functioning, efficient, fair, predictable and transparent IP regime are likely to be those that will benefit most from the increasing investment being made in the field.
Previous editions of GIPI have attracted widespread comment, been referred to by IP creators and users, as well as public officials and legislators. This latest report reflects on a number of high-profile changes in the law since the last report, GIPI4, which was issued in November 2013.
To view GIPI5, please click here. To request a hard copy please click here.
This article was featured in the below publications:
“Singapore Highly Ranked In Latest Global Intellectual Property Index” – Conventus Law, 16 June 2016
“Singapore skips to 9th in global IP ranking” – The Edge Markets, 16 June 2016
“环球知识产权指数 我国进阶三位名列第九” – Lianhe Zaobao, 17 June 2016
About The Global Intellectual Property Index (GIPI)
The Global Intellectual Property Index (GIPI) provides a comprehensive assessment of how the IP regimes of 43 important jurisdictions compare with each other. The European Union is treated as an additional jurisdiction in relation to IP rights that have been harmonised, i.e trade marks and designs.
Each IP right (patents, trade marks, designs and copyright) is assessed as regards obtaining, exploiting, enforcing and attacking it. Each data protection regime is measured against the criteria of fairness, enforcement, compliance, administrative burden and disruption, each of which is explained more fully in that section.
This is our fifth GIPI report (GIPI5). The results are the statistical output from a worldwide survey of IP owners and users giving over 8,500 assessments, as weighted bearing in mind data from 61 objective sources (or "instrumental factors"). The latter includes published empirical data, such as the number of patent or trade mark filings and grants, the value of royalty fee payments, R&D expenditure and the origin of counterfeits as seized by customs.
The first report (GIPI1) was issued in May 2008. It covered 22 jurisdictions and just trade marks, copyright and patents. GIPI2 was released in May 2009 and included two further jurisdictions and two further IP rights (designs and domain names). GIPI3 was issued in 2011, covering the same 24 jurisdictions. It introduced a data protection index to replace the domains name (one which saw little change). GIPI4, issued in November 2013, covered the same IP rights and added in a further 12 countries. The results and our analysis were also made available online using an interactive map at www.taylorwessing.com/ipindex.