The Fintech industry in the UAE is booming, especially as customers are seeking more innovative, tech-based financial solutions in the aftermath of the COVID-19 pandemic. An unprecedented number of players are entering the Fintech space, which has beset the industry with tough competition. Unlike other industries, innovations happen at a breakneck pace in the Fintech industry. However, this situation engenders a need for building a strong brand that would create a sense of brand loyalty among the customers. Protecting the brands through trademark registration in Dubai, UAE should be a top priority for Fintech investors.
Startups constitute the majority of the Fintech segment, even though big sharks are also in the mix. Startups often tend to ignore the necessity of having a strong trademark strategy right from the go. Here is a list of reasons that explains why creating an effective trademark strategy is important for Fintech companies amidst the ongoing business boom.
A Distinct Identity from Competitors
Registering trademarks in the UAE allows the Fintech players to set their brands apart from that of their competitors. A highly recognizable trademark is vital for Fintech companies as they manage financial assets of critical importance. Trademarks are significant in the financial services sector as the competitors can easily release confusingly similar products. Without adequate trademark protection, the customers will be confused when they are exposed to identical or similar brands.
Get Trademark Protection for All Products
Both established institutions and Startups are competing for market domination in the UAE. They want to differentiate themselves from each other by creating trademarks for individual products or suites of products. With this in mind, banks and Fintech Startups across the world have adopted the strategy of getting trademark protection for a maximum number of products or services. Companies engaged in Financial services dole out millions into promoting new products and services, and the investment must be protected through trademark registration in the UAE.
Choose the Most Appropriate Classes for Fintech
For enhanced protection, the brands must be filed in multiple Trademark classes. Choosing the wrong classes or filing in fewer classes would bring only harm to the brands. In general, financial services are filed in Class 36, which is for financial, insurance, monetary, and real estate services. Apart from that, the trademarks can be filed in related classes such as Class 38 for Telecommunication services, Class 35 for advertising and business services, Class 42 for Science and Technology services etc. Filing trademarks in multiple classes would prevent the risk of brand confusion. Advise of the best trademark agents in Dubai comes in handy in selecting the relevant trademark classes.
Trademarks Dissipate Branding Challenges
Trademark registration in Dubai should form the core of the IP strategy of Fintech companies as it helps in brand enforcement. Creating a customer base without a physical good is the real challenge that Fintech investors are bound to tackle. In essence, a registered trademark provides vital security and protection for a company’s name and branding. It is this brand reputation that helps the companies attract consumers and dissipate the challenges of lack of physical goods. Branding should be viewed in this context in a much broader scope. It is more than just the website and the logo. Branding for Fintech companies constitutes the message the companies convey to different stakeholders. It defines the value proposition and tells the stakeholders how the brand is different from other competitors.
Trademarks Help in Attracting Funding
A strong trademark strategy is particularly significant for Fintech Startups as they seek funding from investors. Investors will be primarily checking whether the Fintech they buy is adequately protected. The hardware, software and branding could be made secure with trademarks. Fintech companies with a strong trademark portfolio can easily attract buyers when the founder decides to sell off the business. Trademark agents in Dubai can help the Fintech companies in creating a strong trademark portfolio with their legal knowledge and industry experience.
Create a Strong Trademark Strategy with Jitendra Intellectual Property
Fintech is an amalgamation of Financial Services and Technology. Traditional services such as banking, insurance etc. are delivered to the customers with the help of innovative technology. However, the recent boom in the sector has led to the mushrooming of Fintech Startups that created unprecedented competition in the Fintech space in the UAE. Creating an effective branding strategy through trademark registration in the UAE has become critical to stand out in the burgeoning market. Being one of the most experienced Intellectual Property firms in Dubai, Jitendra Intellectual Property (JIP) ensures strong brand protection for Fintech companies. JIP’s highly qualified trademark agents in Dubai assist the Fintech