The WIPO Arbitration and Mediation Center provides procedural advice and case administration to help parties resolve disputes arising in the area of financial technology (FinTech) without the need for court litigation.
Technological developments in the area of FinTech are on the rise, bringing innovation and reshaping the way in which financial services are offered and accessed in the market. These technologies imply a constant interaction between multiple stakeholders (e.g., financial institutions, software developers, service providers, users), naturally increasing the possibility of conflict.
The WIPO Center has engaged with FinTech stakeholders to focus on how to provide effective Alternative Dispute Resolution (ADR) procedures that prioritize time- and cost- efficient dispute resolution, while preserving business relationships in this unique business area.
ADR has a number of characteristics that suit dispute resolution in FinTech sectors. ADR allows parties to choose a mediator, arbitrator or expert with legal and technical expertise in the FinTech sector. It also provides a neutral forum in which disputes – sometimes involving parties from multiple jurisdictions – can be resolved through a single procedure. Moreover, ADR can be set up in a way to allow for efficient enforcement of the outcome.
In its role as administering institution, the WIPO Center maintains strict neutrality and independence.
Example of a WIPO mediation in this area:
WIPO Mediation of a Patent and Software Dispute: A European Licensor and European and US Licensees entered a cross-licensing agreement relating to the manufacture of smart personal identification cards and related software. After years of commercial relations, a dispute arose when the Licensees accused the Licensor of infringing the Agreement. On the basis of the dispute resolution clause nominating WIPO Mediation followed, in the absence of a settlement, by WIPO Arbitration, the parties commenced a mediation procedure. The WIPO Center proposed several candidates with IT and mediation experience to help the parties reach a settlement of the dispute.
Example of a WIPO arbitration in this area:
WIPO Arbitration of a Banking Software Dispute: WIPO Arbitration of a Banking Software Dispute: A US AISP and an Asian bank entered a contract to provide data processing software and services. A dispute arose regarding whether the bank had breached the contract by failing to comply with exclusivity obligations with the AISP. The dispute resolution clause nominated WIPO Expedited Arbitration. Following the North American party’s request for arbitration, the parties selected an arbitrator with an extensive IT background from a list of candidates provided by the WIPO Center. A two-day hearing took place in New York City and an arbitral award was issued within three months.
Effective proceedings often depend on the quality of the mediator, arbitrator or expert. The WIPO Center maintains a list of over 2,000 neutrals from around the world with expertise in IP and technology, including FinTech. Neutrals from the WIPO list can be selected by parties in cases under WIPO Rules, while parties remain free to select mediators, arbitrators or experts from outside the WIPO list.
The WIPO Center makes available recommended contract clauses and submission agreements that parties can use to submit their disputes to ADR.
Upon request, the WIPO Center provides procedural guidance to interested parties and organizations in the FinTech sector. This includes advice on the drafting and adaptation of ADR clauses in related contracts and submission agreements, as well as helping to bring opposing parties to ADR.
The WIPO Center also organizes events, training and workshops on mediation, arbitration and related topics.
To optimize tailor-made dispute resolution in the FinTech sector, the WIPO Center collaborates with relevant stakeholders and organizations. This includes organization of joint events and training, and establishment of adapted ADR frameworks, and involves for example the following:
|WIPO Arbitration and Mediation Center
|WIPO Arbitration and Mediation Center
Chemin des Colombettes 34
28 Maxwell Road #02-14
T +65 6225 2129
F +65 6225 3568
General queries: firstname.lastname@example.org