SINGAPORE - The Intellectual Property Office of Singapore (Ipos) has clinched the No. 2 spot for being the most innovative intellectual property office in the world, according to a recent study of the world's most innovative IP offices.

In a press release on Monday (March 4), Ipos said that Singapore was also Asia's most innovative IP office.

The Republic shared its runner up ranking with Chile and Spain, and was behind the European Union Intellectual Property Office.

The annual study is conducted by the trade publication World Trademark Review, and is now in its third edition.

Singapore had ranked fifth in 2018, and second in 2017.

The study comprised 50 countries and examined three areas: value-added propositions, online capabilities and public outreach efforts.

According to Ipos, the WTR had described it as an "innovation agency" that "has a strong focus on providing education and support in business development".

Ipos chief executive Daren Tang said: "We are pleased to be recognised for our work in helping enterprises use IP for business growth as well as for training Singaporeans in IP and innovation-related skills."

Innovation, technology and digitalisation are now key drivers of global economic growth, and enterprise value will increasingly be in intangible assets such as IP, data and know-how, said Mr Tang.

"In our journey ahead, Ipos will leverage Singapore's top class IP regime to nurture more intangible asset rich enterprises, and develop Singapore as a place for innovative enterprises to scale up and access Asian growth markets," he added.

Ipos also cited several initiatives that showed its support for innovative enterprises, and that would entrench Singapore's position as an IP hub.

In April 2018, Ipos launched the FinTech Fast Track initiative for fintech businesses from anywhere in the world. It allowed for an accelerated patent-to-grant process.

In December, Ipos granted the first accelerated patent under this initiative to Voyager Innovations, a technology company based in Asean.

At IP Week @ SG 2018, Ipos forged a partnership with Lloyd's Asia, a marketplace for specialist insurance and reinsurance, to introduce IP insurance products in Singapore.

In 2018, Singapore was also the most innovative country in Asia, and fifth most innovative among 126 nations in the world according to a Global Innovation Index report.