Singapore holds the lead in protecting intellectual property rights in Asia
Globally, the Republic has risen to fourth in 129 countries, losing only to IP capabilities such as Finland (first), Switzerland (second) and New Zealand (third).
Australia and Japan are ranked fifth and sixth respectively in IPRI, released this Friday; The US rose by two points to 12th place and Great Britain fell by two places to 15th place.
Rankings are derived from official sources in various international organizations, together with case studies from 118 think tanks and policy organizations in 72 countries.
The index ranked Singapore amongst the major countries under three main categories: physical property rights, intellectual property rights, and the legal and policy environment for enforcing those rights.
The Singapore Intellectual Property Office (IPOS), which released a report on the latest IPRI, said it will continue to innovate and encourage companies to use intellectual property as a growth engine for their company.
For example, it recently launched the world's first mobile trademark registration application, which reduces the time to file a trademark by 80 percent; the application uses AI (artificial intelligence) technology for image search during the registration process.
Also, IPOS, a government agency under the authority of the Ministry of Justice, announced new initiatives to accelerate patent applications for important emerging technologies such as fintech, cybersecurity, and robotics.
He said: "These initiatives are part of IPOS's efforts to catalyze the growth of innovative businesses, industries and economies through intellectual and intangible assets."
"In a new digital world where growth and development are driven by intellectual property and intangible assets, societies and economies are more closely linked.
"This recognition reinforces the confidence of innovative companies to continue to use Singapore as a hub for the management, cultivation and use of their intellectual and intangible assets in the region and beyond."